Perspectivas
y actualidad.

High inflation continued to put pressure on central banks. Growth forecasts are being revised lower across the globe: the war in Ukraine is still hurting, inflation remains too high, central banks are in a tightening cycle and the effects of China's lockdowns are still being felt.

Edmond de Rothschild REIM and Fundament Advisory join forces in a residential real estate investment management joint venture (“JV”) in Germany called EdR REIM Fundament (“Fundament”).

Equity and bond markets have been severely undermined by rising real rates, persistently high inflation and worsening economic prospects. The sell-off has been impressive but we still detect no advance indicators suggesting we should seize the numerous opportunities that have emerged. We prefer to remain defensive.

The thought of “Leaving the party while you’re still having fun” is going through the heads of several generations of entrepreneurs and business leaders, across all sectors and industries. And while their reasons may vary, the outcome does not.

An initially calmer week turned negative after the worse US sell-off in 2 years dragged down every other market. 

Technology has corrected sharply since the beginning of the year and the sell-off may not be over.

The much-awaited US consumer price index was higher than expected but came with a few surprises. Inflation decreased from 8.5% to 8.3%. Energy prices decelerated.

After the May 4 FOMC, Jerome Powell announced a 50bp rate hike and the beginning of quantitative tightening (QT) in June for $47.5bn ($30bn in Treasuries and $17.5bn in MBS).

The post-election lull in France quickly petered out as various negative factors combined to sour the mood.

Technology has corrected sharply since the beginning of the year and the sell-off may not be over. Jacques-Aurélien Marcireau, Co-Head of Equities, and Xiadong Bao, International Equity Fund Manager, take a closer look at this brutal plunge.

The TV debate between the two remaining contenders for France’s presidential election had no impact on opinion poll trends. Emmanuel Macron is still leading Marine Le Pen by 4 points.

Subscriptions to the new financial instrument resulted in a donation to Imagine for Margo, a charity organisation that promotes research on paediatric cancers.