Easing global headwinds point to higher equities in 2017_ populism and reflation make easy bedfellow – calamos investments – commentaries – advisor perspectives


In the pole position, the U.S. Thb to usd economy is emerging from its midcycle slowdown. Usd pound exchange rate While the U.S. Yen to usd conversion expansion is “old” in duration, it looks more middle aged in terms of actual fundamental progression (Figure 2). Binary translation An easing of bank regulations encourages a more normal lending environment, while reflation of the U.S. Usd to inr converter middle class could transform the U.S. 100 eur usd durable cycle. Asian pre market futures This will shape the remainder of the expansion, which will enjoy cyclical pushback against secular deflation pressures.

The U.S. Mini msci emerging markets index futures consumer appears in lean health on a variety of measures, including free cash flows and home equity as a share of home value. Euro conversion rate today Consumer incomes look healthy, boosted by weak oil prices and low inflation. Hkd to usd converter This sets the stage for a more normal looking recovery in durable spending (Figure 3), which eluded the early years of the expansion.

Across the pond, the eurozone is emerging from severe recession (Figure 4) and is poised for positive surprise. Usd inr rate today Political uncertainty has been the key driver of investor pessimism, but this reflects a rear view of political and economic conditions. Usd jpy live rate Europe’s cyclical upturn is led by pent-up domestic demand, renewal of the bank lending system, export recovery to Russia and China, and a competitive euro. Convert ip to binary Operating leverage of European companies is high and earnings are particularly sensitive to the global cycle.

China is a source of concern as it transitions to slower secular growth. Dec to binary converter The politics of trade are more of an issue for 2018, but the post-Cold War “free pass” for China to develop its economy at the expense of the American middle classes is over. Convert rmb to us dollars As President Trump reinvigorates the U.S. Usd to gbp chart as a destination for investment, we believe China will struggle to adjust its growth model. Exchange rate brl usd For global industries that become overly reliant upon Chinese demand, such as commodities, heavy industries and oil, there are few silver linings.

In our post-election blog, “Thoughts on the Market in Light of Election Results,” we noted that “populism has been associated historically with reflationary impulses and we believe that is the case today.” From this conclusion flowed the investment case for financials, domestic cyclicals, infrastructure and defense, and we touched upon our more cautious view for health care.

Our view today (Figure 5) is consistent with that framework. Premarket stock futures cnbc Since mid-2016, our positioning has anticipated a gradual reflation of the global economy and thus, we view the financial sector (banks, consumer finance and capital markets) as prime beneficiaries of easing deflation fears. Check messages online Select consumer cyclicals and industrials that were mistakenly priced for “end of cycle” risk rather than sustained expansion are also compelling.

In energy, our tactical outlook is positive. Funny quotes about love Saudi leadership will do everything in its power to maintain stable oil prices as it prepares the IPO of Aramco, its national oil business. Equity meaning Longer term, periods of sustained excess return are less likely because U.S. Usd inr today shale has a shorter development cycle, allowing supply to adjust more quickly to higher prices. Video editor windows 10 Also, alternative energy technologies have undermined the long-term value of oil resources, so production restrictions to boost prices are less likely.

We are selective with regard to technology. Nokia modem Market sentiment is near all-time highs and concentrated in a handful of names, which concerns us. Currency converter usd to aud We are also avoiding the “safety” stocks (consumer staples, telecoms and utilities) as well as the health care sector as it confronts less growth and more political risk.

The S&P 500 Index is considered generally representative of the U.S. 1 aed to usd stock market. What are futures in the stock market Indexes are unmanaged, do not include fees or expenses and are not available for direct investment. Usd sek chart Purchasing Managers Indexes (PMIs) measure the strength of the manufacturing sector. Futures market transaction Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. Exchange rate pound to dollar The views and strategies described may not be suitable for all investors. Dollar to pound exchange rate today References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Gbp usd forecast today The Fund is actively managed and its portfolio is subject to change daily. Python dictionary example Alternative investments may not be suitable for all investors, and the risks of alternative investments vary based on the underlying strategies used. What are futures in stock market Many alternative investments are highly illiquid, meaning that you may not be able to sell your investment when you wish to. Gold usd chart An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund There can be no assurance that the Fund(s) will achieve its investment objective. German stock market futures Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The futures market The risks associated with an investment in the Fund can increase during times of significant market volatility. Gender research topics The Fund also has specific principal risks, which are described below. Eur usd exchange rate live More detailed information regarding these risks can be found in the Fund’s prospectus. Home meaning in hindi The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk. Silver forecast 2017 Short Sale Risk — The Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security (i.e., the Fund’s short position) increases between the date of the short sale and the date the Fund replaces the security. Decimal to binary calculator The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price. Eur usd live rate Leveraging Risk — Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund’s investment. Usd inr conversion Leveraging risk is the risk that certain transactions of the Fund may give rise to leverage, causing the Fund to be more volatile and experience greater losses than if it had not been leveraged. Us to inr exchange rate The Fund’s use of short sales and investments in derivatives subject the Fund to leveraging risk. Binary key Derivatives Risk — Derivatives are instruments, such as futures, options and forward foreign currency contracts, whose value is derived from that of other assets, rates or indices. Binary to alphabet converter The use of derivatives for non-hedging purposes may be considered more speculative than other types of investments. The millionaire fastlane Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Futures in stock market definition Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work.

Before investing carefully consider the fund’s investment objectives, risks, charges and expenses. Pre market stock futures Please see the prospectus and summary prospectus containing this and other information or call 1-800-582-6959. Crude oil futures market Read it carefully before investing.

This material is distributed for informational purposes only. Gbp to usd live charts The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the information mentioned, and while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable.

Calamos Financial Services LLC, Distributor 2020 Calamos Court | Naperville, IL 60563-2787 800.582.6959 | www.calamos.com | caminfo@calamos.com ©2017 Calamos Investments LLC. Pre market us stock futures All Rights Reserved. Binary programming Calamos® and Calamos Investments are registered trademarks of Calamos Investments LLC.

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