With Greece's theatrics dominating the world stage, investors may have missed some compelling stories unfolding in the wings. Bill McQuaker, Henderson co-head of Multi-Asset, outlines three of his favourites.
Oil: a new script If investors thought oil's slump was over, they were wrong. Rising US demand for petrol (gas) has been met by unfettered global supply, with prices heading south of US$60 again. Credible explanations include: an urgent need for foreign currency (Russia/Venezuela); the desire to re-assert control over the market (Saudi Arabia); and new supply (Iran). We also suspect innovations in horizontal drilling and re-fracking are only beginning to drive US oil field economics, pointing to over-supply in the immediate future. Implications? We see three. First, the renewed sel...
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