Latest news with #ChristopherWood
United News of India
2 days ago
- Business
- United News of India
Investment strategist Christopher Wood urges collective response to tackle tariffs
New Delhi, Aug 9 (UNI) Christopher Wood, Global Head of Equity Research at Jefferies, has urged for a collective response against the latest tariffs imposed by the United States in the latest edition of his 'GREED & Fear' report. Wood has been awarded the tag of 'best strategist' in Asia multiple times by prestigious magazines. Wood has been publishing the renowned weekly investment 'GREED & Fear' report since July 1996. In the latest edition, the report urged countries to act collectively, stating that " the rest of the world should act collectively rather than each country seeking to do its deal with the US.' Earlier, the renowned investment strategist Wood termed the 50 per cent tariff imposition of Trump on India and Brazil as 'Xenophobic autarky.' Wood also highlighted that the US showed its incompetence regarding following international trade practices. The General Agreement on Tariffs and Trade (GATT) is related to governing international trade practices by providing a framework for tariff reduction and other trade barriers. UNI SAS PRS
Yahoo
13-07-2025
- Business
- Yahoo
Singapore dollar has shot at climbing to parity, Jefferies says
By Rthvika Suvarna and Marcus Wong (Bloomberg) — There's a chance the Singapore dollar will strengthen to parity against its US counterpart in the next five years, according to Jefferies Financial Group Inc. The island's currency has appreciated against virtually all its major peers since the Federal Reserve began raising interest rates in March 2022, confirming its role as the 'Swiss franc of Asia,' strategist Christopher Wood wrote in the firm's Greed & Fear newsletter. Switzerland is likely to return to negative rates sooner rather than later, based on discussions with investors in Zurich, while Singapore's bond yields still look attractive to conservative money focused on wealth preservation, Wood said. 'It is not so far-fetched to project the Singapore dollar trading to parity against the US dollar on a five-year view, which implies an appreciation of 28 per cent,' Wood wrote. The Singapore dollar has gained more than 6 per cent versus its US peer this year, while Bloomberg's Asia Dollar Index has risen just 3.9 per cent. The Swiss National Bank cut its benchmark interest rates to zero in June, and signalled it was ready to go further to push back against franc appreciation. Swiss 10-year government bonds currently yield around 0.4 per cent, versus a level of about 2.15 per cent for similar-maturity Singapore debt. More stories like this are available on ©2025 Bloomberg L.P.
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Business Standard
20-06-2025
- Business
- Business Standard
Valuations, fresh equity supply key risk to Indian stock market: Chris Wood
High valuations, especially in the midcap space, coupled with fresh supply of equity via the initial public offers (IPOs) are the main risks to the Indian stock markets, cautioned Christopher Wood, global head of equity strategy at Jefferies in his recent note to investors, GREED & fear. The rally in the market (since recent lows), Wood cautions, means that valuations have become an issue again, most particularly in the mid-cap space. The Nifty Index now trades at 22.2x 12-month forward earnings after rising by 14.1 per cent from its April 7 low. While the Nifty Mid-Cap 100 Index trades at 27.1x 12-month forward earnings, following a 23.7 per cent gain from its April 7 low. 'This is also why corporates are again placing equity to take advantage of such valuations. The equivalent of $7.2 billion of equity supply was raised last month and $6 billion so far in June. It is this supply which poses the main risk to the market. Equity supply was running at around $7 billion a month prior to the correction, which began in late September last year,' Wood wrote. Mid, smallcaps steal the show From April 7 levels, while the Nifty 50 has rallied nearly 12 per cent till date, the up move in the mid-and smallcap indices has been sharper. The Nifty Midcap 150 index and the Nifty Smallcap 250 indexes have surged nearly 17 per cent and 18.5 per cent respectively during this period, ACE Equity data shows. Meanwhile, primary market activity is set to rebound in the coming week with at least four companies planning to raise a total of about ₹15,000 crore ($1.7 billion) via IPOs, reports suggest. Some prominent ones include Kalpataru, Ellenbarrie Industrial Gases, and Globe Civil Projects. HDB Financial Services Ltd., a unit of India's biggest private lender HDFC Bank, is also planning to launch its $1.4 billion IPO on June 25, reports suggest. This will be one of the biggest IPOs since Hyundai Motor India IPO in October 2024 that raised over Rs 27,000 crore. Capex theme The focus in the Indian market since the budget announcement on February 1, Wood wrote, has rotated to playing consumption rather than investment, helped by the monetary easing context with consumer finance stocks rallying sharply. The property market, now in its 5th year of an upturn, has further to run, he believes. 'Pre-sales growth of the top seven developers covered by Jefferies is forecast to accelerate to 22 per cent YoY in FY26 after slowing to 17 per cent YoY in fiscal year 2024-25 (FY25) ended March 31, a four year low. A lower mortgage rate, now at 8 per cent and expected to fall to 7.5 per cent when the latest Reserve Bank of India (RBI) rate cuts are passed on, should help boost sales in the affordable and mid-income segments,' he said. Portfolio rejig Wood has also rejigged his India portfolio, with the investments in Larsen & Toubro, Thermax and Godrej Properties will be removed and replaced by investments in TVS Motor, Home First Finance and Manappuram Finance, with four percentage points each. An additional one percentage point each will be added to the existing investments in PolicyBazaar and Bharti Airtel, he said. The investment in Larsen & Toubro in the global long-only equity portfolio has been replaced by an investment in Saint-Gobain, a French construction materials company. In the Asia ex-Japan long-only portfolio, too, the investment in Larsen & Toubro will be removed and replaced by an investment in PolicyBazaar, he said.
