Latest insights

  • Asset Allocation, Macro, Nadège Dufossé, Thibaud Marie-Regnault, Video

    Overloaded by the sheer number of forecasts at the moment?

    Despite this wealth of information – or perhaps because of too much information? – maybe you are still uncertain.  We can help you organize and develop your views, in a 20-minute video. Our economists and strategists will try to clarify the economic and financial risks.
  • ESG, SRI

    Next Stop: Biodiversity

    Our planet’s biodiversity – the variety of species of animals and plants – is collapsing. Given that about half of the global GDP is highly dependent on nature, the consequences can be grave.
Show me
  • Topic
  • Theme
  • Publication
  • Author
Show me
  • Topic
  • Theme
  • Publication
from
  • Author
Subscribe

Get the best insights every month

  • Fixed Income, Monthly Coffee Break

    Negative performance across the board

    After a respite in July, August saw negative performances across the board for almost all asset classes. In G10 rates, investors in Japan suffered the least (-0.97%), whilst the UK posted the largest losses (-6.36%), followed by EMU peripherals at –5.34%. EMU core markets fared somewhat better at -4.71%, but with a sizeable distance away from US government bonds at -2.73%. Breakevens were positive across the board, although barely so in the eurozone.
  • Absolute Return, Monthly Coffee Break

    Nobody wants to fight the Fed

    After a two-month period of improving risk appetite, the market started to head downwards in mid-August, influenced by the outcome of the Jackson Hole meeting. Jerome Powell’s hawkish tone obviously had a strong impact on the markets, but it was not the only strong driver. The deterioration of energy supply in Europe as we are quickly approaching winter is a cause for concern for industrial output, but also consumers, who will be facing record energy bills.
  • Asset Allocation, Monthly Coffee Break

    Could fiscal aid mitigate the impact of the energy crisis on European equities?

    While inflation continues to surprise to the upside, growth dynamics have turned and continue to decelerate. Growth concerns are mainly affecting Europe, as energy prices remain an important inflation driver, while central banks are stepping up their tightening. The negative impact of the energy crisis could be mitigated, as countries are stepping up fiscal aid. Overall, we expect stronger downwards profit revisions in Europe than in the US, as the European equity market is more pro-cyclical, and we confirm our underweight stance on EMU equities. We also maintain a preference for US duration exposure over European, within an overall neutral portfolio duration.
  • Equities, Monthly Coffee Break

    The second half of the year looks challenging

    Central banks’ commitment to bringing inflation under control, despite the inherent risks to the growth outlook, shook both equity and bond markets in August. While the summer brought historical droughts and heatwaves to many parts of the world, the global economy nevertheless continued to cool. All in all, the level of uncertainty about the outlook for the global economy remains high. This uncertainty is especially elevated in Europe, where after six months of war in Ukraine, there is no sign of a ceasefire, and where a recession seems increasingly likely this winter as the region’s energy crisis continues to intensify.

Find it fast

Get information faster with a single click

Get insights straight to your inbox