Macro Drivers of Global Asset Performance

London Financial Studies

Short course

In Singapore (Singapore)

£ 2,613.90 VAT exempt

*Indicative price

Original amount in USD:

$ 3,250

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Description

  • Type

    Short course

  • Location

    Singapore (Singapore)

  • Duration

    2 Days

  • Start date

    Different dates available

The programme is designed to provide an overview of the macroeconomic drivers of financial asset performance from orthodox and heterodox viewpoints. It sets out the theoretical determinants of pricing in each of the main asset classes – equities, bonds, credit, commodities and foreign exchange – and examines empirical behaviour through the business cycle.

This provides an introduction to the main economic themes that move markets – growth, inflation, the balance of payments, monetary and fiscal policies.

The course is structured under the overarching theme of formulating global strategic and tactical asset allocations within dynamic macro economic environments.

Facilities

Location

Start date

Singapore (Singapore)
See map
The Finexis Building

Start date

Different dates availableEnrolment now open

About this course

The course is focused on global portfolio strategy but will benefit anyone involved in financial markets keen to gain a better understanding of the macro drivers of asset performance, particularly those who are executing cross-market trading strategies:

- Fund Managers
- Private Client and Wealth Advisors
- Chief Investment Officers
- Global Macro Hedge Funds
- Risk Managers
- Market Traders
- Market Analysts and Strategists

Some prior knowledge and practical experience of using major global financial instruments and their derivatives is necessary in order to maximise the benefit from attending the course. Some prior knowledge of economics would be useful, but advanced skills are not necessary, as relevant required concepts will be explained in the classroom.

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Reviews

This centre's achievements

2016

All courses are up to date

The average rating is higher than 3.7

More than 50 reviews in the last 12 months

This centre has featured on Emagister for 16 years

Subjects

  • Global
  • Equity
  • Returns
  • IT risk
  • Risk
  • Commodities
  • Financial
  • Financial Training
  • Macro Drivers
  • Asset Performance
  • Macroeconomic
  • Foreign Exchange
  • Balance of payments
  • Monetary
  • Fiscal Policies
  • Global strategic
  • Market Traders

Teachers and trainers (1)

William Allen

William Allen

Teacher

William Allen has over 35 years working in banking and finance. He is a senior consultant and speaker in the areas of executive bank management, ALM, treasury, risk management, capital markets, derivatives, and portfolio management. Mr Allen previously worked with JP Morgan in treasury, capital markets, risk management, securities and derivatives activities. Before consulting he worked as a portfolio manager and chief investment officer of a university endowment.

Course programme

Day One

Introduction and Overview
  • Monetary economy versus real economy
  • Market conditions and asset returns
  • Evolution of macro economic paradigms within modern capitalism
  • Volatilities and correlations
  • Risk adjusted returns
  • Downside risks
  • Relative returns and the business cycle
  • Current markets conditions and forecasts
  • GDP and output gaps
  • Sectorial balances analyses
Monetary Policy, Fiscal Policy and Risk Premiums
  • Targets and instruments of monetary policy
  • Central banks, commercial banks and money
  • Operation of rules versus discretion the Taylor Rule
  • Asset prices and alternative interpretations of the ‘transmission mechanism’
  • Market based measures of policy expectations
  • Zero bound(s) on short rates Quantitative Easing and other unconventional techniques
  • Fiscal policy and the supply of government bonds
  • Budget deficits and sustainability of debt: are some public finance directions unsustainable?
  • Is the Euro a sustainable arrangement?
  • Explanations for currency shocks
  • Economic conditions and corporate bond spreads
  • Spreads: probabilities of defaults and expected losses given default
  • Structural models – the Merton approach
  • Empirical drivers of corporate bond spreads
Macro Drivers of Equity Markets
  • Economic conditions and equity performance
  • Equity valuation approaches dividend discount model / P/E ratio
  • Assessing future profits and growth
  • Earnings yields versus Treasury yields
  • Equity Risk Premium Puzzle and the price of risk
  • Generalised Asset Pricing Frameworks
  • Equities versus bonds through the cycle
  • Value versus growth investing / Small cap versus large cap investing
  • International and emerging markets performance
  • Modelling economies: analytical general equilibrium versus stock flow consistent models
  • Conditional state dependent expected equity returns in Markov type models
Day Two

Macro Drivers of Equity Markets (continued)
Macro Drivers of Commodity Markets
  • Economic conditions and commodity markets
  • Spot and forward commodity prices: impacts of contango and backwardation
  • “Duelling” global demand and supply
  • Commodities and inflation/deflation impacts
  • Real commodity returns and the business cycle
  • Diversification correlation with other asset classes
Macro Drivers of Foreign Exchange Markets
  • Which economic indicators move foreign exchange markets?
  • Savings and investment in an open economy
  • Balance of payments accounts / Sustainability of current account imbalances
  • Absolute and Relative Purchasing Power Parity (PPP)
  • Definition of the real exchange rate
  • Covered and Uncovered Interest Parity ‘carry trades’
  • Does the global economy and China still need to rebalance?
Macro Implications for Global Tactical Asset Allocations and Execution Strategies
  • Top down approach to Tactical Asset Allocation
  • Identifying the stage of business and interest rate cycle
  • Asset class performance in business cycle phases
  • TAA and alpha generation
  • Characteristics of financial crises
  • Managing downside risk
  • Tactical solutions

See related categories

Macro Drivers of Global Asset Performance

£ 2,613.90 VAT exempt

*Indicative price

Original amount in USD:

$ 3,250

The best Banking and Financial Services courses

See all

See all