There is a “meaningful” risk that Brexit negotiations will be unsuccessful, but pension schemes should be able to gauge this and react to the likely outcome, according to BMO Global Asset Management.In the asset manager’s latest quarterly liability-driven investment (LDI) survey it asked investment bank derivative traders for their views on the probability that the UK and the European Union would fail to reach a deal on the former’s departure from the EU within the two year timeframe for negotiations.The average view on the probability of a “no deal” outcome was around 40%, although views were spread across a range of 5%-100%, according to the asset manager.It said this emphasised how much uncertainty there was in the market. Rosa Fenwick, LDI portfolio manager at BMO Global Asset Management, said: “The risks of the UK failing to get a deal within the two-year window are meaningful.“A transitional deal may be agreed but, given the political atmosphere, it is unlikely to morph into a permanent solution. The progress of the negotiations should be fairly well signposted though, giving time for pension schemes to react to the likely reality.”Pension schemes could mitigate risks in several ways, she said.One response could be to diversify risk assets away from the UK and Europe, and increase or accelerate hedging to reduce the volatility of liabilities.A weakening of sterling could be positive for pension funds holding overseas assets, she said.Pension schemes could also consider downside or tail-risk protection while it is available at relatively attractive prices, Fenwick added.The asset manager’s LDI survey found that absolute hedging appetite fell over the second quarter of 2017. It attributed this to the surprise outcome of the UK election in June and a lack of index-linked Gilts available.Total interest liability hedging activity fell by 18% to around £24.5bn (€26.9bn), while inflation hedging activity by 14% to around £21.3bn.The majority of the quarter’s activity was in hedging using bonds either outright or by switching out of swaps, according to Fenwick.
CRYSTAL, Mich. (Aug. 9) – Myron DeYoung was in a tight battle with A.J. Ward most of the race, but finally came home with the win in the Port City Race Car IMCA Modified feature Saturday night at Crystal Motor Speedway.The event was a make-up from the rain-shortened August 2 program.Brady Hollenbeck ran third ahead of Brenten DeYoung and Jimmy Hale Jr.John DeYoung Jr. won a hotly contested event over Chad Wernette in the regularly scheduled Modified main.Myron DeYoung, A.J. Ward and Kenny Playter completed the top five.
Manchester City boss Manuel Pellegrini thinks Liverpool’s draining European exploits could give his side an advantage for Sunday’s crucial Barclays Premier League clash. He said: “We must play very good because they also have a strong squad. I don’t think they will play the same starting 11 as yesterday night. They are a strong team and it is a difficult stadium.” City were outplayed on Tuesday as they lost the first leg of their Champions League last-16 tie to Barcelona 2-1. But on the home front they have been much more fluent in their last two games after difficulties early in the new year, beating Stoke and Newcastle 4-1 and 5-0 respectively. Chelsea remain strong title favourites but City did claw two points back last week and Pellegrini wants to take advantage of their cup distraction this Sunday. He said: “Of course it is important, and more than psychologically it is important mathematically. “If we are going to have three points more, we are going to go two points behind Chelsea. It is very important to beat Liverpool and to continue winning in the Premier League, and continue fighting until the end to retain the title. As soon as we close the gap it is better for us.” The defeats of City and Liverpool this week came amid a difficult spell for English sides in Europe. Arsenal and Tottenham were also beaten while Chelsea still face a sizeable task against Paris Saint-Germain to guarantee Champions League progress. Pellegrini said: “I don’t think it is about the level of English football but I think there are a lot of things that maybe are important reasons why the results have happened. “The Premier League is very strong and every game you must play 95 minutes at 100 per cent intensity. Maybe in other leagues it is not so hard every game. “In December and January, especially in December, you have to play nine games. Last year we played 18 games in two months. Maybe it is not the best way to prepare for the knockout stages in Europe. “But there are a lot of things and also this year was not a good performance of the teams.” City should go into the game much fresher, having not played since Tuesday while Liverpool only returned from their Europa League game at Besiktas at approximately 4.30am on Friday. Pellegrini said: “I think that of course it is an advantage, (but) not a decisive one because I always think the decisive thing is the performance on the day of the game. “If we think we are going to win that game because Liverpool arrived yesterday night late, that is not the reason. “But I have played in the Europa League and when you arrive on Friday it is not the best way to prepare for a game on Sunday – but that is the rules. They are playing Europa League. “Maybe another time we (will) prepare worse for the game.” Pellegrini could open himself up for criticism given that last month his team only returned from a winter training camp in Abu Dhabi the night before their FA Cup loss to Middlesbrough. But there are differences given that City tried to time their journey to allow optimum rest while Liverpool effectively lost a night’s sleep after their match went to penalties and their return flight was delayed. The disrupted preparation could blunt Liverpool’s edge just as they seem to be building momentum for a top-four charge, but Pellegrini is not attaching too much significance to it. But the Chilean does not believe it will be a major factor and has warned that his side still have an important job to do at Anfield. With Chelsea involved in the Capital One Cup final, City can cut the London side’s lead at the top of the table to two points with a victory in the noon kick-off on Merseyside. Press Association
