Outlook
& news.

Bond markets have been falling since the beginning of September, sending yields on 10-year US Treasuries and the equivalent German Bund up by 60bp and 40bp, respectively. The move higher has been accompanied by significant yield curve steepening.

Markets have so far had a measured response to the events over the weekend in Israel. 

The week kicked off with a big sigh of relief after Congress reached a last-minute agreement to avoid a shutdown, even if it only put the deadline back by 45 days.

Edmond de Rothschild Real Estate Investment Management (“EdR REIM”) has achieved a four and five star rating in the 2023 assessment of GRESB, the Global Real Estate Sustainability Benchmark, for its European light industrial strategy and its Benelux office strategy.

Investors may be focusing on interest rate pressure but macroeconomic forces are gradually returning. Inflation and restrictive monetary policies are causing global growth to slow.

With the 10' podcasts, we'd like to share with you some of our key convictions on tomorrow's market trends.

“At Edmond de Rothschild, we think that all companies can contribute to the SDGs. First, by doing business responsibly and then by pursuing opportunities to solve societal challenges through business innovation and collaboration. As a signatory of the UN Global Compact, our Group is committed to participate in this global transformation. Our convictions to make a difference in the real economy have lead us to deploy 17 investment strategies reflecting the SDGs agenda. We also integrate the most significant SDGs for our industry across our operations and work intensively to support the transition to a more sustainable economic model.”

Alexia Breed, Sustainability Manager

Due to prolonged output cuts from Saudi Arabia and Russia, Brent crude briefly topped $95, rekindling worries over inflation. European oil prices have gained 30% over the last three months and 10% alone so far this month. This is clearly a supply problem as other commodity prices have stayed relatively unchanged.

“It must be a battle. They (Chinese EV makers) are clearly very competitive in the electric car value chain. I think they are a generation ahead of us. We need to catch up very quickly.” Renault CEO Luca de Meo said in the Munich IAA car show.

The ECB raised rates for the tenth, and perhaps last, time in a row despite calls over the summer from central banks in Mediterranean countries to nurse growth in the eurozone.

At a dinner dedicated to technology stocks, if you want a consensus, all you have to do is mention your enthusiasm for the cybersecurity segment. This is understandable, given all the factors pushing in its favour. 

For this new episode, we went to Château Clarke, the first step in the family's winegrowing adventure. This 145-hectare estate in the heart of the Médoc reopened its doors in early June, after 3 years of titanic renovation.