Igor de maack %282%29
May 19, 2017
DNCA's weekly market outlook by Igor de Maack

Political risk has resurged, but for once it is not the eurozone that is spooking the markets. Impeachment rumours regarding Donald Trump are becoming increasingly insistent, although for the time being it is difficult to establish the real probability of the procedure actually occurring. It should be noted that a majority vote in the House of...

12 May 2017
DNCA's weekly market outlook by Igor de Maack

A gentle wind of optimism is blowing across the markets, like a breeze gently swaying the heads of wheat in the fields. Heartened by the favourable outcome of the French presidential elections, investors are piling into equities. The heaviest inflow into equities in eighty weeks was recorded (USD 8.8bn) which also saw the most significant weight of net investments into European equities (USD 6.1bn) marking the seventh positive week in a row in the asset class. Systemic European risk continues to abate in the minds of investors. The election of...

10 May 2017
"Emmanuel Macron’s victory inters the threat of political extremism in Europe for five years."

Find our macroeconomic outlook for the Eurozone and our investment strategy by Igor de Maack.

9 May 2017
DNCA's weekly market outlook by Igor de Maack

Democracy has once again vanquished political extremists, but not without a struggle and considerable anguish. Austria, Spain, Italy, Holland and now France have chosen the moderate path towards maintaining the collective effort, even though it has admittedly not been simple to do so since 2008. Democratic electors kept a level head and tipped the balance in favour of a president offering a credible Europe-compatible economic programme tinged with social-liberalism. The president now requires a balanced parliamentary majority to govern and trigger the...

28 April 2017
DNCA's weekly market outlook by Igor de Maack

Investors have continued to reallocate into European equities as the weeks go by. Last week saw the heaviest inflow into this asset class since December 2015 ($2.4bn) which had already recorded five consecutive weeks of net positive investments. Optimism is progressively being restored among markets, particularly after the first round of the French presidential elections.

On the monetary front, at the last policy meeting, the European Central Bank (ECB) left its base rates unchanged, highlighting that the economic recovery is gathering pace. Net...

25 April 2017
"The likely election of Emmanuel Macron pushes back systemic risk."

Find our macroeconomic outlook for the Eurozone and our investment strategy by Igor de Maack.

24 April 2017
DNCA's weekly market outlook by Igor de Maack

The first round of the French elections put an end to the suspense which lasted several months. The opinion polls had projected a close-run score and, remarkably, for once accurately predicted the result. The second round runoff will therefore see Emmanuel Macron against Marine Le Pen. Electors are facing a simple choice. They will either be voting to remain within the fold of democratic nations, through a social-liberal programme compatible with the functioning of a globalised and connected planet, or on the other hand, they will be choosing the...

13 April 2017
DNCA's weekly market outlook by Igor de Maack

Easter is traditionally celebrated with culinary delights, particularly chocolate.  For the financial markets however, the Easter weekend means two fewer trading days as Good Friday and Easter Monday are holidays. There will then be four market days left until a decisive election for France, for Europe and for financial markets, particularly in the eurozone. Voters are now in the final phase of the decision-making process. Gaps can therefore be closed during this period, as media-driven populist trends give way to harsh realities and the secret...

7 April 2017
DNCA's weekly market outlook by Igor de Maack

The weeks pass by in a climate of relative global economic confidence and bullish financial markets in terms of year-to-date performances. The dollar has reversed its recent trend, appreciating against the euro towards the 1.05 level. In Europe, business and political leaders are on tenterhooks ahead of the French presidential election. Although it is currently difficult to navigate through the sea of misinformation, the gap between the various candidates appears to be narrowing. Between voting intentions and certitudes, polling experts and other...