Economic Times
14-06-2025
- Business
- Economic Times
Gold in a healthy consolidation period, says Chris Wood
Gold prices have risen by 85% since the start of 2022 while the MSCI AC World Index is up only 19% over the same period, according to the note. Synopsis Jefferies' Christopher Wood notes gold's consolidation above $3,000. He maintains high gold allocation in his pension fund. Western gold ETF flows are light despite gold's outperformance since 2022. Total ETF holdings are below 2020 peak. Gold prices have significantly outpaced the MSCI AC World Index since 2022. China's gold imports surged in April. Mumbai: Jefferies' global equity strategist Christopher Wood said gold has entered a 'healthy consolidation' period with prices holding above US$3,000 an ounce-a level he described as ideal for gold mining companies to enjoy rising profit margins. In his newsletter, Greed & Fear, Wood said he maintains a 40% allocation to physical gold and 20% to gold mining stocks in his asset allocation for a US dollar-denominated pension fund. ADVERTISEMENT "Normally, when a certain category of stocks outperform, there are strong flows into the related ETFs. But that has not been the case with gold in recent years," he said. "Flows into gold ETFs in the western world have remained relatively light given the dramatic outperformance of gold since the start of 2022." Total known ETF holdings of gold are up 10% from their May 2024 low but remain 20.3% below the October 2020 peak. Gold prices have risen by 85% since the start of 2022 while the MSCI AC World Index is up only 19% over the same period, according to the said China has increased its gold purchases with imports rising 73% in April from the previous month to 127.5 tonnes, the highest level in 11 months. This volume is equivalent to nearly half of the average monthly global gold production outside China, he said."Holdings in China-listed gold ETFs have increased by 82 tonnes so far this year, compared to an increase of 53.3 tonnes in all of 2024," the note said. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Time of India
14-06-2025
- Business
- Time of India
Gold in a healthy consolidation period, says Chris Wood
Gold prices have risen by 85% since the start of 2022 while the MSCI AC World Index is up only 19% over the same period, according to the note. Jefferies' Christopher Wood notes gold's consolidation above $3,000. He maintains high gold allocation in his pension fund. Western gold ETF flows are light despite gold's outperformance since 2022. Total ETF holdings are below 2020 peak. Gold prices have significantly outpaced the MSCI AC World Index since 2022. China's gold imports surged in April. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Jefferies' global equity strategist Christopher Wood said gold has entered a 'healthy consolidation' period with prices holding above US$3,000 an ounce-a level he described as ideal for gold mining companies to enjoy rising profit margins. In his newsletter, Greed & Fear, Wood said he maintains a 40% allocation to physical gold and 20% to gold mining stocks in his asset allocation for a US dollar-denominated pension fund."Normally, when a certain category of stocks outperform, there are strong flows into the related ETFs. But that has not been the case with gold in recent years," he said. "Flows into gold ETFs in the western world have remained relatively light given the dramatic outperformance of gold since the start of 2022."Total known ETF holdings of gold are up 10% from their May 2024 low but remain 20.3% below the October 2020 peak. Gold prices have risen by 85% since the start of 2022 while the MSCI AC World Index is up only 19% over the same period, according to the said China has increased its gold purchases with imports rising 73% in April from the previous month to 127.5 tonnes, the highest level in 11 months. This volume is equivalent to nearly half of the average monthly global gold production outside China, he said."Holdings in China-listed gold ETFs have increased by 82 tonnes so far this year, compared to an increase of 53.3 tonnes in all of 2024," the note said.
