Igor de maack %282%29
April 25, 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...

31 March 2017
DNCA's weekly market outlook by Igor de Maack

The economic situation in the eurozone is now irrefutably improving under powerful reflationary momentum. Companies confirmed this fact on publishing their 2016 annual earnings, which triggered a slight overall upgrade in forecasts in the DJ Stoxx 600 for the first time since 2011. However, European assets have not yet seen any real inflow, as investors are probably awaiting the result of the French elections before buying into European equities. The results will also determine the next stages of development in the eurozone and Europe in general.

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

It was a more turbulent week on the global financial markets due to increasing impatience among investors concerning Donald Trump’s economic programme. The new all-time highs recorded on Wall Street will not be tenable if the US economy and corporate earnings slow down. Oil came off its highs, as the price trend turned bearish, following the announcement of higher than anticipated stocks and as shale oil production continued to increase in the US. The US oil engineering company Baker Hugues reported a further rise in the number of operational...

23 March 2017
"Let’s not disregard global capitalism straight away"

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

17 March 2017
DNCA's weekly market outlook by Igor de Maack

As was the case during 2016, financial markets have been keeping a close watch on forthcoming elections and referendums, although their impact may effectively be overestimated. After Spain, Italy and Austria, it was Holland’s turn to reject the temptation of political and economic extremism. The liberal party managed to win the largest number of seats, putting it in a position to form a coalition government. Although the markets appeared relatively unconcerned by the Dutch election, the vote nonetheless demonstrated that anti-European movements...

10 March 2017
DNCA's weekly market outlook by Igor de Maack

Questions regarding the health of the global developed economies are now taking over from political conjecture in terms of headline news. In the US, another less-closely scrutinised statistic which is worth highlighting, alongside the traditional employment and consumer figures, is the rail freight haulage volumes indicator. Over the past three weeks, rail freight volumes in the US have surged, increasing by 8.1% in week 7, +1.8% in week 8 and +3.3% in week 9. The sectors recording the heaviest volumes have been construction, capital goods, coal and...