Newsroom GuidelinesNews TipsContact UsReport an Error After providing the team with leadership more than with work ethic than efficiency, Lou Williams scored 16 of his 18 points in the fourth quarter. He opened the quarter converting on three foul shots. The Georgia native later made a 27-foot 3-pointer just as the shot clock expired to put the Lakers up 116-112 with 2:11 left.“When you see the ball going into the basket, your energy level goes up,” Williams said. “Your confidence goes up.”So did Lakers guard Nick Young. After feeling more empowered for Lakers coach Luke Walton than he ever did for Byron Scott, Young showed even more elation. He nailed a dagger 3-pointer to give the Lakers a 121-114 cushion in the final minute.“It felt good,” said Young, who had 17 points on 6 of 11 shooting. “I knew it was going in before it left my hands.”Initially, it did not seem the Lakers would become equipped to end their trip this way. ATLANTA >> The entire week presented endless clips of a young Lakers team still figuring out how to win close road games.Despite nursing fatigue and a diminished roster, the Lakers finally unloaded a new resume reel. They secured a 123-116 victory over the Atlanta Hawks on Wednesday at Philips Arena, which was both the Lakers’ first road victory in a four-game trip and provided the blueprint on how to finish.After becoming plagued with shooting troubles, the Lakers (2-3) handed Atlanta (3-1) its first loss by finding consistency with their production. D’Angelo Russell (23 points on 9 of 19 shooting, six assists), Jordan Clarkson (16 points on 7 of 12 shooting) and Larry Nance Jr. (12 points on 6 of 8 shooting, six rebounds) all provided energy when their previous efforts rarely coincided with one another.“We got some killers on our team,” Russell said. “I tried to do a good job in keeping everybody balanced and getting the ball to the guys that were hot and the open guy. That made it easy for me.” Walton had questioned the team’s slow starts. He suggested the team’s poor shooting stemmed from playing in varying time zones during its five-day, four-game trip. Lakers center Timofey Mozgov missed Wednesday’s game because of a lacerated right eye. After a CT scan taken on Wednesday proved inconclusive, he will take more tests and see more doctors on Thursday in Los Angeles.In his place, Lakers rookie Ivica Zubac had the unfortunate assignment in stopping Atlanta center Dwight Howard.While Howard had 31 points on 12 of 16 shooting and 11 rebounds, Zubac had nearly as many fouls (four) as points (six) and rebounds (three).“You have to be between the basket and him and hope he’s going to miss,” Zubac said. “It’s hard. He can back down everyone. I was just holding my hands in the air and hoping he was going to miss.”Still, Walton praised Zubac that “he didn’t look nervous” and was “pleased with his effort.”Walton said the same thing about the Lakers, which he described as the “most focused we’ve been all season.”They shot 40.9 percent from 3-point range. They outrebounded the Hawks 41-37. They held the Hawks to 22 points in the final period.All of which showed the Lakers growing gradually. All of which allowed the Lakers to travel back to Los Angeles in a happier mood.“It’s good for the guys,” Walton said. “It makes it easier to continue to want to work hard.”
Trent Williams isn’t expected to attend Washington’s training camp.The Redskins offensive tackle didn’t participate in minicamp a month ago and again might no-show in July, according to a report from the NFL Network, which cites unidentified league sources. Seahawks’ Jarran Reed suspended six games for violating NFL conduct policy He recently underwent a procedure to have a tumor removed from his head and has yet to be cleared to play. Williams’ holdout could last “quite a while,” the report noted.#Redskins LT Trent Williams is not expected to report to training camp with the rest of his teammates this week, sources tell me and @RapSheet. He didn’t show for minicamp in June and it could be quite a while before he’s back with the team.— Mike Garafolo (@MikeGarafolo) July 22, 2019Williams’ desire for a new contract and dissatisfaction with how the Redskins have handled his medical situation factored into his decision to wait things out, another NFL Network report stated. Related News Tom Brady under fire after posting video of cliff jump with daughter, 6 A major storyline to watch for the #Redskins. Dissatisfaction with their handling of his medical situation and his desire for a new contract are among the reasons for one of the top players at his position. https://t.co/BgxCwHNLLF— Ian Rapoport (@RapSheet) July 22, 2019When discussing with @MikeGarafolo the expectation that #Redskins LT Trent Williams holds out, it was also important to note that Williams must be cleared to play. And considering the seriousness of his medical scare (with subsequent scalp surgeries), that is not a given.— Ian Rapoport (@RapSheet) July 22, 2019Williams, 31, has been a Pro Bowl player for the last seven years but he has yet to play a full 16-game season since 2013 due to various injuries. He is slotted to make about $10.8 million in 2019-20 and won’t be an unrestricted free agent until 2021-2022.The Redskins finished last season with a 7-9 record and missed the playoffs for the third consecutive season.