The 6-month rally in equity markets is likely to lose momentum or even reverse if recessionary risks materialise later in 2023. Corporate earnings are likely to remain under pressure in an environment still hampered by low growth and persistent inflation. Lifted by a six month rally, current valuation s are not very attractive and do not fully reflect recession and financial instability risks. A defensive bias remains appropriate.
Macro Goldilocks is alive and kicking
US macroeconomic environment still too favourable to justify large and rapid rate cuts.
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Macro Silent approval or wrong signal?
Jerome Powell made no attempt to contradict expectations of rapid and large interest rate cuts.
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Corporate Social Responsibility Sustainability and agility
Being agile means knowing how to react quickly and efficiently to change, while limiting the negative impacts.
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Macro The fire is out, but uncertainty remains
Expectations of rapid and substantial cuts by the US Federal Reserve remain questionable.
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Macro When panic overturns euphoria…
Investors' pathological mimetism sometimes leads to dramatic regime changes.
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Corporate Social Responsibility Sustainability and entrepreneurship
We are deeply convinced that every employee can be a source of ideas. That's why we don't talk about job descriptions and specifications, but about ...
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Macro Investors welcome US indicators
Economic developments in the United States confirm the prospect of a rate cut.
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Macro Political risk grows in the West
In the USA as in France, a hung parliament should not upset investors too much.
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Corporate Social Responsibility Sustainability: a nightmare for SMEs?
Sustainability has become a major issue for companies of all sizes. In Switzerland, where SMEs account for 99.7% of the economy, the question is how ...
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Macro When data outweighs central bankers
Falling inflation in the USA leads to a sharp drop in yields on Western markets.
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