Tuesday, April 15, 2014 Monday, April 14, 2014 Wednesday, April 9, 2014 Monday, April 7, 2014 Monday, March 24, 2014

RCS Investments Macro Commentary March ‘14

RCS Investments Macro Commentary March ’14

Macro Commentary March '14

Good morning,

Included is a synopsis of the macro landscape and possible future implications. Asset allocation considerations to follow soon.  In the meanwhile, you can check out my most up to date fund fact sheet.

http://rcsinvestments.wordpress.com/2014/03/24/rcs-investments-global-macro-fund-aggressive-allocation-march-14/

Thank you for your support,

Rodrigo

View this document on Scribd

View On WordPress

Sunday, March 23, 2014 Saturday, March 22, 2014 Monday, March 17, 2014

Trifecta of Chinese disappointing economic data on March 13th

China’s urban fixed-asset investment growth slows — Ecns.cn

http://www.ecns.cn/business/2014/03-13/104750.shtml

  • China’s urban fixed-asset investment grew 17.9 percent year on year in the first two months of 2014, down from the 21.2 percent growth registered in the same period of last year, official data showed.
  • The growth rate was 1.7 percentage points lower than the full-year pace of 2013, as China’s economy still faces downward pressure, the National Bureau of Statistics (NBS) unveiled on Thursday.
  • Lowest level since 2002.

China industrial output growth at 5-year low — RTE News

http://www.rte.ie/news/business/2014/0313/601934-china-industrial-output/

  • China’s industrial output rose 8.6% in January and February on a yearly basis, official data showed on March 13th
  • A Wall Street Journal survey of 13 economists yielded a median forecast of a 9.5% increase in industrial output…
  • This was the worst result in nearly five years and raised alarm bells over the world’s second-largest economy.
  • The figure, which measures production at factories, workshops and mines, was the lowest since 7.3% was recorded in April 2009, according to previous NBS data.
  • A Shanghai-based economist called the data “a complete mess” and said it showed that policies were needed to spur growth. “Basically none of the figures were in line with expectations, all came in much lower than expected,” he said.

China output and retail data adds to slowdown fears — BBC

http://www.bbc.com/news/business-26555938

  • Retail sales - a key measure of consumer spending - increased 11.8% from the year before, government figures show.
  • The figures were less than analysts had been expecting, adding to fears of a slowdown.
  • Slowest rate of growth in almost a decade [Early 2005]
  • EXTRA: During the session, the government unveiled plans to push ahead with a pilot programme of privately-owned banks, in order to help open up the financial sector.

Yet officials keep pushing forward with reforms.  Seems a little surreal…almost makes you feel like asking if they really know what they’re doing.  They must know right?….right?

The figure, which measures production at factories, workshops and mines, was the lowest since 7.3% was recorded in April 2009, according to previous NBS data.