James Mackintosh

London

Senior Columnist, Markets at The Wall Street Journal

Senior Markets Columnist at the Wall Street Journal. Ex FT Investment Editor (writer of Short View). Retweets not endorsements. Views mine. Bluesky mainly now

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Articles

欧州投資に新たな魅力、世界が不安定でも

1 week ago | jp.wsj.com | James Mackintosh

欧州は時代に取り残された投資先と考えがちだ。欧州株は今年、好調に推移しているが、それでも過去10年以上にわたって米国株に大きく出遅れている。　しかし、欧州株がずっと低迷していると考えるのは間違いだ。振り返れば、欧州がユーロ危機に見舞われ、米国で巨大テック企業が台頭する以前の数十年間、欧州株は米国株と同等のリターンを上げていた。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
It’s a scary world, but investing abroad has new attractions

1 week ago | livemint.com | James Mackintosh

Summary It’s easy to think of Europe as the investment that time forgot. But strip out the so-called Magnificent Seven from U.S. gains and Europe doesn’t look so bad. This is a Mint Premium article gifted to you. Subscribe to enjoy similar stories. The ECB, headed by Christine Lagarde, has cut rates, though higher energy costs from Mideast hostilities might give it pause. It’s easy to think of Europe as the investment that time forgot.
It’s a Scary World, but Investing Abroad Has New Attractions

1 week ago | wsj.com | James Mackintosh

June 14, 2025 11:00 pm ETIt’s easy to think of Europe as the investment that time forgot. Even after this year’s strong performance, European investments have lagged far behind the U.S. for the past decade and more. But it would be wrong to regard Europe as having been a disaster forever: Look backward, and it matched American stock returns for decades before the euro crisis and the rise of Big Tech in the U.S.Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.
米主要資産の利回り同水準にどこに投資すべきか

2 weeks ago | jp.wsj.com | James Mackintosh

米国での投資に関する謎がある。国債・株式・現金・社債の利回りがほぼ同水準なのだ。リスク資産の利回りが通常より低いか、安全資産の安全性が通常より低いか、あるいはその両方が原因かもしれない。　米国の主要資産の最高利回りと最低利回りの差は40年ぶりの低水準となっている。昨年11月の選挙後に縮小し、低水準が続いてきた。利回り差の算出には、1株利益を株価で割った株式益利回り（株価収益率＝PERの逆数）、現金の代替として3カ月物の米財務省証券、10年物と30年物の米国債、ICE BofA米社債指数の利回りを使用している。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
How to Invest When Everything Yields the Same

2 weeks ago | wsj.com | James Mackintosh

One option is to look outside the U.S., where some are betting on another ‘great convergence’ among investment assetsHere’s an investment puzzle: Treasurys, stocks, cash and corporate bonds all yield about the same. Either risky assets are less rewarding than usual or safe assets are less safe than usual. Or, perhaps, both. The gap between the highest and lowest yields among the main U.S. assets is the smallest in 40 years, having dropped after the election in November and stayed low.
Why the US economy will muddle through Trump’s tariffs. Probably.

3 weeks ago | livemint.com | James Mackintosh

Summary This is assuming the government doesn’t find a way to make the situation worse, writes columnist James Mackintosh. This is a Mint Premium article gifted to you. Subscribe to enjoy similar stories. Economic data is finally coming in better than expected—but under the surface a puzzle remains, and how it works out matters hugely to investors. “Soft" survey data is still weakening, and we’re getting good surprises only because expectations have plummeted.
Why the U.S. Economy Will Muddle Through Trump’s Tariffs. Probably.

3 weeks ago | wsj.com | James Mackintosh

(Assuming the government doesn’t find a way to make the situation worse)Economic data is finally coming in better than expected—but under the surface a puzzle remains, and how it works out matters hugely to investors. “Soft” survey data is still weakening, and we’re getting good surprises only because expectations have plummeted. Meanwhile, the hard data on spending has been fine. Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Why the U.S. Economy Will Muddle Through Trump’s Tariffs. Probably.

3 weeks ago | wsj.com | James Mackintosh

(Assuming the government doesn’t find a way to make the situation worse)Economic data is finally coming in better than expected—but under the surface a puzzle remains, and how it works out matters hugely to investors. “Soft” survey data is still weakening, and we’re getting good surprises only because expectations have plummeted. Meanwhile, the hard data on spending has been fine. Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.
米国債市場、スピルオーバー懸念すべき理由

1 month ago | jp.wsj.com | James Mackintosh

米国債の入札はトイレの配管のようなものだ。何か異常があるときにだけ注目される。21日は入札の不調をきっかけに相場が急落したが、これは2023年終盤以来のことだった。スピルオーバー（漏出）を懸念すべき正当な理由がある。　今回の入札自体は平穏無事に終わるはずだった。およそ160億ドル（約2兆3000億円）相当の20年債の入札で、それほど注目を集めるはずのものではなかった。しかし、通常よりも需要が少なく、入札前の予想と比べて価格が下がったため、政府の借り入れコストが上昇した。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
债市对美国政府的财政乱局警觉起来了

1 month ago | cn.wsj.com | James Mackintosh

美国经济接近满负荷运行，进一步借款将加剧通胀压力，可能促使美联储在更长时间内将利率维持在较高水平。美国国债拍卖就像厕所的水管系统：只有出了问题你才会注意到。周三，一次拍卖的疲弱表现引发了市场抛售，这是2023年底以来首次出现这种情况。我们有充分的理由担心由此产生的溢出效应。本次拍卖本身应该是平淡无奇的。拍卖涉及向投资者出售约160亿美元的20年期债券，这本不是什么大事。但来自终端投资者的需求低于往常，导致价格低于此前预期，美国政府的借款成本因此上升。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8订阅热门文章热门视频