Deflationary pressures mounting in Europe

• Editorial outlook: A failure of momentum • Macroeconomics: Economic dynamics favourable overall • Strategy: Cyclical plays to the fore • Headline news from around the world: Monetary policies moving in divergent directions • Asset classes: Risk factors confirmed as taking over as driving forces • Topic of the month: Are hedge funds staging a comeback? […]

Contagion not spreading from emerging to developed markets

In this edition: • CIO Yves Bonzon’s editorial outlook: One train may hide another • Macroeconomics: The cost of the US monetary brake • Strategy: Clouds of risk bubbling up over emerging markets • Headline news: Monetary tightening in various parts of the globe • Asset classes: Financial markets hanging on the Fed’s every word […]

China facing daunting threat of a ‘Minsky Moment’

In this month’s Perspectives magazine: Yves Bonzon’s editorial outlook: The Fed’s bet Macroeconomics: Central banks breeding anxiety Strategy: Correction providing a strategic entry-point Headline news from around the world: Turkey and Australia under the cosh Asset classes: China and the US sewing seeds of discord Topic of the month: Ramifications of the crisis in China’s interbank market Key figures: Interest rates […]

Shift in market regime: outweighing the onset of deflationary tendencies in Europe

Of all the key indicators in financial markets, the most important is the value and trend of the US dollar. Essentially there are three regimes for the American currency. The depreciation regime This is the regime most frequently observed since the end of the Bretton Woods monetary system in August 1971. These phases of orderly depreciation generally correspond to periods […]

Diminishing risks, but economic uncertainties

Hedge funds may have been the winners in the bear market of 2002, but in the crisis of 2008 they were among the biggest losers. Locked in to losses by “gates” and other “side-pockets”, private investors have been disappointed by their performance in the market rally over the past four years. Today aversion to liquid […]

The dilemma facing Europe’s policymakers

Just as investors had begun to regain some confidence in recent months in the EU’s ability to respond appropriately to the crisis of the single currency, the proposed means of financing the bailout of Cyprus’s banks has abruptly reminded them of growing financial repression in the large, overindebted Western economies. As the following chart shows, […]

Download issue:

A change in the investment regime

Since the secular peak in developed equity markets in 2000, the correlation between gold and stocks, while unstable and complex, has had one consistent characteristic. Since that moment, which marked the beginning of the bull market in gold, stocks have never experienced a bull phase without gold also rising in parallel. It has happened that […]

Download issue:

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10


Fill out the form below and click commit to subscribe to the next
editions of Perspectives.