News
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The moment of truth for public debt
Economic crises leave a legacy of high public debt. Expansion phases should be used as an opportunity by governments to reduce their debt and rebuild some headroom in their public finances. This is easier said than done. Let’s look at what happened after the last two major crises.
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The end of the American dream?
We must confess that we have a strategic "bias" in favor of the US market. The past 15 years proves us quite right. Since the end of the 2007-2008 Financial Crisis, Europe has outperformed for only 27 months, or just over 2 years. This structural outperformance of the US vs. Europe is mainly explained by a more robust EPS dynamic in the US.
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What risks for the global economy?
The global economy has overcome two shocks of rare intensity that could have brought it to its knees. But it didn’t. Firstly, the inflation surge that swept the world in 2021 and 2022 has now largely subsided.
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Myths and realities
Large-cap growth stocks are once again driving the market, especially in the US where the “Magnificent Seven”, except for Tesla, dominate S&P 500 gains in 2024. US tech stocks continue to stand out, outperforming the S&P 500 by 7.4% since October 2023.
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Attacks in the Red Sea: a new threat to supply chains. Europe’s sovereignty in question.
The interruption of most of the traffic on the Red Sea-Suez route following the attacks on merchant ships by the Houthis in Yemen is a major issue for Europe.
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France-Germany, the sick couple of Europe
When a European country is in particularly bad shape, it is common for observers to refer to it as the "sick man of Europe", followed by the "new sick man of Europe", and so on. Every country has borne this infamous title at one time or another.
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AI: fad or margin effect?
For the first time in 10 years, European companies are reporting results below consensus. The negative surprises are limited to just -2%, suggesting there's no immediate cause for alarm.
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Long-term investors should not fear the US election
The outcome of this year's US presidential election may have far-reaching consequences in many areas.
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Why we see value in technology?
2023 was a good year for listed technology companies. The Nasdaq index gained +44%* and the enthusiasm for the largest tech stocks such as Nvidia was so great that analysts coined a new name for these companies …
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2024: Tempering expectations
The turn of the year is a popular, if arbitrary, time for reviews and predictions. Equity investors also seem to have had a change of heart this New Year after an impressive year-end rally.