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)

<p>The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.</p><p>This brief report aims to address what we believe are the key supply aspects underpinning 2017-18 fundamentals. Our aim is to assist long-term investors with making sense of the implications of whatever supply strategy OPEC ultimately decides to pursue. Whatever strategy is decided upon, the short-term nature of any production cuts and the long-term problem for oil prices that is U.S. shale means our bearish $55/barrel West Texas Intermediate, or WTI, long-term price outlook will not be changing.</p><p><em>Analyst: Stephen Simko, CFA </em></p>

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to address what we believe are the key supply aspects underpinning 2017-18 fundamentals. Our aim is to assist long-term investors with making sense of the implications of whatever supply strategy OPEC ultimately decides to pursue. Whatever strategy is decided upon, the short-term nature of any production cuts and the long-term problem for oil prices that is U.S. shale means our bearish $55/barrel West Texas Intermediate, or WTI, long-term price outlook will not be changing.Analyst: Stephen Simko, CFA 

Cold Water: An OPEC Cut Can't Fix Oil's Structural Issues

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<p>The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI) generated a 1% total return, which was not far behind that of the MSCI AC Asia Pacific Index. However, the 1% gain is hardly the full story for the 30 STI stocks in the year thus far.  All five Global Industry Classification Standards (GICS®) Sectors without STI representation also generated gains over the first 10 months. These Sectors are also at junctures of opportunity and challenge, with Sector-wide themes such as technology disruptors, population longevity &amp; growth and asymmetric trends in commodity prices. The five Sectors have also become increasingly important for investors who seek portfolio diversification in times of increased economic uncertainty. </p>

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI) generated a 1% total return, which was not far behind that of the MSCI AC Asia Pacific Index. However, the 1% gain is hardly the full story for the 30 STI stocks in the year thus far.  All five Global Industry Classification Standards (GICS®) Sectors without STI representation also generated gains over the first 10 months. These Sectors are also at junctures of opportunity and challenge, with Sector-wide themes such as technology disruptors, population longevity &amp; growth and asymmetric trends in commodity prices. The five Sectors have also become increasingly important for investors who seek portfolio diversification in times of increased economic uncertainty. 

Buoyant Returns Beyond the Benchmark in 2016 YTD

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

United States Oil Fund LP / Technical Analysis

<p><strong>Chartonics webacast </strong>Tuesday 22 November 2016</p><div><strong>Long oil bets</strong></div><p>To view click on this link: <strong><a href="http://www.screencast.com/t/DfLJoQGY2fGR" target="_blank">http://www.screencast.com/t/DfLJoQGY2fGR</a> </strong>6:28 min.</p><div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/687/original/CPG%20FRONT%20COVER.png?1479780665" class="editor-image img-responsive" data-smartkarma-image-id="16687"></figure><div class="content-caption">Long oil plays webcast</div>
</div><div>
<strong>Brent </strong>- Pushing past out minimum target of 48.50 is constructive but Brent needs to climb back through broken trendline above the 50 handle to create a margin of confidence. Currently our long is up 8%.</div><div>
<strong>XOP</strong> - On track to break higher out of the flat congestion pattern with a 46 target. Immediate resistance that needs to be cleared to open the…</div>

Chartonics webacast Tuesday 22 November 2016Long oil betsTo view click on this link: http://www.screencast.com/t/DfLJoQGY2fGR 6:28 min.
Long oil plays webcast

Brent - Pushing past out minimum target of 48.50 is constructive but Brent needs to climb back through broken trendline above the 50 handle to create a margin of confidence. Currently our long is up 8%.
XOP - On track to break higher out of the flat congestion pattern with a 46 target. Immediate resistance that needs to be cleared to open the…

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

<p>The stock of foreign direct investment into the "One Belt One Road" bloc is a small share of global investment; nonetheless, the bloc's share of global greenfield investment remain disproportionately large.</p><p>Examination of large OBOR-resident firms and the composition of their assets and revenues show that many firms in the region remain much more dependent on Chinese sales than do Chinese firms on foreign-earned sales.  Nonetheless, the diversion of Chinese investment from domestic to overseas (as China rebalances its domestic growth away from domestic investment) could potentially shift this dynamic.  Large Chinese firms leading the charge abroad tend to belong to the Transport and Storage and Computer Equipment sectors.</p><p>Meanwhile, large firms resident in OBOR tend already to be much more dependent on foreign-earned revenue; some of those more dependent on Chinese domestic demand  rather than regional demand may experience fallout from China's rebalancing.  Others exposed to growth elsewhere in the region may benefit, or themselves become targets for Chinese cross-border acquisitions within the region.</p>

The stock of foreign direct investment into the "One Belt One Road" bloc is a small share of global investment; nonetheless, the bloc's share of global greenfield investment remain disproportionately large.Examination of large OBOR-resident firms and the composition of their assets and revenues show that many firms in the region remain much more dependent on Chinese sales than do Chinese firms on foreign-earned sales.  Nonetheless, the diversion of Chinese investment from domestic to overseas (as China rebalances its domestic growth away from domestic investment) could potentially shift this dynamic.  Large Chinese firms leading the charge abroad tend to belong to the Transport and Storage and Computer Equipment sectors.Meanwhile, large firms resident in OBOR tend already to be much more dependent on foreign-earned revenue; some of those more dependent on Chinese domestic demand  rather than regional demand may experience fallout from China's rebalancing.  Others exposed to growth elsewhere in the region may benefit, or themselves become targets for Chinese cross-border acquisitions within the region.

Silk Roads Part 3: China and OBOR Investment

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone (VOD LN)</a> reported overall results this week with better than expected 2Q service revenue trends globally (+2.4%, vs. +2.2% in  Q1), and 1H EBITDA growth accelerating to +4.3% YoY (vs. +3.6% in 2H 15/16): in line with NSR. Despite these trends, the mid-point for the 2016/17 EBITDA guidance was marginally reduced (-0.3%). We believe this directional trend suggests a slightly greater degree of caution from Vodafone on the 2H outlook, with particular focus on the impact of Jio in India…</p>

Vodafone (VOD LN) reported overall results this week with better than expected 2Q service revenue trends globally (+2.4%, vs. +2.2% in  Q1), and 1H EBITDA growth accelerating to +4.3% YoY (vs. +3.6% in 2H 15/16): in line with NSR. Despite these trends, the mid-point for the 2016/17 EBITDA guidance was marginally reduced (-0.3%). We believe this directional trend suggests a slightly greater degree of caution from Vodafone on the 2H outlook, with particular focus on the impact of Jio in India…

Vodafone Takes Charge on India, Postpones IPO but Expects More Consolidation

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RELIANCE IN)

Cold Water: An OPEC Cut Can't Fix Oil's Structural Issues

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to...

Morningstar, Inc.

Buoyant Returns Beyond the Benchmark in 2016 YTD

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI)...

Singapore Exchange Ltd (SGX)

Long Oil Bets Gaining Traction

Chartonics webacast Tuesday 22 November 2016Long oil betsTo view click on this link: http://www.screencast.com/t/DfLJoQGY2fGR 6:28 min. Brent -...

Thomas Schroeder

Silk Roads Part 3: China and OBOR Investment

The stock of foreign direct investment into the "One Belt One Road" bloc is a small share of global investment; nonetheless, the bloc's share of...

Naomi Fink

Vodafone Takes Charge on India, Postpones IPO but Expects More Consolidation

Vodafone (VOD LN) reported overall results this week with better than expected 2Q service revenue trends globally (+2.4%, vs. +2.2% in Q1), and 1H...

New Street Research

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