InvestMacro

By JustMarkets

The US stock indices did not trade yesterday due to the bank holiday.

According to the CME FedWatch tool, there is currently a 74% chance of a 25 basis point rate hike at the Fed’s next meeting in late July. But then the markets see a 78% chance that rates will remain unchanged.

The US Secretary of State Anthony Blinken concluded his visit to Beijing on Monday with a surprise meeting with Chinese President Xi Jinping. The latter stressed the importance of sustained relations between the two countries after a period of simmering tensions. During the meeting at the State Guest House, Xi said that the world needs a “generally stable” Sino-American relationship. Xi Jinping also added that the future and fate of humanity depend on whether the two countries can find the right path. The Chinese foreign minister also urged Washington to abandon the so-called “China threat theory” and lift sanctions against Beijing and no longer stifle China’s technological development.

Stock markets in Europe were mostly down on Monday. German DAX (DE30) decreased by 0.96%, French CAC 40 (FR 40) lost 1.01%, Spanish IBEX 35 (ES35) decreased by 0.66%, and British FTSE 100 (UK100) fell by 0.71% yesterday.

The Eurozone will get its first view of how June is shaping up in terms of economic activity when the PMI data is released on Friday. Last month’s reports were dismal, as surveys showed slower growth in services and sharper declines in manufacturing. On the positive side was a decline in inflation expectations. And so far, there are few signs that activity has increased.

After some unwelcome inflation and wage data, markets now expect the Bank of England to raise rates above 5% in the coming months, even though inflation forecasts point to a marked reduction in price pressures over the summer.

Crude oil prices fell Monday on concerns that a fragile economic recovery in China will hit demand from the world’s biggest crude importer in the second half of the year. But from a broader perspective, the analyst community still expects significant shortages in the coming months.

Uncertainty over interest rate hikes combined with mixed signals of a potential recession this year kept gold in a tight trading range last month. Gold came under pressure after the US Federal Reserve raised its peak rate. Gold has an inverse correlation with the US dollar and government bond yields. Tightening monetary policy tends to push the dollar higher and push government bond yields higher, which is negative for precious metals. But analysts believe that since the US Federal Reserve is at the end of its tightening cycle, gold has a good chance of rising before the end of the year.

Asian markets traded mostly in negative territory yesterday. Japan’s Nikkei 225 (JP225) was down by 1.00% for the day, China’s FTSE China A50 (CHA50) fell by 1.58%, Hong Kong’s Hang Seng (HK50) decreased by 0.64% by Monday’s close, and Australia’s S&P/ASX 200 (AU200) was positive 0.60% by the day.

China cut its benchmark interest rate (LPR) by 10 basis points as Beijing struggled to support the country’s slowing economic recovery. But the move sent a somewhat negative signal to metals markets, given that it underscores the deepening cracks in the Chinese economy, despite the reversal of anti-COVID measures earlier this year.

Reserve Bank of Australia (RBA) Deputy Governor Michelle Bullock said the unemployment rate needs to rise to about 4.5% from its current level of 3.6% to bring the economy back into balance. According to the politician, this will help contain inflation and avoid further rate hikes and a deep recession.

S&P 500 (F) (US500) 4,409.59 0 (0%)

Dow Jones (US30)34,299.12 0 (0%)

DAX (DE40) 16,201.20 −156.43 (−0.96%)

FTSE 100 (UK100) 7,588.48 −54.24 (−0.71%)

USD Index 102.52 +0.28 (+0.27%)

• – China PBoC Loan Prime Rate (m/m) at 04:15 (GMT+3);
• – Australia RBA Meeting Minutes (m/m) at 04:30 (GMT+3);
• – Japan Industrial Production (m/m) at 07:30 (GMT+3);
• – German Producer Price Index (m/m) at 09:00 (GMT+3);
• – Hong Kong Inflation Rate (m/m) at 11:30 (GMT+3);
• – US FOMC Bullard Speaks at 13:30 (GMT+3);
• – US Building Permits (m/m) at 15:30 (GMT+3);
• – US FOMC Williams Speaks at 18:45 (GMT+3).

