Updated 10:54am 11 February 2012:

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Andrew Miller

Andrew Miller

Cushioning sector from potential blow

LAST month we upgraded the telecommunications sector to an outperform recommendation as part of our “barbell” strategy, which involves being overweight in both economically-sensitive “cyclical” sectors and the less risky “defensive” sectors.Read

It will be bad or good - not average

FOR the first time since the global economy started its recovery last spring, the world is split - more or less evenly. On the one hand are those who fear that the high-water mark of the pick-up is behind us, and that things can only get worse from here.Read

Nerves make for thin market

RISK assets are not out of the woods yet. Investor behaviour remains fickle and as a result there is a lower than usual number of buyers and sellers, resulting in what we would call a “thin” market. Moreover, there is no shortage of potential flash points in the weeks ahead.Read

Few signs of double dip but investors are still nervous

MARKET volatility has abated somewhat over the last week - or at least it has become a little more balanced, with the prices of risk assets rising for a change.Read

Too heavy on brakes might put world back in recession

OVER the past month or so, fiscal policy has been centre stage across the developed world, with many countries showing renewed enthusiasm for severe belt tightening.Read

How Budget measures will affect our business sector

LAST week's emergency Budget came in broadly in line with investors' expectations, but on balance we believe that the corporate sector came out of it better than had been feared.Read

Out performer can further improve

Aggreko: We are reinstating active coverage on Aggreko with a buy and a fair value estimate of 1,364p. The shares have seen multiple upgrades over the last 12 months and have outperformed the index by 87%.Read

Do these forecasts have any bearing on firms' success?

THE RATIO of a firm's share price to its earnings - the P/E ratio - is a standard way to value both individual shares and sectors. But should we be sceptical about the corporate earnings forecasts which underpin this ratio?Read

Neither of the polar opposite views may contain the truth

IN RECENT discussions with investors, we’ve felt we should almost be apologising for a lack of short-term conviction in commenting on current market volatility.Read

Good returns on offer

WE are retaining our buy recommendation on Imperial Tobacco.Read

Use market volatility to add selective equities exposure

MAY 2010 will not be remembered fondly by equity investors. The MSCI World index fell a hefty 7.5% in local currency terms in May - the largest monthly fall since February 2009.Read

Modest growth on the cards despite problems

A MONTH ago, it seemed that the global recovery story was "still on the road". Now we are much less sure. For, although the US and Asia are still motoring, one third of the global economy - Europe - looks to be skidding off the road, and may well end up in the ditch.Read

Strong performances across the board

ARM Holdings - We continue to reiterate our outperform recommendation on ARM Holdings (ARM), and we raise our fair value to 290p, based on the improving fundamentals of the semiconductor cycle and its positive earnings momentum.Read

Best to take long-term view regarding equity markets

FEW things are certain in life, but one thing that is certain is that politicians retain the ability to take us all by surprise.Read

Euro equities reduced but outlook is positive

A FEW days ago, our Investment Committee - a wider group than the strategy team that writes this column - made an intra-quarter change to its recommended asset allocation stance.Read

Aviva fits well into mid-cycle portfolio

AVIVA – We have recently upgraded our recommendation on Aviva to outperform and raised our fair value to 550p. Aviva shares have underperformed the FTSE Life Insurance sector over the past 12 months, largely on fears over its capital position and UK focus.Read

Despite recent setbacks we continue to favour equities

EQUITY markets had a turbulent week last week as risk aversion moved sharply higher. Investors are still choosing to focus on the potential fallout from Greece’s ongoing debt woes and, more recently, the lack of a clear majority for any of the major political parties following the UK general election.Read

Problems cast long shadow

THE good news is that the global economic recovery continues to firm. The bad news is that the problems surrounding Greece and other southern European economies cast a long shadow.Read

Back Balfour, despite public spending cuts

THE expectation of a cut in UK public spending weighed heavily on Balfour Beatty’s shares in 2009, with the stock underperforming the overall UK market by 32%.Read

Medium-term view on assets remains positive

RISK assets are still at or close to their post-crisis highs, and in many cases are well above the moving averages followed by technical analysts and traders. So some short-term correction would hardly come as a surprise, as we noted last week.Read

Author Profile

Andrew Miller is regional office head of Barclays Wealth and formerly worked for Gerard Investments. He writes regular opinion pieces in The Journal where he analyses the North Eastýs listed companies.

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