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Biotechnology investors were recently spooked by rumours of an imminent executive order on drug pricing by president Trump.
Over the past few months, the business climate in both developed economies and emerging markets has improved significantly.
The Fed had gotten its message across well – there was no upward pressure on bond yields on the day of the FOMC meeting. US yields even fell on the heels of a disappointing inflation figure.
June 19, 2017
Last week, investors’ attention shifted to the FOMC on Wednesday.
In the US, the Philadelphia Fed index fell to 27.6 in June from 38.8 the previous month and above a Reuters consensus estimate of 24.
Slightly negative week for European Equities.
Sovereign yields in developed markets rallied following the softer than expected inflation print in the US.
Markets' figures
June 22, 2017
The slowing debt cycle, tighter credit spreads, and decreased central bank support (especially if rate hikes are combined with balance sheet normalization) entice us to take a rather cautious and neutral view on the corporate bond universe.
We hold an underweight position on the USD, based on the negative framework and expensiveness of the currency.
After a rather encouraging run since the beginning of the year, the business cycle is experiencing a slight lull, primarily driven by the US.
External risks to EM have declined consistently since the beginning of the year as DM political uncertainty subsided with the European elections producing market-friendly outcomes and US policies so far avoiding focussing on extreme trade protectionism.
European market rally confirmed on the back of solid data
The macroeconomic background remains positive.
June 15, 2017
The eurozone economy is making a steady recovery across the board. However, a broader perspective on the recovery reveals that divergences have widened between the major euro countries: between France and Germany on the one hand and between Italy and Spain on the other.
June 14, 2017
Late in 2016, the European Union's future seemed compromised by the Brexit vote and the major national elections in the offing that could mark the beginning of the end of this political and economic partnership.
June 9, 2017
Theresa May's decision to call snap elections to consolidate the Conservative Party's majority on the eve of negotiations with the European Union has backfired.
Anton Brender
Chief Economist
Florence Pisani
Global Head of Economic Research
Geoffroy Goenen
Head of Fundamental Europe Equity Management
Isabelle Cabie
Global Head of Responsible Development
Jan Boudewijns
Head of Emerging Equity Management
Koen Popleu
Deputy Head of Fundamental Equity Management
Koen Van de Maele
Global Head of Investment Engineering
Nadège Dufossé
Head of Asset Allocation
Nicolas Forest
Global Head of Fixed Income Management
Patrick Zeenni
Deputy Head of High Yield & Credit Arbitrage management
Philippe Noyard
Head of High Yield & Credit Arbitrage management
Rudi Van den Eynde
Head of Thematic Global Equity
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