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Analisi di mercatoEquity markets, and especially eurozone markets, enjoyed a sharp bounce after several down sessions. The focus remained on central banks and oil prices but the beginning of the third quarter earnings season also played its part with some pleasant surprises from US banks. (English version)Approfondisci Analisi di mercatoRisk assets consolidated across all geographical zones, and especially emerging countries, due to a rise in the US dollar. This followed the release of the latest FOMC minutes which reinforced expectations of a rate hike in December. Most committee members said that views were evenly divided over a September hike but the camp in favour of a move in December now looked stronger. (English version)Approfondisci Comunicati stampaEdmond de Rothschild Asset Management rinforza il proprio accesso al mercato italiano tramite un accordo di distribuzione con Solfin Sim.
Approfondisci Analisi di mercatoOverall trading was relatively calm this week but not for sterling which continued to come under pressure as the UK looked increasingly to be heading towards a hard Brexit. Elsewhere, the IMF’s description of the macroeconomic environment was hardly enthusiastic: its report said global growth was still as sluggish while indebtedness continued to rise. And yet recent data from the US, Germany and the UK came in higher than expected, especially corporate investment. (English version)Approfondisci Strategia di allocazione di attiviThose who think we are nearing the end of ultra-accommodating monetary policy argue that it is inefficient and blighted with too many disadvantages like the risk of creating bubbles or jeopardising the financial industry. Or they consider that quantitative easing will inevitably disappear as central banks will soon have run out of bonds to buy. (Attached document in Italian version)Approfondisci Analisi di mercatoFinancial markets moved erratically mainly because of uncertainties surrounding Deutsche Bank which is facing a fine imposed by the US Department of Justice. The event hit European bank shares hardest, dragging them down by around 8% over the month and weighing on Europe's main indices. (English version) Approfondisci RivistaA huge step has just been taken in the fight against global warming. Ahead of the G20 meeting on September 4 and 5, the US and China ratified the global climate agreement negotiated at last year’s COP 21 summit in Paris. Before the agreement comes into force, it must be ratified by a minimum of 55 countries representing 55% of global greenhouse gas emissions. News from Washington and Beijing means 26 countries representing 40% of emissions have now ratified the agreement. The US and China alone represent close to 38% of these emissions. (English version)Approfondisci Analisi di mercatoThe week had begun with the BIS reiterating concerns over financial markets and the gap between equity price and bond yield levels on the one hand and a surge in Chinese lending on the other. But investors preferred to focus on the almost simultaneous meetings of the Bank of Japan and the US Fed. The biggest market moves occurred on September 21 and 22.Approfondisci NominaJean-Philippe Desmartin has joined Edmond de Rothschild Asset Management as Head of the Responsible Investment team. He will be based in Paris and report to Philippe Uzan, Chief Investment Officer.Approfondisci Analisi di mercatoAlthough it was not a particularly busy week for economic statistics and results, markets turned hesitant ahead of next Wednesday's Fed and Bank of Japan meetings. It is highly unlikely the Fed will hike rates in September but investors will be watching for any statements so as to anticipate a later move. The Bank of Japan's statements will also be scrutinised as it wants to get inflation higher and preserve the bank sector by helping to restore the yield curve. (English version)Approfondisci