In Wonderland
Decembre 2019 . Quarterly LetterIn our Monthly Brief of October, we found a calm in the financial markets, after the correction of the month of August, followed by a strong rebound in September, this last having been widened by the intervention of the central banks.
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Risk-on mode made its comeback
November 2019 . Monthly Briefing« Risk-on » mode made its comeback in November, without any rationality linked to fundamentals ; the micro and macroeconomic vectors were totally ignored (see our latest Quarterly Letter). The upward trend observed on stocks can be explained by the absence of sellers, the FOMO phenomena and the idea that...
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Equity indexes are at new highs
October 2019 . Monthly BriefingBetween the summer panic and the apparent autumnal serenity, it looks like investors have entered a virtuous trading circle : equity indexes are at new highs, bond market excesses tend to normalize, volatility (and volumes !) are falling – to make it short, we could almost entitle our Monthly Briefing...
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July started under good auspices
September 2019 . Quarterly LetterJuly started under good auspices, driven by the usual players in the macroeconomic scene, namely the large central banks and their rhetoric (abundance of liquidity to support growth). Trump and Xi, as for them, are almost reconciled, they announce a dream in the trade war which has been opposed for...
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A slight wind of rebellion may blow over
September 2019 . Monthly BriefingBeyond the usual political battles and the expected decisions of the central banks, we have the feeling that a slight wind of rebellion may blow over this autumn season, tinged with common sense, and likely to give a new impetus to the markets - or at least a positive pause...
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A lot of fuss about nothing
August 2019 . Monthly BriefingA lot of fuss (sorry, of tweets...) about nothing - if we look at the performance of the equity markets during the month of August. Whether in Asia, Europe or the United States, there were plenty of twists and turns on stock market indexes - investors have just adopted a...
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US stocks have dropped on better than expected
July 2019 . Monthly BriefingConfusion, uncertainty and hope have dominated the past month : starting with July’s job report, US stocks have dropped on better than expected data ("good news is bad news") before rallying when the ECB and the Fed signalled their intention of being more accommodative, in order to address potential global...
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Offensive of the Trump administration
May 2019 . Monthly BriefingMay was marked by another offensive of the Trump administration against its trading partners, notably China and Mexico. Actually it seems that the trade war between Beijing and Washington is taking a new turn, moving from traditional weapons (i.e. tariffs) to a technology war, affecting its sectors ; uncertainty, over...
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Further rise in equities
April 2019 . Monthly BriefingApril saw a further rise in equities, fueled by abundant global liquidity, the absence of a short‐term recessionary outlook and the publication of US corporate results, which were more or less in line with expectations. It should be noted that European indexes have caught up with their American peers, particularly...
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