Weekly analysis

Lack of impetus in the second quarter. Consumption remains robust. Export recovery in 2017. Leading indicators are strong. What opportunities are financial markets offering? Key points The economy stepped up the pace in 2016, despite a disappointing second quarter Considerable positive contribution from consumption Slight increase in public spending Overall increase in domestic demand Foreign [...]

Chaotic first weeks in the White House. Inflation reaches 2.5% in the US. Increased investment demand. Market thrown off balance. Rise in gold prices. Key points Donald Trump’s policies strengthen bullish prospects for gold in 2017 Most key factors now favourable to rise in gold Significant increase in systemic, political and geopolitical risks Deflation is [...]

Trend reversal in long-term interest rates. Clear return of inflationary expectations. Higher yields in the US and emerging markets. Stay cautious regarding increases in Europe. Key points The election of Donald Trump hastened the end of the global bond bull market The shift in global expectations has caused a generalised increase in long-term interest rates [...]