Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Given the large discrepancy that has emerged between 2017-18 Brent futures prices (currently $40-$47 per barrel) and the Morningstar energy team's outlook for midterm oil industry fundamentals, we are amending our methodology for forecasting near-term oil and gas prices.Based on our current expectation that oil supply and demand will come into balance in mid-2017, we are launching updated Brent forecasts of $50-$55 for the second half of 2017 and $55-$60 for 2018 (approximately 20% higher than current strip prices on average). We will update our oil and gas producer valuations with this new pricing by the end of the current earnings period.Analyst: Lorraine Tan, CFA

Given the large discrepancy that has emerged between 2017-18 Brent futures prices (currently $40-$47 per barrel) and the Morningstar energy team's outlook for midterm oil industry fundamentals, we are amending our methodology for forecasting near-term oil and gas prices.Based on our current expectation that oil supply and demand will come into balance in mid-2017, we are launching updated Brent forecasts of $50-$55 for the second half of 2017 and $55-$60 for 2018 (approximately 20% higher than current strip prices on average). We will update our oil and gas producer valuations with this new pricing by the end of the current earnings period.Analyst: Lorraine Tan, CFA 

Oil and Gas Price Outlook: Updating Our Near-Term Methodology for Forecasting Prices

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is there any value to be found in an area of the fixed income markets? We show that some of the best current risk-adjusted asset allocation opportunities in any global public markets are in fixed income markets and sectors.

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is there any value to be found in an area of the fixed income markets? We show that some of the best current risk-adjusted asset allocation opportunities in any global public markets are in fixed income markets and sectors.  

After the recent global sell off across risk assets, we ask 'is there value from a tactical allocation perspective? ClearMacro's virtual tactician "Alex" suggests not. The oil market remains firmly streteched because of the supply-demand imbalance right now offering no suggestion of a sustainable rebound. Hold-off entering tactical longs in risky assets for now.

After the recent global sell off across risk assets, we ask 'is there value from a tactical allocation perspective? ClearMacro's virtual tactician "Alex" suggests not. The oil market remains firmly streteched because of the supply-demand imbalance right now offering no suggestion of a sustainable rebound. Hold-off entering tactical longs in risky assets for now.       

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

More stability in oil prices, anticipated policy easing by the ECB, intensified efforts in China to control its currency, and a Fed that is keeping its policy options open and likely to delay policy tightening on recent ebbing trends in US growth and global market uncertainty are likely to combine to  support global equity markets and risk appetite.  We anticipate a lengthy consolidation in equities after a tough start to the year, and some recovery in commodity currencies, mostly against the EUR.  Weak Chinese economic growth and more volatile Chinese equities, indicative of domestic financial stress, pose the biggest threat to this more benign near term outlook.  However, a good deal of the negative outlook for Chinese commodity demand may be baked in the cake.

More stability in oil prices, anticipated policy easing by the ECB, intensified efforts in China to control its currency, and a Fed that is keeping its policy options open and likely to delay policy tightening on recent ebbing trends in US growth and global market uncertainty are likely to combine to  support global equity markets and risk appetite.  We anticipate a lengthy consolidation in equities after a tough start to the year, and some recovery in commodity currencies, mostly against the EUR.  Weak Chinese economic growth and more volatile Chinese equities, indicative of domestic financial stress, pose the biggest threat to this more benign near term outlook.  However, a good deal of the negative outlook for Chinese commodity demand may be baked in the cake.

AmpGFX - More Stable Oil and EUR to Underperform Commodity Currencies

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Expect bigger players with financial flexibility to grow inorganically<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/101/original/Gas%20Consol.JPG?1453260844" class="editor-image img-responsive" data-smartkarma-image-id="5101"></figure>  Source: Bloomberg, DMER• The VLGC market is highly fragmented as 54% vessel capacity is owned by small market players. We believe bigger players with financial flexibility will prefer to grow inorganically and establish their leadership in the sector. In our view, a wave of consolidation will be good for the sector as a whole because it will rationalise the vessel supply and bring efficiency in the pricing mechanism. • Lower…

Expect bigger players with financial flexibility to grow inorganically  Source: Bloomberg, DMER• The VLGC market is highly fragmented as 54% vessel capacity is owned by small market players. We believe bigger players with financial flexibility will prefer to grow inorganically and establish their leadership in the sector. In our view, a wave of consolidation will be good for the sector as a whole because it will rationalise the vessel supply and bring efficiency in the pricing mechanism. • Lower…

LPG Shipping - Consolidation Wave Set to Begin in the VLGC Sector?

United States

Continental Resources, Inc., based in Oklahoma City, is focused on the exploration and production of onshore oil-prone plays in the United States.  The Company concentrates its leasehold and production strategies in the Bakken of North Dakota and Montana, as well as Oklahoma in its recently discovered SCOOP play and the Northwest Cana play.

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Continental Resources, Inc (CLR US)

Oil and Gas Price Outlook: Updating Our Near-Term Methodology for Forecasting Prices

Given the large discrepancy that has emerged between 2017-18 Brent futures prices (currently $40-$47 per barrel) and the Morningstar energy team's...

Morningstar, Inc.

Does Fixed Income Have a Future?

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is...

ClearMacro

'Should You Trust the Bounce? '

After the recent global sell off across risk assets, we ask 'is there value from a tactical allocation perspective? ClearMacro's virtual tactician...

ClearMacro

AmpGFX - More Stable Oil and EUR to Underperform Commodity Currencies

More stability in oil prices, anticipated policy easing by the ECB, intensified efforts in China to control its currency, and a Fed that is keeping...

Greg Gibbs

LPG Shipping - Consolidation Wave Set to Begin in the VLGC Sector?

Expect bigger players with financial flexibility to grow inorganically Source: Bloomberg, DMER• The VLGC market is highly fragmented as 54% vessel...

Drewry Maritime Financial Research

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