• Market Update

    Posted on December 16, 2016 by Gemmer Asset

      The equity markets took some time off this week from their post-election party to ponder the Federal Reserve once again. And while large-cap US equities were content to finish flat on the week, other sectors of the market weren’t too excited about what they heard. The Fed raised rates as expected and said they would like to hike rates three times next year, not twice. On this news the dollar shot higher and assets…
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  • Market Update

    Posted on November 18, 2016 by Gemmer Asset

      The last couple weeks will almost certainly go down in the history books for a number of reasons.  The election appears to mark a sea change in a number of political and economic areas, and the market trends since November 8th partially reflect this.  Just take a look at the post-election performance for a number of asset classes. Basically, interest rates shot higher right after the election and anything interest sensitive was hit hard,…
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  • Market Update

    Posted on November 4, 2016 by Gemmer Asset

      It was a rough week for the global equity markets as jitters about the election and upcoming Fed hikes settled in. The S&P closed down -1.9% for the week and has now suffered through the longest consecutive losing streak since the eight-session slide ending October 10, 2008. Back then, though, the slide was -23% before the market bounced +12% after global central banks cut interest rates to try and prop up the system. This…
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  • Market Update

    Posted on October 21, 2016 by Gemmer Asset

      It was a positive week for the equity markets with the S&P gaining +0.3% while developed equities added +0.7%. Japan added +2.0% while Germany and France were up +1.2% and +1.5% respectively. Emerging equities also did well with a +1.9% gain. Commodity prices were fractionally higher while bond yields ticked lower. The yield on the 10-year fell from 1.79% to 1.74% and intermediate-term bonds gained +0.4% for the week. The most notable move in…
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  • Market Update

    Posted on September 16, 2016 by Gemmer Asset

    It was a mixed week for the global equity markets with the US indexes up roughly +0.5% while most overseas markets were down. The developed EAFE index dropped -1.8% with Japan, Germany, and France off between -2.6% to -3.5%. Emerging equities were down less (-0.5%), but China and Hong Kong were off -2.5% and -3.2% respectively. Commodities were also generally lower. Crude oil dipped -6.0% while gold was off -1.3% and gold stocks were off…
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  • Market Update

    Posted on August 26, 2016 by Gemmer Asset

    It was a generally down week for the equity markets with only small-cap US stocks making money. The S&P and EAFE lost -0.7% while emerging equities dipped -2.2%. Renewed dollar strength played a role this week given that the euro lost -1.2% and the yen -1.7%. Commodities, which are sensitive to dollar moves, closed lower. Oil lost over 3%, hurt also in part by a much larger than expected inventory number. Wheat prices (chart below) fell below $4 a bushel, the lowest price in 10-years. The prospect of a strong global harvest is weighing on prices....
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  • Market Update

    Posted on August 5, 2016 by Gemmer Asset

      It was a mixed week in the equity markets with small-cap, growth stocks, and EM performing well while Europe and yield plays lagged.  For the week the S&P gained +0.4% while the Russell 2000 added +0.9%.  Overseas, both Europe and Japan lagged.  European financials in particular came under the microscope.  The immediate concern was the Italian bank Banca Monte dei Paschi di Siena.  The shares fall 16% on Tuesday (they are down about 87%…
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  • Market Update

    Posted on July 29, 2016 by Gemmer Asset

    It was generally a positive week for the global equity markets with most indexes except the S&P 500 gaining ground. The NASDAQ was up +1.2% while small-cap stocks added +0.6%. Global equities were up +0.9%. The S&P closed basically flat. China stands out with a -1.1% loss. Friday’s weak GDP report and the Bank of Japan’s (BoJ) surprise (more below) could not derail stocks. Earnings reports are certainly helping matters. We are in the middle of second quarter earnings and in general the high profile reports have been solid. Apple, Google, Amazon, etc. all posted solid numbers, and this is reinforcing the idea that we have seen the worst of the earnings recession. We’ll have more next week....
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  • CNBC Appearance by Charles Blankley, CFA

    Posted on July 26, 2016 by Gemmer Asset

    In an interview with CNBC Asia’s The Rundown, Gemmer CIO Charles Blankley discusses expectations surrounding the Bank of Japan and US Federal Reserve meetings this week...
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  • Market Update

    Posted on July 1, 2016 by Gemmer Asset

    Well that was a wild few days. It’s almost like the Brexit vote didn’t happen. After selling off dramatically last Friday and this Monday, equities staged an impressive rally that brought many markets back to (or above) their pre-Brexit levels. For the week the S&P gained +3.2%, leaving it only 0.5% below last Thursday’s close. European equities in general gained +5.0% for the week and are 5.7% below. Amazingly, the UK market was up +7.2% this week and now trades 3.8% above the pre-Brexit level. You really can’t make this stuff up!!...
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