Miscellaneous Quotes for Week to 9th June 2017

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IMF Deputy Managing Director Mitsuhiro Furusawa

Asia leads on global growth

“Asia continues to be the world leader in growth helped by stronger demand and accommodative policies. Nonetheless, the near-term outlook is clouded with significant uncertainties and risks…China’s rebalancing process continues, but growth remains reliant on rapid domestic credit growth that could cause problems down the road”

 

Morgan Stanley Wealth Management co-head Andy Saperstein at the Deutsche Bank Conference

They welcome the DOL rule

“The DOL rule by and large is a positive for us, and it sped the movement to fee-based accounts. We agree with the principals of the rule, and frankly from a pure [profit-and-loss] standpoint, we find it to be relatively positive.”

 

World Bank

A fragile recovery

“Global activity is firming broadly as expected. Manufacturing and trade are picking up, confidence is improving, and international financing conditions remain benign. Global growth is projected to strengthen to 2.7 percent in 2017 and 2.9 percent in 2018-19, in line with January forecasts.”

 

Blackstone CEO Steve Schwarzman on Bloomberg

On why financial companies trade at a premium in debt markets

“when I started in finance, I asked someone, “Why do A-rated financial institutions trade at big premiums, in terms of their debt interest rates, compared to a similarly rated industrial company?” He said to me, “Steve, financial institutions go broke in a day. It takes years for an industrial company to lose its market position and finally give up the ghost.”o it became clear to me that doing mergers and private equity deals was unsustainable if I was going to grow the firm.”