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Armin Langer, University of Florida 

Billionaire investor and philanthropist George Soros is handing control of his US$25 billion holdings, including his Open Society Foundations, to one of his sons, Alexander Soros.

As a sociologist who researches immigrants and minorities in Europe and conspiracy theories about them, I study how Soros became a scapegoat and bogeyman for nationalists and populists and a target of people who harbor and spread antisemitic beliefs.

Baseless conspiracy theories have at times clouded his legacy as one of the world’s biggest donors to causes like higher education, human rights and the democratization of Europe’s formerly communist countries.

Success followed early hardship

Born in 1930 to a Hungarian Jewish family, Soros survived the Nazi occupation and the Holocaust. After World War II, he moved from Budapest to the United Kingdom, where he studied at the London School of Economics while working part time in low-wage jobs. He immigrated to the United States in 1956 and became a U.S. citizen five years later.

In the 1970s, Soros became a successful investor and hedge fund manager. By the 1990s he had amassed a fortune and established himself as one of the world’s most important financiers.

But his dedication to philanthropy and his support for political freedom are what brought him the most attention.

Deep-pocketed philanthropy

In the 1980s, Soros began to contribute to several Eastern European political and social movements that sought to replace communist states with democratic societies. Recognizing the importance of grassroots movements and the power of individuals to bring about change, his support enabled many activists to challenge oppression and advocate for human rights.

He also donated heavily to support education.

Soros’ first philanthropic foray was in 1979, when he funded scholarships for Black students in apartheid South Africa. In the 1980s, he helped promote the exchange of ideas in Communist Hungary by funding visits of Hungarian liberal intellectuals to Western universities.

When he gave $250 million in 2001 to the Central European University in Budapest, it represented, at that time, the continent’s largest higher education endowment.

Soros founded what’s now called the Open Society Foundations in 1993. The name of this international grant-making network was inspired by Karl Popper’s 1945 book “The Open Society and Its Enemies.” Popper argued that individuals thrive in open societies, because they can freely express themselves and test their ideas, while closed societies lead to stagnation.

The broad goal of much of Soros’ philanthropy is to support tolerant societies with governments that are accountable and allow everyone to campaign, protest, donate to candidates they like or even run for office themselves.

Soros’ foundations today support human rights organizations in more than 100 countries. Its initiatives take aim at a wide range of global problems, such as public health emergencies to low economic growth rates in low-income countries.

Soros remains on Bloomberg’s list of the 500 wealthiest people, with a personal net worth in excess of $7 billion as of 2023. But his fortune would have been far larger had he not given some $32 billion to the Open Society Foundations since 1984.

Antisemitic conspiracy myths

The Open Society Foundations’ support for progressive initiatives such as America Votes and Demand Justice have angered many conservatives who don’t agree with the goals of those causes.

Soros’ wealth and influence have also made him a target of numerous conspiracy theories. He’s been demonized as a shadowy puppet master manipulating world events for his own gain. Such baseless accusations often target his Jewish heritage, invoking hatemongering and centuries-old antisemitic tropes.

During the 2015 influx of Syrian refugees in Europe, for example, Hungarian Prime Minister Viktor Orbán accused Soros of a vicious plan of facilitating a supposedly “Islamic takeover of Europe” with the Syrian immigrants.

Former Slovak Prime Minister Robert Fico blamed Soros for being behind press freedom protests in his country after the murder of the investigative journalist Ján Kuciak and his fiancée in 2018.

In 2015, the far-right party All-Polish Youth burned an effigy of Soros dressed as a Hasidic Jew holding an EU flag, even though the philanthropist was raised by a family that was not religious, has never dressed in the style of the ultra-Orthodox Hasidic sect and has not been a major supporter of Jewish causes.

As I explained in a book chapter about nationalism and populism, U.S. conspiracy theories have hounded Soros for years as well. Rep. Kevin McCarthy, a California politician who is now speaker of the House, accused Soros of trying to buy the 2018 midterm elections. National Rifle Association leader Wayne LaPierre accused Soros of planning a socialist takeover of the U.S. in 2018, evoking antisemitic myths from the early 20th century about a Jewish-Bolshevik plot.

