Cristian Maggio - TD Securities

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Last quote by Cristian Maggio

The market is just pulling back. Some of the names that have been benefiting quite a bit – the rand, the lira, and to some extend the rouble, which remains overvalued – are all pulling back.feedback
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May 08 2017
Cristian Maggio has been quoted 25 times. The one recent article where Cristian Maggio has been quoted is EMERGING MARKETS-Emerging stocks hit longest 2017 losing streak on geopolitics. Most recently, Cristian Maggio was quoted as having said, β€œThe rebound today is a rubber band effect. The move from Trump in Syria put the U.S. on a frontal crash course with Russian interests. Some of the optimism of the market in seeing a normalisation of international relations between Western countries and Russia has started to evaporate. But you may have another election or a retry of this referendum, and the political landscape will remain extremely polarised and contentious.”.
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Cristian Maggio quotes

The final outcome was a done deal, but the message overall appeared more hawkish then we all expected ... and the reaction has been text-book with a sell-off in emerging markets, especially currencies. This is a very illiquid time, and it is a pity that these big events - this year like last year - are happening at this time of the year ... so the market moves are overextended.feedback

The risk is that a strong print in the payrolls may firm the hand of the Fed. Pretty much everybody is expecting a hike of 25 bps in December, but it's about what comes next - the strength of the U.S. economy is one of those factors that will determine how aggressively the Fed tightens monetary policy next year.feedback

The market has become overly optimistic on South Africa - it has priced in for too long without any solid reason that (President Jacob) Zuma may end his term prematurely.feedback

China's economy is at risk with his election, in particular that (Trump) would want to label China a currency manipulator. This is going to add strains to trade and diplomatic relations.feedback

No one has a clear answer to that question. We don't expect all his pledges to be implemented.feedback

(Trump) is using very anti-Mexican rhetoric - from an immigration standpoint, and a (trade) standpoint, Mexico has a lot to lose if Trump goes ahead with those plans.feedback

It's difficult to predict what Trump will do as president. In the absence of a clear view, the normal reaction is to hedge one's position by reducing risk exposure.feedback

The fact that (the data) came in line with expectations is neutral, but it removes the risk of weaker growth. That gives the rest of emerging markets the liberty to focus on different aspects, and the move seems to be positive.feedback

With the risk of further downgrades, this sector will be under pressure, which will likely trigger big outflows and put more pressure on the currency.feedback

The market doesn't have many chances to be surprised on the positive side.feedback

The odds that Rousseff will continue to the end of her mandate have fallen below 50 percent and the market is very happy about it.feedback

The market is just extending the moves we saw prevailing last week which were in a positive direction.feedback

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