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THE WisdomTree BLOG

WisdomTree / Macro Alerts, FX / Currency Hedging, Japan 21 Jul 2017

Japan is leading dividend growth in international markets

WisdomTree

Once a year, WisdomTree conducts a rebalance of its dividend-weighted stock indices which adjusts positions based on changes in relative valuations. We measure these relative valuations by examining stock price movements versus fundamentals in international markets. The primary variable we are utilising in our broad-based index strategies is a company’s Dividend Stream®.

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Viktor Nossek / Macro Alerts, Short & Leverage, Equities, Equity Income, Europe / Eurozone 19 Jul 2017

European macro outlook: Italy

Viktor Nossek
Italy’s failure to pass a new electoral law last year means it must now hold elections during a period when the 2018 budget must be approved. This presents a risk to political stability. Unless Italy gets budgetary flexibility and is allowed more leeway for deficit spending from the EU, the budget is unlikely to get sufficient parliamentary backing. The instability this creates politically provokes renewed speculative attacks on Italian sovereigns and bank stocks. Italy’s fragile government and banking sector means the President and head of state Sergio Mattarella —who has the sole power to dissolve parliament—will not risk elections to take place without a budget signed off first. Given the high stakes, it may mean elections get pushed back to 2018. The Eurosceptic 5 Star Movement, despite having suffered several setbacks in recent local elections, continues to poll strongly nationally and is neck-on-neck with the centre-left Democratic Party. 
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Viktor Nossek / Macro Alerts, Short & Leverage, Equities, Equity Income, Europe / Eurozone 19 Jul 2017

European macro outlook: UK

Viktor Nossek
Expectations of a hard Brexit that triggered a marked devaluation of Sterling last year have effectively reversed since a now markedly weakened PM in charge of a minority government must lead the exit negotiations with diminished political capital/leverage. Britain looks ready to make more concessions to the EU than previously envisioned. Philip Hammond, UK’s finance minister, has already stated that the vote to leave the EU was not a vote for Britain to become insecure or poorer, thus prioritising the economy over anything else. We believe the stance by taken by the Treasury Department will help to stabilise the Sterling in the short term.
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Viktor Nossek / Macro Alerts, Short & Leverage, Equities, Equity Income, Europe / Eurozone 12 Jul 2017

European macro outlook: France

Viktor Nossek
Macron’s labour market reforms appear difficult to enact in the face of historic stiff opposition from labour unions. But unlike his predecessor Francois Hollande, who ran on a socialist agenda, Macron is different in that as an “independent” he can be more confrontational with labour unions and force them to negotiate. The clear pro-business mandate laid out in his reform agenda during his campaign should make it politically easier for Macron to extract more concessions from labour unions than Hollande ever could. Ruling by decree also means he could bypass parliament seeking amendments to bills.
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Viktor Nossek / Macro Alerts, Short & Leverage, Equities, Equity Income, Europe / Eurozone 10 Jul 2017

European macro outlook: France reform agenda aids bullish Eurozone growth, Italian elections undermine Euro

Viktor Nossek

Sentiment in Eurozone risk assets has improved. Macron’s pro-EU and pro-growth reform agenda and EU regulators’ swift intervention to deal with weak lenders and bad loans are a major driving force to sustain it. A softer version of UK’s exit from the EU also means UK risk sentiment should stay upbeat as uncertainty over trade and capital flows is reduced.

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Nizam Hamid / Macro Alerts, Short & Leverage 05 Jul 2017

Post the OPEC meeting: What now?

Nizam Hamid

The recent OPEC meeting revealed no new news with respect to production cuts or the ability of OPEC to stabilise the oil price. Whilst there was a commitment for a longer period of production adjustments for a further nine months with effect from 1 July 2017 the meeting concluded with a lack of discussion of deeper cuts. What was revealed was just how dependent the oil price is on other factors and data points, something that we previously highlighted in our blog Five things you need to know about trading oil.

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Jesper Koll / Macro Alerts, Japan 29 Jun 2017

Japan's pro-growth agenda—how "Abe-ism" will re-ignite "Abenomics"

Jesper Koll

After a period of relative calm and no new initiatives, Japanese politics is poised to move back into global headlines in the coming months. This is because Prime Minister Abe has now presented a concrete timeline for reforming Japan’s constitution: the goal is to clear all the necessary Parliamentary hurdles by next summer (2018) so that the required national referendum can be called before end-2018. 

