Category: Publications
Strategy and Macro Asset allocation Disoriented investors barely participate in rising risky assets Rapid shift from recession to reflation mode Monetary loosening supports markets… but will not exert traction on economies We continue to navigate the current global landscape with a full investment mode, though we pay attention to tail risks and remain focused […]
PERFORMANCES 2019 Equities Bonds MSCI World +13.2% CHF Corp +1.8% S&P 500 +14.9% US Govt +2.0% Stoxx 600 +13.2% US Corp +5.7% Nikkeï +6.9% US HY +8.6% SPI +17.7% EUR Gvt +3.4% China +20.1% EUR Corp +4.7% Emerging +8.8% EUR High yield +5.3% Currencies Commodities USD index +1.5% Gold -0.1% EURUSD -2.4% Silver -4.8% EURCHF […]
PERFORMANCES 2019 Equities Bonds MSCI World +15.2% CHF Corp +1.6% S&P 500 +16.6% US Govt +1.8% Stoxx 600 +15.3% US Corp +5.7% Nikkeï +11.2% US HY +8.8% SPI +19.3% EUR Gvt +3.2% China +30.0% EUR Corp +4.8% Emerging +11.9% EUR High yield +6.1% Currencies Commodities USD index +1.5% Gold -1.0% EURUSD -2.3% Silver -5.4% EURCHF […]
PERFORMANCES 2019 Equities Bonds MSCI World +14.8% CHF Corp +1.3% S&P 500 +16.0% US Govt +1.2% Stoxx 600 +15.3% US Corp +5.0% Nikkeï +11.3% US HY +8.5% SPI +17.0% EUR Gvt +2.7% China +35.7% EUR Corp +3.4% Emerging +13.2% EUR High yield +6.0% Currencies Commodities USD index +0.8% Gold -0.3% EURUSD -1.4% Silver -3.0% EURCHF […]
PERFORMANCES 2019 Equities Bonds MSCI World +4.0% CHF Corp +1.5% S&P 500 +15.2% US Govt +1.8% Stoxx 600 +14.8% US Corp +5.3% Nikkeï +8.5% US HY +8.0% SPI +16.5% EUR Gvt +3.5% China +32.8% EUR Corp +3.5% Emerging +13.5% EUR High yield +5.5% Currencies Commodities USD index +0.9% Gold +1.3% EURUSD -1.8% Silver -2.9% EURCHF […]
Retrospective The Fed adopts a cautious approach given the recession risks The Fed brutally changes its monetary policy stance, which goes from a restrictive mode – balance sheet shrinking, and 3 to 4 rates hikes expected in 2019 and 2020) – to a (very) dovish tone, including only one rate hike in 2020 and slowing […]
PERFORMANCES 2019 Equities Bonds MSCI World +13.8% CHF Corp +1.4% S&P 500 +14.6% US Govt +1.5% Stoxx 600 +14.8% US Corp +4.7% Nikkeï +8.5% US HY +7.6% SPI +15.5% EUR Gvt +3.2% China +34.9% EUR Corp +3.3% Emerging +11.8% EUR High yield +5.4% Currencies Commodities USD index +1.1% Gold +0.2% EURUSD -2.2% Silver -3.3% EURCHF […]
PERFORMANCES 2019 Equities Bonds MSCI World +11.2% CHF Corp +1.6% S&P 500 +11.9% US Govt +2.3% Stoxx 600 +12.1% US Corp +5.3% Nikkeï +5.1% US HY +7.0% SPI +13.9% EUR Gvt +4.0% China +23.8% EUR Corp +3.2% Emerging +8.1% EUR HY +4.6% Currencies Commodities USD index +1.0% Gold +1.3% EURUSD -2.2% Silver -2.2% EURCHF -0.8% […]
PERFORMANCES 2019 Equities Bonds MSCI World +12.1% CHF Corp +1.2% S&P 500 +12.7% US Govt +1.2% Stoxx 600 +12.6% US Corp +3.9% Nikkeï +8.0% US HY +6.8% SPI +13.5% EUR Corp +2.7% China +27.4% EUR High yield +4.6% Emerging +10.6% Currencies Commodities USD index +0.1% Gold +2.7% EURUSD -0.7% Silver +0.4% EURCHF +0.4% Brent +26.9% […]
PERFORMANCES 2019 Equities Bonds MSCI World +11.2% CHF Corp +1.1% S&P 500 +12.1% US Govt +0.8% Stoxx 600 +11.2% US Corp +3.3% Nikkeï +6.4% US HY +6.4% SPI +13.1% EUR Gvt +2.4% China +22.8% EUR Corp +2.4% Emerging +8.8% EUR HY +4.1 Currencies Commodities USD index +0.4% Gold +1.5% EURUSD -1.2% Silver -1.1% EURCHF +0.9% […]