Posts Tagged ‘Equities’

Risk indicators falling back

The September 2012 issue of Perspectives is now available for reading and downloading. Today, we look at asset classes and currencies: Implied volatility, a key parameter we use for drawing up our forecasts for how financial markets are likely to behave, diminished quite noticeably over the summer. This reflects the driftdown by most indicators of […]

Markets on hold until further political decisions

Yves Bonzon, Chief Investment Officier, explains that the levels necessary to trigger quantitative easing measures in the US have not been reached, shifting the responsibility for growth to Europe and the political measures that will be discussed in September. The markets will be volatile until then and the preferred asset classes remain investment grade corporate […]

Spanish bailout: history repeating

Head of Advisory Alexandre Tavazzi explains why the markets continued on a downward path after the Spanish bailout plan was announced. Don’t forget that you can subscribe to our videos in iTunes.

Divergence between US and European equities

How Europe’s equities perform has always tended to be quite closely connected to what happens to share prices on Wall Street. Since 2011 though, the two seem to have been going their separate ways. European bourses are being penalised by top-heavy cyclical exposure and underexposure to technology, translating into much greater variability in profit margins. […]

Financial markets caught between two fronts

Financial markets are trapped between two fronts. On the one hand, they are reacting to developments in the eurozone debt crisis which is stoking up deflationary pressures. The other front is more favourable: the positive influence of a US economy progressing towards self-sustaining growth. Equities Stock markets pausing for breath   Bonds Renewed interest in […]

Perspectives: March 2012 views on asset classes and currencies

Equities, high-yield and, to a lesser extent, investment-grade corporate bonds are among those assets benefiting most from the prevailing mode on markets of ‘average volatility’, according to our definition. Find more analysis and views in this month’s Perspectives, available for downloading. Favourable volatility regime Equities Euphoria not subsiding   Bonds Sovereign bonds resilient as optimism […]

Is there really a January effect in equity markets?

January 2012 surprised most investors with a stark increase of 4.4% on the S&P 500 and 4.0% on the DJ Stoxx 600, further extending the rally that started in December. Once again the January rule of thumb proved to be true. Really ? The January effect is widely known among investors as a calendar anomaly […]

Equities : 2012 earnings outlook

Corporate earnings are expected to grow by 9% in the United States and by 8% in Europe in 2012. As leading economic indicators are stabilising in Europe and improving in the United States, pressure on estimated 2012 earnings should ease. Thus, excluding a new financial shock, most adjustments on estimated earnings are likely to have […]

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