Managers signal warning over European markets

first_imgEuro-zone equities have “struggled” relative to US equities, BoAML added. Average allocations to Europe have reduced slightly since May, but the researchers said they remained positive in the short term on the region, citing the economic backdrop and expected free cash flow growth.A majority of those surveyed (42%) said that the Fed’s planned reduction of its quantitative easing programme this year would be a “non-event”. Roughly a third (31%) said it would send bond yields up and stock prices down.“Yet until 10-year Treasury yields climb the wall of 3%, few investors think Treasuries will cause an equity bear market,” BoAML’s researchers said.The survey also showed that the sample of 179 managers had their highest net underweight position in US stocks since January 2008. The UK was managers’ biggest underweight relative to the survey’s history.During June, US tech stocks were among the most sold sector: 68% of respondents said US and global internet stocks were “expensive”. A further 12% said the sector was “bubble-like”.Since 2009, technology has been the most popular sector in 80% of BoAML’s surveys, the company said.Managers held an average 4.9% in cash, the research showed, down slightly from 5% in June’s survey. A quarter of those holding higher cash levels said they were doing so because of “bearish views on markets”. The European Central Bank (ECB) is the most likely trigger of a selloff, according to a leading survey of fund managers.Managers told Bank of America Merrill Lynch’s (BoAML) monthly sentiment and positioning survey that the risk of a policy mistake from the US Federal Reserve or the ECB was the second biggest tail risk, after a bond market crash.In addition, respondents said euro-zone equities and EU and US credit were among the most crowded trades, which BoAML said meant the ECB was the “most likely central bank to spark global ‘risk-off’” scenario.BoAML’s researchers said: “The persistent overweight in euro-zone versus US equities could be more bad news for European investors. The three-month average for allocation [to Europe] is above 50% and, at 57%, is a record high. This is often a contrarian signal.”last_img read more

Spotlight shines on Donegal restaurants in top food awards

first_imgA top selection of Donegal restaurants and food businesses are celebrating being named as finalists in the Food Awards Ireland. Following a tremendous number of nominations received from the public, the second annual event recognises the hard work and efforts of the Irish food industry.Accolades will be presented to the best restaurants, takeaways, pubs, hotel restaurants, cafes, and bistros, as well as shine the spotlight on the wonderful local producers who supply their delicious ingredients. Which Donegal eateries are among the crème de la crème of Ireland’s best? Here are the local finalists:Restaurant of the Year (Borders)The Olde Castle Bar & Red Hugh Restaurant (Donegal Town)Blas (Donegal Town)Chandpur Indian Restaurant (Donegal Town)The Harbour Restaurant (Donegal Town)Austies Bar & Restaurant (Rosses Point)Cafe/Bistro of the Year (Borders)Glenveagh Castle Tearooms (Letterkenny)Mac’s Deli (Letterkenny)Nancy’s Barn (Ballyliffin)Belles Kitchen (Rathmullan)Honeypot Coffee House (Letterkenny)Gastro Pub of the Year  (Borders)The Drift Inn (Buncrana) Caterer of the Year  (Borders)Crest Catering Company (Letterkenny)Mac’s Deli (Letterkenny)Best Indian EstablishmentChandpur Indian Restaurant (Donegal Town)Hotel Restaurant of the YearHarvey’s Point Hotel (Donegal Town)Chef of the YearChandpur Indian Restaurant (Donegal)Rana and Susan Miah of Chandpur – Food Awards Ireland 2016Chandpur in Donegal Town, earning three spots on the 2017 shortlist, are hoping to take home another prize to add to their many accolades in the industry. Chandpur took home the regional Restaurant of the Year award in 2016 and are hoping to do it again.Susan Miah of Chandpur told Donegal Daily: “We are mega mega proud because we are the only Indian and Rana in the only chef on the list from Donegal. In the Restaurant of the Year Borders 4 out of the 6 finalists are restaurants from Donegal Town which is amazing for our wee town.” The Food Awards Ireland promise to be one of the biggest and most memorable events in the food industry calendar this year with a range of accolades to be presented to the most deserving professionals and establishments in the field.The black tie event will take place at the Crowne Plaza Hotel in Dublin on Monday the 13th of November, when the crème de la crème of the Irish food industry will come together for a glamorous night to celebrate the success of professionals and businesses in the sector.Irfan Younis, CEO of event organisers Creative Oceanic, said: “The tremendous amount of nominations received from the Irish public is a testament to the hard work of all those working within the food sector.“With fierce competition this year, we are looking forward to welcoming those who provide and supply us with gastronomic delights. Last year’s winners were great ambassadors and I am confident this year’s finalists and winners will follow in their footsteps. We would like to wish all the finalists the best of luck.” Spotlight shines on Donegal restaurants in top food awards was last modified: October 17th, 2017 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:bistroCaféChandpur Indian Restaurantfood awards irelandrestaurantslast_img read more