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WisdomTree / Emerging Markets, Equities 16 Jun 2017

Infographic: Five reasons we believe Indian equities could spice up your portfolio

WisdomTree

India is at an interesting crossroad where leadership is pro-actively making tough reforms for long-term growth.Two pillars of the Indian economy, consumption and demographics, have strong growth projections. View our infographic to learn the five reasons why we believe Indian equities could spice up your portfolio.

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Nizam Hamid / Macro Alerts, Emerging Markets 15 Jun 2017

All change for China A-shares and MSCI?

Nizam Hamid

China A-shares, with respect to global equity benchmark indices, have been problematic for some investors in terms of market accessibility and index inclusion. 

The evolution of the relatively restrictive Qualified Foreign Institutional Investor schemes—QFII and RQFII—combined with the relatively new Stock Connect schemes for both Shanghai and Shenzhen stocks has created a material change to investors’ ability to trade A-shares. These moves have created an environment of more flexible market access which has increased the likelihood that, on a revised and limited basis, MSCI may include A-shares in their benchmark indices. It is important to note that the current proposal is substantially different from the previous attempts and only creates a modest inclusion of A-shares as opposed to a comprehensive approach. 

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Jesper Koll / Macro Alerts, Japan 13 Jun 2017

Homegrown strength: Japan's CAPEX cycle accelerates

Jesper Koll

Our structural bull-thesis for Japan calls for an endogenous, self-sustaining domestic demand up-cycle that is driven by Japan’s private sector. Demographics is the key force – for households, the structural shortage of labour will be pushing up incomes and improving job security, thus creating purchasing power for a “new middle class”; and for companies, the scarcity of human capital will force a shift towards more capital-intensive business models, i.e. a structural up-turn in business investment to improve the quality of the domestic capital stock. Also, M&A activity is poised to pick-up, with the scarcity of human capital forcing fundamental industrial reorganization. Clear-speakJapan’s productivity is ready for a positive super-cycle, which should translate into a structural up-turn in capital returns. 

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Viktor Nossek / Macro Alerts, Short & Leverage, Fixed Income, Europe / Eurozone 12 Jun 2017

Europe’s “back to normal” leaves safe havens at risk: Should you hedge German Bunds?

Viktor Nossek

The European political uncertainty and risks posed to financial markets are—for now—over. A Liberals-led mainstream coalition in The Netherlands firmly aligned with Germany’s EU agenda and a pro-European President of France upending fringe/extreme sentiment preserves the status quo. Also, Germany’s election in September should be a non-event with Merkel leading in the polls and the Social Democrats headed by Martin Schulz as runner up. Italy is unlikely to have its election until 2018.

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Viktor Nossek / Macro Alerts, Equities 01 Jun 2017

Screening for quality: Deconstructing our Quality Dividend Growth strategies

Viktor Nossek

Income investors need not fear the Fed’s rate hikes. Opportunities persist despite recent pressure on high-dividend yield strategies, and income investors looking to position around tightening credit conditions efficiently may consider a contrasting style exposure within dividend payers: Companies’ ability to grow dividends sustainably, as opposed to large dividend pay-outs. 

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Nizam Hamid / Macro Alerts, Short & Leverage, Commodities 24 May 2017

Oil: Trading opportunities ahead

Nizam Hamid

As we approach the next OPEC meeting on 25th May, the oil price is getting closer to a critical juncture with pressure on OPEC producers to restrain supply, rises in oil stock levels and the rebound in shale oil. Volatility remains the one overriding feature of the oil price and even if OPEC comes to an agreement on further production cuts this may not be enough to create a more stable oil price environment.

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Nick Leung / Macro Alerts, Equities 18 May 2017

Balancing global opportunities against regional risks: Why you might consider global quality equity

Nick Leung

Upbeat global growth has reawakened investor appetite for equities. Investors looking to increase equity exposure may consider broad global equity ETFs as a means to focus on boosting asset class exposure without directional bets on regions. As a style, quality, dividend-paying stocks may offer an additional layer of stability to investors who like equities as an income growth generator when bond yields and interest rates remain unusually subdued.

