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Market flash: Uncertainty is the word of the week

Market Analysis

Market flash: Uncertainty is the word of the week

06/12/2024

In France Michel Barnier’s government fell, ushering in a fresh bout of uncertainty. The technical government option now seems to be the most likely scenario. However, peripheral eurozone countries are enjoying some momentum, which has offset the negative impact of French and German difficulties.

Economic indicators in the US are still buoyant but less so as the economy gradually returns to normal.

In China, the situation is improving but gradually, with the Caixin manufacturing PMI rising for the second month running.

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Market flash: Barnier government in jeopardy: Markets' confidence shaken

Market Analysis

Market flash: Barnier government in jeopardy: Markets' confidence shaken

29/11/2024

Political tensions in France and also in Germany are inevitably weighing on PMIs.

Eurozone inflation has been slowing so the ECB can continue to reduce rates. 

Economic activity in the United States remains strong, while in Japan, inflation has resumed its upward trajectory.

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Market flash: Geopolitical risk is back

Market Analysis

Market flash: Geopolitical risk is back

22/11/2024

The eurozone is still suffering from the conflict’s consequences and energy prices in particular are taking a toll as we enter winter.

The ECB is coming under increased pressure to ease its monetary policy and put a brake on the economic slowdown.

In Japan, the chances of the central bank tightening monetary policy are mixed.

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Letter from the CIO AM: The bull and the elephant in the (same) room

Letter from the CIO AM: The bull and the elephant in the (same) room

18/11/2024

More than a victory, a triumph

Donald Trump and the Republicans have won full control of the White House and Congress. This scenario, which came with rather low odds in the opinion polls, has extended the “Trump trade” (bullish equity market and rising US long-term yields and dollar) and has this time around created a wider dichotomy between the United States and Europe (where equity indices and long-term yields are declining). Investors have focused on the Republican candidate’s promises of lower corporate taxes and deregulation in the US and rising tariffs for other trade partners – Europe included. 
They have also factored in deeper public deficits (rising real and nominal rates) and higher inflationary risks (rising inflation break-even rates). Markets have experienced violent swings since early October and the beginning of the “Trump trade”, with the S&P500 outperforming the Eurostoxx 50 by almost 9%.

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Market flash: Wall Street continues to stand out from the crowd

Market Analysis

Market flash: Wall Street continues to stand out from the crowd

15/11/2024

The Republicans, under the leadership of D. Trump, have taken control of the House of Representatives.

Germany is preparing for political upheaval with a vote of confidence scheduled for December.

Markets have continued to rotate into exclusively US assets in another illustration of American exceptionalism.

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Monthly CIO View: Markets Increase Their Outperformance

Monthly CIO View: Markets Increase Their Outperformance

15/11/2024

With investors eyes focused on the US elections, the markets took a breather in October, posting 23 days without a daily change of more than 1%, the first time this has happened in three years. Once again, the polls underestimated the likelihood of Donald Trump's return to office; however, this was not the case for the financial markets, which correctly priced the result.

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Edmond de Rothschild appoints Nathalie Cerutti as Director of Corporate Social Responsibility

Press Release

Edmond de Rothschild appoints Nathalie Cerutti as Director of Corporate Social Responsibility

12/11/2024

Edmond de Rothschild announces the appointment of Nathalie Cerutti as Director of Corporate Social Responsibility. Nathalie joined the group on November 1st 2024.

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Edmond de Rothschild Corporate Finance advises Redslim shareholders on Astorg mid-cap's investment in partnership with founders and management team

Press Release

Edmond de Rothschild Corporate Finance advises Redslim shareholders on Astorg mid-cap's investment in partnership with founders and management team

11/11/2024

Edmond de Rothschild Corporate Finance has advised the shareholders of Redslim and Andera Acto on the sale of a majority stake to Astorg Mid-Cap, to support the Company’s growth and international expansion, collaborating closely with the Founders and the management team. 

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Market flash: Europe stands to lose from Donald Trump’s “America first” stance

Market flash: Europe stands to lose from Donald Trump’s “America first” stance

08/11/2024

  • Donald Trump’s clear victory led to the yield curve steepening and the dollar rising

  • China's economy offers a note of optimism

  • The outlook in Europe has been weakened by the threat from the US to its exports and its reduced internal capacity to react.
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Market flash: US presidential election - an uncertain outcome

Market Analysis

Market flash: US presidential election - an uncertain outcome

31/10/2024

US growth proved resilient in the third quarter, but US employment data remain contradictory.

The eurozone figures were a pleasant surprise with France expanding more than expected.

Japan's ruling party failed to get a majority in the weekend elections, reinforcing political uncertainty.

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Edmond de Rothschild Asset Management appoints Victoire Dubrujeaud as High Yield Portfolio Manager

Press Release

Edmond de Rothschild Asset Management appoints Victoire Dubrujeaud as High Yield Portfolio Manager

29/10/2024

Edmond de Rothschild Asset Management has appointed Victoire Dubrujeaud as High Yield Portfolio Manager-analyst in the fixed income team. She starts on 28 October 2024.

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Market flash: The ECB could ease its stance

Market Analysis

Market flash: The ECB could ease its stance

28/10/2024

The ECB’s governors are worried about soft eurozone growth and considering accelerating interest rate cuts to stimulate the European economy.

In the UK, investors are concerned about the Labour government’s intention to change budget rules to allow it to borrow more.

In China, the initial enthusiasm following the rate cuts earlier this week has already fizzled out.

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