That same year, then-President Donald Trump falsely tweeted that Soros was financing the demonstrations against Brett Kavanaugh’s appointment as a Supreme Court justice.

These baseless theories have also inspired extremists to act on them: In 2010, a far-right extremist plotted to attack the progressive San Francisco-based Tides Foundation. His plot failed and ended in a shootout with police officers, and the man was sentenced to 401 years in prison. The extremist falsely believed that Soros used Tides “for all kinds of nefarious activities.”

In 2018, another extremist sent a pipe bomb to Soros’ home in a New York City suburb. Nobody was hurt, but the person responsible was sentenced to 20 years in prison.

Many other far-right extremists have tried to justify their attacks on Jews and other minorities with anti-Soros conspiracy theories – including the man who murdered 10 Black Americans at a supermarket in 2022.

A complex legacy

Not all criticism of Soros is antisemitic.

While I do believe that Soros’ support for freedom and his commitment to empowering marginalized communities are praiseworthy, I also think it’s reasonable to question the sources of his wealth and the methods he employed to accumulate it.

As is true for all billionaires, the Soros family fortune helps perpetuate a system of income inequality and concentrated political influence in the hands of the world’s wealthiest people. I believe that this outsize clout interferes with true democracy.

George Soros has certainly funded work through charitable donations that has fostered democratic values. But his financial support in the political realm, which includes gifts for major Democratic political causes and candidates, such as former U.S. President Barack Obama, former U.S. Secretary of State Hillary Clinton and President Joe Biden, have to a degree made him a polarizing figure.

When megadonors of any political preference make big donations to a candidate or party, their gifts can shape the agenda and distort democratic processes.

In his first interview as the new chair of Open Society Foundations, 37-year-old Alex Soros told The Wall Street Journal that he is “more political” than his father and that he’s likely to make political donations that advance voting rights and abortion rights.

It’s still not clear how Soros’ son aims to put a stop to the demonization of the family’s philanthropic work.

About the Author:

Armin Langer, Assistant Professor of European Studies, University of Florida

This article is republished from The Conversation under a Creative Commons license. Read the original article.

By JustMarkets

At the close of the stock market yesterday, the Dow Jones Index (US30) increased by 1.26%, and the S&P 500 Index (US500) jumped by 1.22%. The NASDAQ Technology Index (US100) closed positive by 1.15% on Thursday.

The US Treasury bond yields fell after data showed that US jobless claims jumped to their highest level in nearly two years. Despite signs of a downturn in the labor market, the latest retail sales data, which were unexpectedly positive, suggests that the average consumer remains in good shape.

Equity markets in Europe traded without a single trend yesterday. Germany’s DAX (DE30) decreased by 0.13%, France’s CAC 40 (FR40) lost 0.51%, Spain’s IBEX 35 (ES35) jumped by 0.10%, Britain’s FTSE 100 (UK100) closed up by 0.34% yesterday.

The European Central Bank (ECB) raised interest rates to a 22-year high, as expected. The ECB interest rate rose from 3.75% to 4.00%. The central bank expects inflation to remain above the 2% target through 2025 and once again hinted at further rate hikes in the coming months. In the latest macroeconomic forecasts, ECB staff now expects overall inflation to be 5.4% this year, 3% in 2024, and 2.2% in 2025. Core inflation is expected to be 5.1%, 3%, and 2.3%, respectively. During the press conference, President Christine Lagarde departed slightly from the ECB’s recent strategy, focusing on forward projections and applying a meeting-by-meeting approach.

Oil was up by 3% yesterday due to strong data from China as well as dollar weakness. Chinese refinery productivity was up by 15.4% in May from a year ago, reaching the second-highest level on record. Oil demand in China is expected to continue growing at a guaranteed rate in the second half of the year. Analysts expect the voluntary oil production cuts implemented in May by OPEC countries as well as Saudi Arabia to support oil prices at a time of strong demand.

A Turkish energy delegation will meet with representatives of Iraqi oil companies in Baghdad on June 19 to discuss resuming Iraq’s northern oil exports. Turkey suspended 450,000 barrels of Iraq’s northern exports through the Iraq-Turkey pipeline on March 25 following an International Chamber of Commerce (ICC) arbitration ruling.

