Profit taking in precious metals continues


Profit taking in precious metals continued with outflow in gold totalling US$113m last week Profit taking in Precious Metals continued with gold outflows totalling US$113m last week. Following the first round of the French Presidential elections, the worst case in terms of market concerns, a Melenchon/Le Pen second round, was… Read More »

European equity, time for small cap opportunities


At the moment we are living in a very Chicken Licken world, where it looks like the sky is going to fall down on us. I think that the impact of political events is clearly exaggerated. Spain has had no government effectively for the whole of the year 2016 and… Read More »

A positive window for European Equities


European equities increased to overweight in multi-asset portfolios We have increased our exposure to European equities, given the fact that the political risk is increasingly discounted, valuations are lower and earnings momentum is positive in Europe. Markets had become reasonably optimistic about the global growth outlook and the implication for… Read More »

French elections, results allow markets to re-focus on earnings

Michaël Lok, Norman Villamin, Patrice Gautry -

The first round of the French presidential elections delivered an outcome close to both pre-election polls and market expectations, reversing the trends seen during the BREXIT referendum and the US presidential election in 2016. This, combined with polls for the second round suggesting a wide lead for market-friendly Emmanuel Macron,… Read More »

Bond markets, time to get out of the more vulnerable euro aggregate market


The economic scenario has rarely been so favourable to the credit market: the global economy is in a cyclical upturn, recessionary risks are more remote, and inflation remains contained, although still rising. That said, rate risk management remains a significant issue for fixed-income investors. An active investment strategy – so-called… Read More »

Divergences in public debt incur a risk for the eurozone in the medium term

Candriam -

Over the past 10 years, since the onset of the Great Recession, the state of public finances … … among eurozone members has deteriorated considerably (charts 1 & 2). The difficult bailout of Greece, and particularly the ECB intervention in summer 2012, prevented the breakup of the eurozone and restored… Read More »

Why Things Aren’t What They Used to Be in Emerging Markets


When we look at the emerging-market companies in which we invest today, they are worlds away from the companies we were analysing a decade or two ago. The landscape of emerging-market corporations in general has undergone a significant transformation from the often plain-vanilla business models of the past that tended… Read More »