Imperium Capital Publication

Global Matters Weekly – 30 May 2022

Upside Down

by Gary Moglione

In our industry there is often a level of expectation placed upon fund managers to fully understand everything that is going on and, worse still, to have Sage like skills in predicting the future. This pressure is heightened should the unfortunate individual concerned be in the public eye or rolled out in front of the media to give comment on events. Of course, the investment industry is not alone in this.


Market Snapshot

  • Global equities gained 5.6% last week
  • Most global markets saw positive gains following declines in recent weeks
  • Brent crude rose 0.1% last week to $119.4 a barrel
  • Gold rose by 0.4% to $1853.7 per ounce.

Global Matters Weekly – 23 May 2022

Definitely Maybe

by Richard Parfect, CFA

In our industry there is often a level of expectation placed upon fund managers to fully understand everything that is going on and, worse still, to have Sage like skills in predicting the future. This pressure is heightened should the unfortunate individual concerned be in the public eye or rolled out in front of the media to give comment on events. Of course, the investment industry is not alone in this.


Market Snapshot

  • Global equities fell 1.6% last week
  • The S&P has seen seven consecutive weekly declines for the first time since the dotcom bubble burst in 2001
  • Brent crude rose 0.9% over the week to $112.6 a barrel
  • Gold returned 1.9% to $1846.5 per ounce.

Global Matters Weekly – 16 May 2022

Venturing overseas

by Andrew Hardy, CFA

With the skies and borders mostly open for international travel again, I’ve been visiting our parent company’s home market of South Africa this past week, a welcome opportunity to catch up with colleagues and clients in person. The hot topic has been investing overseas, following the local central bank’s recent relaxation of offshore investment limits; now investors can take up to 45% overseas. One of the many questions this brings into focus – for investors there but also around the world – is the risks that come with having so much of a portfolio invested overseas, and how best to manage them


Market Snapshot

  • Global equities declined 2.1% last week
  • Goldman Sachs have cut US growth forecasts.
  • Brent crude fell 0.7% to $111.5 a barrel
  • Gold fell by 3.8% to $1811.8 per ounce.

Viewpoint – April 2022

The war in Ukraine, and widespread evidence of Russia’s depravity as its advance falters, continues to cast a dark shadow over the world. With Russia’s invasion now into its third month, and both sides increasingly intransigent with no signs of a negotiated end in sight, the probability of a long, attritional war is rising. The longer the war drags on, the greater the risk of longer lasting economic damage, transmitted primarily through global energy and agricultural commodity prices. Yet in April it was deepening worries about economic imbalances, which had been developing long before the invasion, that drove financial markets – ultra-loose monetary and fiscal stimulus adding fuel to the fire of post-pandemic release of pent-up demand, triggering excess demand in supply-constrained markets, in turn leading to high and persistent inflation.

Global Matters Weekly – 9 May 2022

Central banks get serious

by Robert White, CFA

After the first 50bps interest rate rise by the Fed in over 20 years (with more to come) and the announcement of quantitative tightening starting in June, there is no doubt that the Fed is getting serious about containing inflation. Inflation data in April continued the pattern of the past year, generally exceeding expectations, with price rises becoming more broadly based and accelerating to multi-decade highs in the US and Europe.

Strong demand, supply chain shortages, and war in Ukraine have combined to push producer price inflation (PPI) in the US up by 11.2% in the year to March


Market Snapshot

  • Global equities fell 1.1% last week.
  • Most indices saw declines after a volatile week with interest rates and inflation fears weighing on sentiment.
  • Brent crude rose 2.8% to $112.4 a barrel following an EU proposal to ban Russian imports.
  • Gold fell 0.7% to $1883.8 per ounce