Asian markets traded higher yesterday. Japan’s Nikkei 225 (JP225) decreased by 0.05% for the day, China’s FTSE China A50 (CHA50) was up by 1.82%, Hong Kong’s Hang Seng (HK50) ended the day up by 2.17%, and Australia’s S&P/ASX 200 (AU200) closed positive by 0.19%.

The Bank of Japan maintained an ultra-soft monetary policy on Friday, despite stronger-than-expected inflation, as it focused on supporting a fragile economic recovery amid a sharp slowdown in global growth. As price growth shows signs of expanding, markets are focused on whether Bank of Japan Governor Kazuo Ueda will issue a stronger warning about the risk of overshooting inflation at his press conference.

S&P 500 (F) (US500) 4,425.84 +53.25 (+1.22%)

Dow Jones (US30)34,408.06 +428.73 (+1.26%)

DAX (DE40) 16,290.12 −20.67 (−0.13%)

FTSE 100 (UK100) 7,628.26 +25.52 (+0.34%)

USD Index 102.16 −0.79 (−0.77%)

• – Japan BoJ Interest Rate Decision at 06:00 (GMT+3);
• – Japan BoJ Monetary Policy Statement at 06:00 (GMT+3);
• – UK Retail Sales (m/m) at 09:00 (GMT+3);
• – Japan BoJ Press Conference at 09:30 (GMT+3);
• – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
• – US FOMC Waller Speaks at 14:45 (GMT+3);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3).

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By JustMarkets

The Dow Jones Index (US30) decreased by 0.68% at the stock market’s close yesterday, while the S&P 500 Index (US500) added 0.08%. The NASDAQ Technology Index (US100) closed Wednesday positive by 0.39%.

The US Federal Reserve expectedly left rates unchanged yesterday at 5.25% but predicted further increases at the next meetings. The Fed now sees its peak rate at 5.6% in mid-2023, up from its previous forecast of 5.1% in March, which suggests two more hikes.

The main points from Jerome Powell’s speech at yesterday’s press conference:

• The FOMC is committed to getting inflation back to 2.0% to achieve price stability.
• The rate was raised to 5% from March 2022 through May 2023, which is a statistically unconventionally fast “move,” but given the data coming in, the FOMC has decided to move at a more moderate pace and consider raising the rate at future meetings.
• Given the lag in the effect of monetary policy, a rate hike in July 2023 depends on many variables, so the FOMC is closely watching labor market conditions, inflation data and financial sector conditions over a 3-month period.
• The FOMC does not see the effects of stress in the banking sector.
• The expected median rate at the end of 2023 is 5.6%,2024 is 4.6%, and 2025 is 3.4%.
• Asset reduction in Treasury securities will continue (QT-quantitative tightening).

BofA Global Research said it now expects two more quarter percentage point interest rate hikes from the US Federal Reserve this year, raising its final rate forecast to 5.5%-5.75%.

Amazon (AMZN) is considering using AMD’s artificial intelligence (AMD) chips in its cloud business.

Stock markets in Europe were mainly up Wednesday. Germany’s DAX (DE30) gained 0.49%, France’s CAC 40 (FR40) gained 0.52%, Spain’s IBEX 35 index (ES35) jumped by 1.20%, and Britain’s FTSE 100 (UK100) closed positive by 0.10% yesterday.

The European Central Bank (ECB) will almost certainly raise borrowing costs today and leave room for further increases as it continues to fight high inflation, even as the Eurozone economy weakens. More Eurozone countries are signaling a technical recession (2 consecutive declines in GDP per quarter). Eurozone’s inflation is still high for the ECB at 6.1%, more than three times its target of 2%, and core prices, which excludes food and energy, are only beginning to slow. Economists expect another 0.25% increase in July before the ECB pauses in fall 2023.

Asian markets traded higher yesterday. Japan’s Nikkei 225 (JP225) gained 1.47% on the day, China’s FTSE China A50 (CHA50) was up by 0.14%, Hong Kong’s Hang Seng (HK50) ended the day down by 0.58%, and Australia’s S&P/ASX 200 (AU200) closed positive by 0.32%.

