Investment Management – Weekly meeting – 01/12/15

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European markets have rebounded in the approach of Thanksgiving.
The retails sales of the last few days will be a good barometer of the consuming habits in the States.
The level of commodity prices yet continue to worry about the state of the global macro-economy and Chinese demand.
The prospect of monetary regime change in the United States naturally creates anxiety climate and further volatility.
The economic environment looks complex in 2016 and risk management will be key across all asset classes.
Extending the American growth curve is ambitious and anticipate the impact of rising interest rates in the US on emerging economies hard. The deflation threat in Europe remains and the next potential moves of the ECB in 2016 (if so) will be key.
In regards of this, the Committee believes it is necessary to maintain a prudent overweight equities, with stop loss and flexible funds, which should be reconsidered after the speeches of the major central banks in the coming days.

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Investment Committee

Investment Committee

NOVACAP Asset Management

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