Data releases for the month of August have brought stark contrasts between economic performances across different regions. Europe faces a challenging landscape with signs of contraction and economic distress, while the United States continues to demonstrate robust growth. Asia, on the other hand, experiences mixed signals with China grappling with real estate issues while Japan shines with better-than-expected economic growth.
Europe's Economic Challenges
Europe's economic indicators in August have been disappointing across the board. Both the services and manufacturing sectors are in contraction, falling below expectations. Retail sales and GDP, particularly in Germany, have performed poorly. Factory orders in Germany have also seen a sharp decline; and the region is grappling with high inflation, which remains stubbornly high at 6.1%. These numbers collectively paint a picture of economic contraction and uncertainty in Europe.
United States' Economic Resilience
In stark contrast, the United States continues to exhibit a strong economic performance. Non-manufacturing data suggests a booming economy, while weekly employment statistics indicate full employment. This resilience is fuelling the Goldilocks narrative and hopes for a soft landing in the U.S. economy. Some, like Governor Waller, advocate for a pause in interest rate hikes to let the previous rate increases take full effect.
Mixed Signals in Asia
Asia presents a mixed picture with China facing challenges in its domestic sector due to a real estate overhang, which accounts for a significant portion of the country's economic activity. China's imports and exports are retracting, adding to concerns.
In contrast, Japan has shown promise with an annualised Q2 GDP growth rate of +4.8%, although it falls slightly below expectations.
Global Equity Markets and The Outlier
Global equity markets have suffered in the wake of these contrasting economic performances. With the exception of the FTSE in the UK, which benefited from better-than-expected production numbers, most global markets have seen declines.
An outlier in the markets has been the continued rise in oil prices. WTI briefly touched USD 90 per barrel, driven by reduced production from major oil-producing nations like Russia and Saudi Arabia. The surge in oil prices is a concern as it has direct consequences for inflation, which remains high. This issue could loom large as we head into the fall and winter months.
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The information on this Website is issued and communicated by ARIA Capital Management (Europe) (“ACME,” “we” and “us”), which is authorised and regulated by the Maltese Financial Services Authority (“MFSA”). This Website contains information about various umbrella funds (each an “Umbrella Fund” and together the “Umbrella Funds”) and their sub-funds (the “Funds”) which have been registered, or otherwise notified, for public distribution and marketing in the jurisdiction you hav.
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20. Linked Websites:
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23. Third Parties:
The Umbrella Funds, ACME, and its affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.
24. Applicable Law:
These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.
You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of the Umbrella Funds, or ACME and accordingly the Umbrella Funds, or ACME shall be entitled to take Proceedings in any other court or courts having jurisdiction.
26. About ACME and the Umbrella Funds:
Aria Capital Management (Europe) Limited is licensed by the Maltese Financial Services Authority with its registered address at The Hub, Triq Sant ’Andrija, San Gwann, SGN 1612 under Malta Registration number C 26673.
Absolute Return Investment Advisers (ARIA) Ltd is authorised and regulated by the Financial Conduct Authority, under reference 527575, with its registered office at Building 2, Ground Floor, Guildford Business Park, Guildford, GU2 8XG.
ARIA SICAV P.L.C. (the “Company”) a self-managed open-ended collective investment scheme organized as a multi-fund public limited liability company with variable share capital registered under the Laws of Malta and licensed by the Malta Financial Services Authority in terms of the Investment Services Act (Chapter 370 of the Laws of Malta). The Company qualifies as a self-managed „Maltese UCITS‟ in terms of the Investment Services Act (Marketing of UCITS) Regulations 2011.
ARIA SICAV PLC (including each of its sub-funds) is licensed as a collective investment scheme by the Malta Financial Services Authority under the Investment Services Act (cap. 370, laws of Malta) and qualifies as a „Maltese UCITS‟ in terms of the Investment Services Act (Marketing of UCITS) Regulations, 2011 (S.L. 370.18 laws of Malta).
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Effective as of 1st September 2022