The Japanese yen fell to an 8-month low against the dollar amid hawkish statements from the US Federal Reserve. The Japanese government is once again talking about currency intervention. Japan’s Chief Cabinet Secretary pointed out that excessive fluctuations in the currency are undesirable, with a senior currency official saying that the government would take action if necessary. Last year the weakening of the yen to 146 yen per dollar triggered the first intervention.

New Zealand’s gross domestic product (GDP) fell by 0.1% in the first quarter of 2023. This is the second consecutive quarterly decline in GDP, indicating that New Zealand has entered a technical recession. The contraction was caused by a decline in manufacturing, which fell by 3.5%, and transportation, port, and warehouse services, which fell by 2.2%. The Reserve Bank of New Zealand (RBNZ) raised its benchmark rate to a 14-year high at its May meeting, and it was probably the last increase this year.

S&P 500 (F) (US500) 4,372.59 +3.58 (+0.082%)

Dow Jones (US30)33,979.33 −232.79 (−0.68%)

DAX (DE40) 16,310.79 +80.11 (+0.49%)

FTSE 100 (UK100) 7,602.74 +7.96 (+0.10%)

USD Index 103.02 -0.32 (-0.31%)

• – New Zealand GDP (q/q) at 01:45 (GMT+3);
• – Australia Unemployment Rate (m/m) at 04:30 (GMT+3);
• – China Industrial Production (m/m) at 05:00 (GMT+3);
• – China Unemployment Rate (m/m) at 05:00 (GMT+3);
• – China Retail Sales (m/m) at 05:00 (GMT+3);
• – Switzerland Producer Price Index (m/m) at 09:30 (GMT+3);
• – Eurozone Trade Balance (m/m) at 12:00 (GMT+3);
• – Eurozone ECB Interest Rate Decision at 15:15 (GMT+3);
• – Eurozone ECB Interest Monetary Policy Statement at 15:15 (GMT+3);
• – US Retail Sales (m/m) at 15:30 (GMT+3);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
• – US Empire State Manufacturing Index (m/m) at 15:30 (GMT+3);
• – Eurozone ECB Press Conference at 15:45 (GMT+3);
• – US Industrial Production (m/m) at 16:15 (GMT+3);
• – US Natural Gas Storage (w/w) at 17:30 (GMT+3).

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By JustMarkets

As the stock market closed yesterday, the Dow Jones Index (US30) increased by 0.43%, and the S&P 500 Index (US500) was up by 0.69%. The NASDAQ Technology Index (US100) closed Tuesday positive by 0.83%.

The US consumer prices fell from 5.5% to 5.3% year-over-year. Core inflation fell sharply from 4.9% to 4%. This was the eleventh consecutive month of decline in overall inflation and the lowest level since early 2021, but it is still double the Fed’s stated target of 2%. The US inflation data raised the odds of the Fed pausing to raise rates today from 81% to 93%. The US factory inflation (PPI) data will be released today.

Since investor expectations today are mostly for a rate pause scenario, more attention will be paid to policy recommendations and fresh economic forecasts to determine what happens next. The Fed’s more data-driven stance and policy flexibility language could be seen as less hawkish. On the other hand, if the interest rate forecast is revised upward along with inflation estimates, this could lead to a longer-term interest rate outlook and revive hawkish fears.

Stock markets in Europe mostly rose Tuesday. Germany’s DAX (DE30) was up by 0.83%, France’s CAC 40 (FR40) added 0.56%, Spain’s IBEX 35 index (ES35) lost 0.05%, and the British FTSE 100 (UK100) closed on the plus side by 0.32% yesterday.

Germany’s inflation rate fell from 7.2% to 6.1% year-on-year. Inflation in Europe’s largest economy continues to decline but remains three times higher than the ECB’s target level. Food prices are still the biggest driver of inflation.

Bank of England governor Andrew Bailey said yesterday that inflation in the country would continue to decline, but it will take longer. Strong labor market data yesterday bolstered investor confidence that the Bank of England will hold at least two more 0.25% rate hikes.

