18
Oct
Securitized real estate in Europe is still perhaps wrongly suffering from the effects of inflation, the ECB's restrictive monetary policy and the interest-rate pressures of the past two years. The EPRA Nareit Eurozone index is struggling to stabilize after falling 28% between February and March. Since then, it has been fluctuating within a band of [...]
11
Oct
After rising by almost +13% in the first four months of the year, gold prices then slowly eroded as the US Federal Reserve tightened monetary conditions and bond yields rose, not only in dollars but in other major currencies too. The fall of the last few days of September, directly correlated with (...) Upward trend [...]
04
Oct
The recent rise in crude oil prices has brought us close to our short-term target of $90-95 per barrel of WTI. At this price level, we believe we can assess the potential for crude oil substitution, and in particular the evolution of natural gas demand. The fall in US natural gas prices (...) Gas market [...]
29
Sep
Economic slowdown rather than recession. Inflation falls in services. Long-lasting Fed pause. Downward adjustments to yield curves. Weak dollar. Positive outlook for bonds and equities. Key points Economic growth may be slowing more than it seems Slowdown looms for year-end Leading indicators suggest a soft landing Job market still highly uncertain The Federal Reserve will [...]
27
Sep
The Fed decided not to touch its key rates on 09/20, and in our view this marks the start of a long phase of stability which will soon be seen as the end of one of the most rapid and severe monetary tightening cycles in recent history. Between what the Fed Chairman can't say, what [...]
26
Sep
Recession likely in 2nd half. Leading indicators fall. Household confidence erodes. Inflation finally falls. End of rate hike cycle. Real estate consolidates. Attractive valuation of equities. Key points Resurgence of risks to the British economy Recession in the 2nd half Further worrying declines in leading indicators Significant downturns in the job market Household confidence and [...]
22
Sep
Risks of recession loom large. Inflation falling too slowly. Key rates towards 5%. Rising yield curves. Appreciation of the euro. Attractive valuations for securitized real estate and European equities. Key points Eurozone economy avoids recession with +0.1% growth in Q2 Further stagnation in quarterly GDP in Q3 and Q4 Leading indicators point to recession Confidence [...]
20
Sep
Securitized real estate in Europe is still suffering from the effects of inflation, the ECB's restrictive monetary policy and interest rate pressures over the past two years. Listed real estate stocks are still trading close to their two-year lows, down almost -45% from the peak of the (...) Yet falling inflation suggests lower yields Discover [...]
14
Sep
Surprising export-led GDP growth. Inflation still in decline. Reduced trade deficit. Expansive monetary policy. Yen's decline falters. Attractive profits for Nikkei companies. Key points Japanese economy surprises with +1.2% growth in Q2 and positive outlook once again Positive trend for the 2nd half Leading indicators still very uncertain Fall in real household income External account [...]
13
Sep
The Swiss equity market remained highly indecisive over the summer, penalized in particular by the strength of the Swiss franc against the dollar and the euro in July, and a still restrictive monetary policy. The macroeconomic data and statistics published, although very favorable on the inflation front (1.6%/year) and below the (...) Outlook supported by [...]
