10 June 2022
Whether in terms of sanctions, the downturn in international trade or supply shortages, the war in Ukraine is proving costly […]
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Analyses, market views, figures… Each month, find out an enlightened point of view on a specific topic and the current macroeconomic context. A tool for decision-making.
10 June 2022
Whether in terms of sanctions, the downturn in international trade or supply shortages, the war in Ukraine is proving costly […]
10 May 2022
The US consumer price index rose 8.6% in the year to March, or 6.5% excluding food and energy. We have […]
6 April 2022
The war between Russian and Ukraine has overshadowed a major financial development since the start of the year: the decision […]
5 February 2022
With a reported 8.1% increase in real GDP in 2021, China’s economic growth is the envy of almost all developed […]
5 January 2022
2021 featured a shift in US monetary policy. All year, the world’s financial markets kept a close watch on Federal Reserve […]
14 December 2021
Although the press is now focusing on the new Omicron coronavirus variant, which has rekindled fears of a new chapter […]
8 November 2021
Shortages of semi-conductors have been a hot topic recently. The surge in their prices during the post-Covid recovery is unprecedented: a […]
5 October 2021
Angela Merkel has been Germany’s Chancellor since 2005 but is set to retire as soon as a successor emerges from […]
7 September 2021
Having been expected to peak in Q2, the US inflation rate topped out during the summer. It climbed from 1.4% at […]
7 July 2021
The bizarre ‘disappearance’ of Alibaba founder and executive chairman Jack Ma for several months has got to be the Chinese […]
7 June 2021
Despite positive macro and micro momentum, investors are starting to worry about the strength of the current rally, now a […]
4 May 2021
Following the OECD in March, the IMF is now preaching optimism on the outlook for growth. Against a backdrop of a […]
7 April 2021
For almost two months now, financial commentators have been working themselves into a frenzy over a supposed return of inflation. […]
5 March 2021
There’s no slowing China. Like everywhere else, it suffered early last year from the pandemic but its economy rebounded smartly […]
11 February 2021
Covid was Donald Trump’s downfall. It turned Wall Street and his financial backers against him, despite what he could offer […]
5 January 2021
For the 30 years of its existence, this monthly letter has attempted to offer original insights into the state of […]
28 November 2020
Although the second wave of the pandemic is killing more people than the first, a series of announcements on vaccines […]
30 October 2020
This month’s theme reflects the death toll from the coronavirus pandemic, and particularly its alarming rise in countries where individual […]
20 September 2020
The coronavirus alarm bells started ringing as soon as Europe’s all but sacred summer holidays ended. The number of cases has […]
25 August 2020
While the media are focused on an apparently endless cycle of Covid news, Wall Street has been setting one imagination-defying […]
30 June 2020
Covid-19 is still making its relentless way around the planet, and even where it was supposed to be done with […]
30 May 2020
Covid-19 restrictions are being lifted around much of the planet, and at rates that depend on when countries first suffered […]
28 April 2020
‘Fed up’ would be an understatement for the sizeable chunk of humanity locked down for weeks on end, but fortunately […]
31 March 2020
The VIX index hit 83% on 16 March, which was the day when the S&P 500 slumped 12%. That beat […]
25 February 2020
On 25 January, we asked “Is the party over?” and now it really is. It has long been assumed that […]
28 January 2020
Following all that champagne at the end of a remarkable 2019, equity markets carried on partying into January. The immediate […]
23 December 2019
What an end to the year! The overall gain for the world equities index in 2019 was 28.1%, while the […]
26 November 2019
Apart from a continuing rally on the back of unchanged fundamentals, there is little new to report on equity markets. The […]
26 October 2019
The slightly heady mood imparted by better news on China, an almost-done Brexit deal and very low interest rates left […]
28 September 2019
This time last year, high long rates and the trade war kicked off what turned out to be a 20% […]
27 August 2019
Donald Trump’s “America first” policy has not won him many friends abroad. Having created conflicts with China, Mexico, and Japan, […]
1 July 2019
Mea culpa! We failed to pick a further slide in interest rates and missed out on our own model’s S&P […]
4 June 2019
Each time the equity markets wobble and the yield curve inverts, investors start worrying about the next slowdown or recession […]
30 April 2019
US equities have clawed back the losses they suffered during the correction late last year, and at 2,940 points at […]
30 March 2019
The Federal Reserve has pulled off a monetary policy U-turn since the severe stock market correction late last year. Investors […]
28 February 2019
The markets appear to have stabilised after an extremely volatile end to 2018. In line with a strong rally that […]
26 January 2019
In our 21 December edition we argued that an S&P 500 at 2,426 points was already a low that priced […]
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