Quarterly Bulletin Q2 – 2017

Tuesday, August 1st, 2017,

The replacement of the Affordable Care Act (Obamacare) would have funded significant tax cuts in the U.S. and underpinned both economic growth and investors’ enthusiasm.

Quarterly Bulletin Q1 – 2017

Friday, May 12th, 2017,

Donald Trump’s arrival in the White House has had an impact on markets as much as minds. The spectacular market surge that began the day after the November 7 election returned in a second wave in February following his inauguration as 45th President of the United States of America. But after a few weeks, it […]

Quarterly Bulletin Q4 – 2016

Thursday, February 16th, 2017,

The climax of the fourth quarter of 2016 was undoubtedly Donald Trump’s election to the White House and, probably more so, the Republican majorities in the House of Representatives and the Senate. After a shaky night, risk assets reacted positively the following day. The new president is in a strong position to implement, without too […]

Quarterly Bulletin Q3 – 2016

Monday, January 23rd, 2017,

Until recently, the expansion of global central bank balance sheets seemed con-demned to increase indefinitely. But (thankfully), monetary policy makers have had a serious wakeup call: quantitative easing (“QE”) is less and less economical-ly effective and potentially harmful in the setting of risk premiums via negative short-term interest rates.

Archives

2016

A multitude of risk factors have unsettled the markets during the first six months of the year.

2015

Fortunately, the North American economy continues the expansionary momentum en-joyed over the last 5 years. Despite some ambiguous data, the improving economic conditions are palpable. We do not see any signs of a pending recession, therefore North American equity markets should do well. The risks perceived by investors are related primarily to three concerns.

2014

Q3 2014 allowed some financial terms, absent from our lexicon for several years to resurface. Indeed, despite globalization which has been accelerating for decades, many economists and investors are now once again arguing in favor of the “decoupling” of economies to the benefit of the US and UK and to the detriment of Europe and […]

2013

QE = RT « Quantitative Easing = Risk Taking ». This seems to have been the magic formula in 2013, a remarkable year for risk as- sets, most notably for equi- ties and corporate bonds.