The April 2012 issue of Perspectives is now available for reading and downloading. We start previewing the articles of this edition with the opening column by Chief Investment Officer Yves Bonzon. Gold and the S&P 500: heading for a shift in regime? The first quarter of 2012 ended on a uniformly positive note for risk assets. They […]
Following yesterday’s publication of the French version, Perspectives #26 is now available in both English and German. Browse the latest edition, titled “Deleveraging forces at work in the background”.
The ISM manufacturing index bounced back to 53.4 in March 2012, up from 52.4 in February. Consensus estimates were heading for a slightly lower figure of 53.0. The main reasons behind this monthly rise were sharp increases in the production sub-index (+3.0 points m-o-m to 58.3) and in the employment subindex (+2.9 points to 56.1). […]
We have updated our view on the EUR/USD cross strengthening towards 1.40 in the next 6 months, due to four indicators suggesting that the single currency should appreciate: 1. Central banks on both sides of the Atlantic have lengthened their balance sheets via two quantitative easing (QE) programmes and an operation Twist in the […]
The first quarter of 2012 ended on a uniformly positive note for risk assets.They were given a boost, initially, by the European Central Bank’s 180-degree shift to an activist approach to monetary policy, and then by persistent and carefully stage-managed rumours of a third round of quantitative easing by the US Federal Reserve. By no […]
It has never been easier to become an entrepreneur, and young people today are in many ways ideally qualified to start and run businesses. Yet the retirement of the baby-boomer generation is raising troubling questions for many established owner-managed companies and older family businesses. They are finding that the next generation often remains to be […]
Focus on equity markets Our investment strategy reflects the macroeconomic environment which we describe below. Over the past few weeks, financial markets continued to be torn between the deflationary forces of the global economic backdrop and renewed optimism linked to improved economic data. Markets continue to be in such a state, alternating hopes of central […]