Coffee Break

Coffee Break - All eyes on Nvidia

In the US, the FOMC minutes will be released, cementing the near-term monetary policy inclination of the Fed and Nvidia will report earnings for its fiscal first quarter of 2024. Several developing countries’ central banks are meeting, including Indonesia, Mexico, South Korea and Turkey. All face the dilemma of a strong US dollar in their need for being accommodative.
Asset Allocation, Monthly Coffee Break


Markets got over the near-term consolidation, as both bottom-up and top-down elements were helpful: from a micro level, the Q1 earnings season was supportive on both sides of the Atlantic, following a stronger-than-expected global economy at the start of the year.
Equities, Monthly Coffee Break

Markets lost ground in April

Global stock markets had a tough time in April, after a stellar performance in the first quarter of 2024. Worse than expected inflation numbers in the US, coupled with a resilient consumer, make a rate cut from the FED very unlikely anytime soon.
Alternative Investments, Monthly Coffee Break

Shift to risk-off

After five months of gains, equities finished down in April in a relatively volatile market. Although the EPS beat/raise has been high, markets focused more on top-down factors than micro news-flow.
Coffee Break

Coffee Break - Listen to the Fed Chair

The US Federal reserve bank is meeting and Chairman Jerome Powell will hold a press conference which should emphasise that the progress on inflation has slowed in the first quarter. The monthly US job report will be the arbiter on the strength of the labour market, in particular following the recent drop in employment in business surveys. Preliminary inflation figures for April are due in the euro zone and some of its members, including France, Spain, Germany, and Italy. Preliminary GDP growth estimates of the past quarter will also be in the spotlight. Final numbers on industrial production and retail sales from developed countries will help investors gauge consumer spending and provide insight into the state of the economic cycle.

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