Asian markets traded higher yesterday. Japan’s Nikkei 225 (JP225) gained 1.80% on the day, China’s FTSE China A50 (CHA50) gained 0.38%, Hong Kong’s Hang Seng (HK50) gained 0.60%, while Australian S&P/ASX 200 (AU200) closed positive by 0.23%. Most Asian stock indices rose Wednesday as weak US inflation data bolstered expectations that the Federal Reserve will suspend its interest-rate hike cycle.

Japan’s Nikkei (JP225) hit new 33-year highs. Sentiment for Japanese stocks was largely supported by expectations that the Bank of Japan will maintain its ultra-soft policy this Friday.

The People’s Bank of China (PBOC) cut the 7-day reverse repo rate to 1.9%, which was previously at 2%. The Chinese government is taking additional stimulus measures to support the slowing global economic recovery. The move raised fears about how deep the economic cracks in China were after three years of blockage due to Covid-19.

S&P 500 (F) (US500) 4,369.01 +30.08 (+0.69%)

Dow Jones (US30)34,212.12 +145.79 (+0.43%)

DAX (DE40) 16,230.68 +132.81 (+0.83%)

FTSE 100 (UK100) 7,594.78 +24.09 (+0.32%)

USD Index 103.28 -0.37 (-0.36%)

• – UK GDP (q/q) at 09:00 (GMT+3);
• – UK Industrial Production (m/m) at 09:00 (GMT+3);
• – UK Trade Balance (m/m) at 09:00 (GMT+3);
• – US Producer Price Index (m/m) at 15:30 (GMT+3);
• – US Crude Oil Inventories (w/w) at 17:30 (GMT+3);
• – US Fed Interest Rate Decision at 21:00 (GMT+3);
• – US FOMC Economic Projections at 21:00 (GMT+3);
• – US FOMC Monetary Policy Statement at 21:00 (GMT+3);
• – US FOMC Press Conference at 21:30 (GMT+3).

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By George Prior

The latest US inflation report suggests that the Federal Reserve will pause interest rate hikes tomorrow (Wednesday), but investors need to “stay grounded” as more rate rises are likely this year.

This is the warning from Nigel Green, the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations, as the Bureau of Labour Statistics releases the US CPI data today showing that inflation rose at a 4% annual rate in May, which is the lowest in 2 years.

He says: “Tuesday’s report shows again that the prices rises, which have been hitting consumers, businesses and financial assets for two years, are decelerating.  The 12-month increase was the smallest since March 2021.

“It’s a feel-good headline figure that will cheer investors as it will add further pressure on the Fed to pause its interest rate hike agenda.

“The US central bank is now 15 months and 10 consecutive rate increases into its battle to cool red-hot inflation, but markets will be expecting that the latest CPI report will now be enough to convince officials to hit the pause button.”

The deVere CEO expects that other sectors which have “been outperformed so far in 2023” by mega-cap tech stocks are likely to get a boost should the Fed, as is anticipated, pause rate hikes this week following the CPI data.

“This will firmly signal that progress is being made in the battle to cool inflation and this will buoy investors across the board, finally providing a boost to sectors which have been unloved so far this year.”

As such, investors should be speaking to an advisor about the “possibility of an opportunity-packed new rally if the Fed, as is expected, pauses rate hikes this week.”

However, Nigel Green also issues a warning: “Investors need to stay grounded as despite a possible pause, more rate rises are likely this year, which would be a negative shock to stock markets.

“Inflation is certainly coming down so far, but it is very, very gradual. It remains sticky and a long way from the 2% target, largely due to a tight labor market.

“Therefore, investors need to brace for at least another interest rate hike this year, even if the Fed skips this one.”

Diversification remains investors’ best tool for long-term financial success. As a strategy it has been proven to reduce risk, smooth-out volatility, exploit differing market conditions, maximise long-term returns and protect against unforeseen external events.

“The likely market relief rally that is expected if the Fed pauses could provide important opportunities for investors, but they shouldn’t get overconfident that this is the end of the most aggressive monetary policy since the 1980s.

“The Fed isn’t done yet,” notes the deVere Group CEO.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.