Igor de maack %282%29
June 23, 2017
DNCA's weekly market outlook by Igor de Maack

Equity markets are taking a breather ahead of the summer recess. The bullish trend has levelled off, weighed down by fears over a further sharp fall in the oil price, with the reporting season yet to get underway, as some investors are looking to lock-in partial profits on their year-to-date performances. Certain markets and themes, or certain...

16 June 2017
DNCA's weekly market outlook by Igor de Maack

Markets remained unsettled by the oil price. Although indicators were all denoting a sustainable increase in the price of crude, the opposite occurred, despite the decline in US oil reserves and the OPEC decision to extend output quotas along with Russia, while credit lines to the US shale oil & gas industry appeared to be drying up. The number of US rigs continues to increase however and oil stocks are taking longer than anticipated to deplete. Furthermore, an increasing number of measures to promote energy transition, particularly in the...

15 June 2017
"The perfect time"

Find our macroeconomic outlook for the Eurozone and our investment strategy by Jean-Charles Mériaux, Chief Investment Officier.

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

Theresa May has woken up this morning having lost her absolute majority, resulting in a hung parliament. The Brexit negotiations will therefore not be plain sailing for the politicians involved or for the UK economy. The currency markets reacted immediately, with sterling depreciating slightly against the euro. In the US, it is impossible to predict the legal repercussions following the testimony by the former FBI director, perhaps involving an impeachment procedure against Donald Trump. The US economy remains on a steady annualised growth rate of 2%,...

2 June 2017
DNCA's weekly market outlook by Igor de Maack

Both the announcement by Donald Trump of the US withdrawal from the Paris agreement and a temporary petrol shortage in the Paris region following industrial action, provide strong grounds for asking legitimate questions regarding the oil sector and more generally the energy industry, which are crucial for the economy and for the stock market. The oil price fell to below USD 47 per barrel in reaction to the US decision, undermining the consensus scenario predicting a progressive rally in the price of crude towards USD 60. A broad-ranging debate is...

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

The US economy once again positively surprised investors regarding its pace of growth. Excellent figures from two major retailers (Best Buy and Sears) and bullish unemployment indicators reflected steady resilience among US consumers. On the international front, Donald Trump’s first moves have not yet provided a clear indication of the level of involvement by the US in major conflicts, or his intention of maintaining a balance which would promote peace in the Middle East, which remains the key global region for oil and gas production. The price of oil...

19 May 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 Representatives and approval by a two-thirds majority in the Senate is required to complete an impeachment procedure in the US. The two chambers are dominated by a Republican majority.
In Brazil, President Temer...

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.