Category: Publications
PERFORMANCES 2019 Equities Bonds MSCI World +16.5% CHF Corp +2.5% S&P 500 +19.3% US Govt +7.8% Stoxx 600 +16.5% US Corp +12.9% Nikkeï +12.2% US HY +11.5% SPI +23.9% EUR Gvt +9.5% Chine +30.0% EUR Corp +7.5% Emerging +6.0% EUR HY +7.6% Currencies Commodities USD index +2.0% Gold +16.2% EURUSD -3.5% Silver +12.4% EURCHF -2.4% […]
Retrospective Resilient financial markets The global macroeconomic and political context deteriorated further over summer. Some of the downside risks have materialised, especially the decision by the Trump administration to intensify the trade war with China, after announcing its intention to hit the remaining USD 300 billion of imports from China with 10% tariffs. After this […]
Unicorns’ pain Flamboyant firms are shining less Unicorns are private-held companies valued above $1bn when they go public. After years of benign flows of new tech IPOs, the spigot definitely opened in 2019. In the first semester 2019, more than 170 US firms (formerly start-ups) comply with the definition, versus c.10 a decade ago. A […]
PERFORMANCES 2019 Equities Bonds MSCI World +15.8% CHF Corp +3.3% S&P 500 +18.3% US Govt +7.9% Stoxx 600 +14.1% US Corp +13.5% Nikkeï +10.0% US HY +11.8% SPI +21.8% EUR Gvt +10.7% Chine +28.6% EUR Corp +7.9% Emerging +4.7% EUR HY +8.0% Currencies Commodities USD index +2.5% Gold +19.5% EURUSD -4.1% Silver +20.1% EURCHF -3.8% […]
PERFORMANCES 2019 Equities Bonds MSCI World +16.8% CHF Corp +3.2% S&P 500 +19.9% US Govt +6.9% Stoxx 600 +15.8% US Corp +12.1% Nikkeï +10.1% US HY +11.7% SPI +23.6% EUR Gvt +9.6% Chine +30.3% EUR Corp +7.4% Emerging +5.8% EUR HY +8.2% Currencies Commodities USD index +2.2% Gold +17.0% EURUSD -3.5% Silver +15.0% EURCHF -2.7% […]
PERFORMANCES 2019 Equities Bonds MSCI World +16.5% CHF Corp +3.5% S&P 500 +19.7% US Govt +7.2% Stoxx 600 +15.4% US Corp +12.3% Nikkeï +8.9% US HY +11.5% SPI +25% EUR Gvt +9.4% Chine +31.1% EUR Corp +7.4% Emerging +5.3% EUR HY +8.0% Currencies Commodities USD index +2.8% Gold +18.3% EURUSD -4.4% Silver +18.5% EURCHF -3.4% […]
PERFORMANCES 2019 Equities Bonds MSCI World +12.9% CHF Corp +4.2% S&P 500 +15.9% US Govt +8.9% Stoxx 600 +13.7% US Corp +14.1% Nikkeï +3.2% US HY +10.9% SPI +23.5% EUR Gvt +10.8% Chine +29.1% EUR Corp +8.1% Emerging +0.8% EUR HY +8.0% Currencies Commodities USD index +2.8% Gold +19.8% EURUSD -4.2% Silver +24.1% EURCHF -3.6% […]
PERFORMANCES 2019 Equities Bonds MSCI World +12.1% CHF Corp +4.3% S&P 500 +15.2% US Govt +8.8% Stoxx 600 +10.4% US Corp +14.2% Nikkeï +2.1% US HY +10.8% SPI +20.9% EUR Gvt +10.5% China +26.1% EUR Corp +8.1% Emerging +0.0% EUR HY +7.7% Currencies Commodities USD index +2.1% Gold +20.5% EURUSD -3.3% Silver +19.3% EURCHF -3.5% […]
Strategy and Macro Asset Allocation Unstable equilibrium for long-term interest rates Risky assets have become expensive Currency volatility may resume Impotent monetary policy Fiscal panic? Cautious stance Granted, the worst did not happen in Osaka and trade talks have not ended yet. Central banks have shifted for some accommodation. Currency volatility and global rates are […]
PERFORMANCES 2019 Equities Bonds MSCI World +13.4% CHF Corp +4.1% S&P 500 +16.7% US Govt +8.1% Stoxx 600 +11.0% US Corp +13.4% Nikkeï +3.1% US HY +10.4% SPI +21.6% EUR Gvt +9.5% Chine +26.0% EUR Corp +7.7% Emerging +1.8% EUR HY +7.3% Currencies Commodities USD index +2.1% Gold +17.3% EURUSD -3.2% Silver +10.5% EURCHF -3.2% […]