Equity markets remained under pressure in February after a month of January already heckled. There were two distinct phases in February, subject to a very high volatility. Most developed countries stock markets have experienced massive sales during the first half of the month and then recovered during the second half. In Europe, the reasons behind this significant decline […]
What has been announced yesterday: First, as regards the key ECB interest rates, the ECB decided to lower the interest rate on the deposit facility by 10 basis points to -0.30%. The interest rate on the main refinancing operations and the rate on the marginal lending facility will remain unchanged at their current levels of […]
Global financial markets rebounded during last month, taking the top on the negative performances of the third quarter. During the month of October, investors have been focusing on long-term economic perspectives and also on central banks’ announcements about possible intervention in terms of monetary policy. Despite the fact that they (Fed, ECB and BoJ) did […]
As of today, our basic belief is similar to Carmignac’s view. We are close to a bubble territory and markets only go up because of (hope for) more QE, thus not for fundamental reasons. We just have to look at the effects post Draghi’s speach last week. However, we could not fight against the trend […]
As expected, the ECB left its monetary policy unchanged. However, at the following press conference, Draghi strongly hinted that more accommodation could be provided at the December meeting to respond to external downside risks.
September saw a continuation of recent trends that have made the last few months a very turbulent period for investors. The adage “Sell in May and go away” was confirmed for this year 2015! The key element of September was the decision of Mrs. Yellen to postpone the interest rates hike because of the FED’s concerns about […]
August has proved being in line with previous months, especially starting from Q2, and was highly volatile on all financial markets, any region and any asset class. The beginning of the month started quite, in fact like a usual summer month, with low volumes and very little activity. Then, China dominated suddenly the news and was the […]