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May 17, 2018

United Kingdom: losing steam?

Despite a hike in the BoE's key rate practically being announced at the Monetary Policy meeting in February, recent statements by the Governor combined with the early April publication of lower-than-expected inflation, followed by sluggish growth in the first quarter, led the markets to push back the projected date of the next monetary tightening move.

May 17, 2018

Oil: Swing producers’ decision key to mitigating risks of Iran sanctions

The US decision to back out of the Iran nuclear agreement and to re-impose sanctions against Iran has put additional upward pressure on the price of oil.

May 17, 2018

New book: Trump and the limits of the American dream

According to our Economists Anton Brender and Florence Pisani, authors of a new book The American Economy: A European View, the United States must change course if it is to arrest economic decline.

COFFEE BREAK YOUR WEEKLY DOSE OF MARKET NEWS

21 May 2018

LAST WEEK IN A NUTSHELL

European markets took into account the risk premium related to the new government programme in Italy: The 10Y Italian bond spread widened, the EUR fell sharply and the banking sector underperformed.
10Y US bond yields increased to a new 7Y-high as hard and soft data confirmed an acceleration in US output.
As the price of oil rose above $80 per barrel, an overshooting cannot be excluded but swing producers could mitigate this risk.

WHAT’S NEXT

All eyes will be on the Italian President and his handling of the unorthodox government proposals.
We will also learn more on the looming trade conflict as the process of public comments on proposed US tariffs on Chinese goods ends on Tuesday.
The May IFO survey in Germany and the preliminary Q1 GDP report in the UK will be release.
Also, the next round of “Brexit” negotiations will begin and South Korea President Moon will meet President Trump in Washington .

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May 17, 2018

Global economic growth remains on track

Global economic growth remains on track.

May 15, 2018

Inflation creeping up in US

At the start of the year, financial markets were rocked by fears of rising inflation and higher interest rates.

May 9, 2018

Candriam votes in favour of the Follow This resolution

The resolution is one of the items on the agenda of Shell’s Annual General Meeting of Shareholders on May 22.

May 2, 2018

Candriam Engagement Report 2017

Fair work conditions, energy transition and business ethics on top of the agenda

April 26, 2018

Still favouring JPY as a macro hedge

The overall framework – based on rate differential, carry-to-risk and economic surprises – is negative for the US dollar.

April 26, 2018

Activity-cycle momentum remains intact

The robust activity-cycle trend – led by the Eurozone and the US – remained intact over the month, with the expansion stage still well-anchored in both regions.

April 26, 2018

Still Favour European financial credit

We continue to overweight the financial sector vs. the non-financial sector, which is currently benefiting from better fundamentals and relatively attractive valuations.

April 26, 2018

Still overweight credits

External risks to EM remained elevated at the beginning of 2018 but so far the risks around US monetary policy normalization and fiscal expansion have been offset by the synchronized global growth recovery, the solid performance of commodities and investor appetite for risky assets.

April 24, 2018

Mixed broad markets

Broad markets were mixed, in the wake of geopolitical tensions combined with the Cambridge Analytica scandal, which brought some volatility to the markets.