Perspectivas
y actualidad.

During the week of 8 August, risk assets rose after July inflation in the US came in lower than expected and down on June. Investors were reassured and Fed rate hike expectations declined, especially for September, today more divided between 50 and 75 basis points of increase.

Europe’s energy crisis has deepened due to soaring gas and electricity prices. The gas December contract is now trading 60% above its price when the Ukraine war began. Imports of Russian gas through the Nord Stream pipeline are still capped at 20% of capacity and another 3-day shutdown for more maintenance is scheduled.

Alexis Bossard, Fund Manager of an equity strategy to fight against climate change, goes over the highlights of the global warming theme in 2022 ahead of the COP 27, to be held from 6 to 18 November in Sharm El Sheikh in Egypt.

The ongoing Jackson Hole Symposium confronts central banks with a tricky mission.

Our Ginkgo Private Equity strategy identifies and purchases polluted brownfield sites in dense urban areas.

The ECB’s rate-setting committee surprised markets on Thursday by raising rates by 50bp, and not 25bp as announced in June.

The president of the private banking group Edmond de Rothschild wants to defend her company's independence – together with her four daughters.

We remain cautiously positioned but we are on the watch to reinforce exposure. There are numerous opportunities in emerging country and high-yield debt as well as in equities.

Equity markets ended the period higher but the underlying situation was more volatile. US investors returned from their long weekend with heightened concerns over a recession.

The Ukraine war is dragging on with no end in sight. Russia has reduced its energy supplies to Europe, either on Europe’s initiative or because Moscow decided. The Covid pandemic has taken root across the globe as new variants emerge. Production chains are still being disrupted due to China’s zero-Covid approach, a policy that is likely to persist at least until the 20th Chinese Communist Party Congress when Xi Jinping stands for another mandate.

Edmond de Rothschild REIM announces the appointment of Alexis Mignonac as Investment Director for France. He will be responsible for overseeing acquisitions of all property asset classes in France, including offices, logistics and residential.

Recession worries sent government bond yields and equities lower over the period. The MSCI World index in USD ended the week 2.8% lower. Supply side constraints, notably in energy and semiconductors, led to a strong focus on demand components.