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Viktor Nossek / Macro Alerts, Emerging Markets 16 May 2017

Five reasons why we believe Indian equities could spice up your portfolio

Viktor Nossek

India is at an interesting crossroad where leadership is pro-actively taking tough reforms for long-term growth. Two pillars of the Indian economy, that is consumption and demographics, have encouraging projected growth numbers

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Nizam Hamid

ETF Strategist

Nizam Hamid is an ETF Strategist for WisdomTree in Europe and has extensive experience in the European ETF market. Prior to this he was at C8 Investments, a systematic hedge fund, focusing on business development and quantitative strategies, before that he was a consultant at FTSE. From 2010 to 2012, he was Head of ETF Strategy and Deputy Head of Lyxor ETFs, at the time Europe’s second largest ETF issuer. Before joining Lyxor he was Head of Sales Strategy for the Europe and the Middle East at iShares in London. Prior to that, he was Global Head of ETFs, Portfolio and Index Strategy at Deutsche Bank from 1998 to 2008. He has also worked as a quantitative analyst in London and Tokyo for UBS, BZW and Bankers Trust / NatWest Markets. He holds a Degree in Economics from the University of Liverpool.

Viktor Nossek

Director of Research

Viktor, who has over 14 years’ experience in research, joined the firm from Renaissance Asset Managers where he was Head of Research. Viktor provides macro research on various themes covering equities, commodities and fixed income. His research for WisdomTree in Europe offers investment strategies for the current range of Smart Beta UCITS ETFs as well as the Boost range of short and leveraged Exchange Traded Notes. Viktor has previously worked as a Research Analyst at BlackRock and Thomson Financial. He started his career as an Equity Strategist at Commerzbank, after he completed a Masters in Economics from Maastricht University, in the Netherlands.

Nick Leung

Research Analyst

Nick Leung is a Research Analyst for WisdomTree in Europe. He is responsible for macroeconomic commentary and analysis, formulating investment strategies and trade ideas, as well as the maintenance of research collateral. Prior to joining in 2015, Nick was at Source, having completed his Master’s Degree at Imperial College London. During this time he was also involved in an ice-cream entrepreneurship project with Unilever. Nick holds a BA in Economics from the University of Nottingham.

Jesper Koll

WisdomTree's Head of Japan

Jesper Koll was appointed Chief Executive Officer of WisdomTree Japan on July 1, 2015. Over the past two decades Jesper has been consistently ranked as one of the top Japan strategists/economists, working as Chief Strategist and Head of Research for major U.S. investment banks J.P. Morgan and Merrill Lynch. His analysis and insights have earned him a position on several Japanese government advisory committees and Jesper is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written two books in Japanese, Towards a New Japanese Golden Age and The End of Heisei Deflation. After arriving in Japan in 1986 Jesper initially worked as an aide to a Member of Parliament. Jesper has a Masters degree from the School of Advanced and International Studies at Johns Hopkins University and was a research fellow at both Tokyo University and Kyoto University. He is a graduate of the Lester B. Pearson College of the Pacific.

Vania Pang

Capital Markets and Investment Solutions, Index and Quantitative Investment, ICBC Credit Suisse Asset Management (International) Company Limited

Ms. Pang is responsible for Capital Markets and Investment Solutions functions of the Index and Quantitative Investment department at the ICBC Credit Suisse Asset Management (International) Company Limited. From 2012 to 2016, Ms. Pang was the Vice President of Corporate Strategy and Development, Asia Coal Limited, where she led the strategic mergers and acquisitions, capital raising and investor relations management. Prior to that, she was the Associate Director, Business Development of Crown One Asset Management Company Limited, responsible for sales and marketing of fund products. Between 2007 and 2008, Ms. Pang was Assistant Manager, Public Distribution Hong Kong (Equity Derivatives and Private Investor Product Sales) of RBS, handling sales and marketing of listed equity derivatives products. Before joining RBS, she was an anchor and reporter with the Cable TV and Hong Kong Economic Journal.

Ms. Pang holds a M.Sc. in Development Finance from The University of Manchester, a M.A. in Journalism and a B.A. in Business Administration from The Chinese University of Hong Kong. 

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