Igor de maack %282%29
February 17, 2017
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The economic statistics in the United States are still demonstrating a fine dynamic. Following a good Empire Manufacturing index, the Fed Philadelphia index came out at its highest for 34 years (43.3). The acceleration of the US cycle, driven by industry, seems to be confirmed on a daily basis, which the US stock market also salutes on a daily...

10 February 2017
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Equity markets continued to hang in the balance, caught between bullish annual corporate earnings reports and a resurgent risk of a Greek exit from the eurozone, amid fears over the prospects of the future electoral calendar. The 10-year yield spread between France and Germany reached its widest level since the end of 2012, at around 70 basis points. Major international investors have also been selling French sovereign bonds and switching into German securities instead.
For example, Japanese investors sold 161.8 billion yen of French bonds during...

3 February 2017
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Consumer confidence indicators remained on a positive trend in the eurozone. In the US, over half of S&P 500 companies have already published their annual figures reflecting a 4.5% average increase in profits during the fourth quarter. Although US growth came in at disappointing 1.6% in 2016, in line with Europe, fresh encouraging signals are nonetheless currently discernible, including a weekly fall in the number of jobseekers, pending the much-anticipated budgetary stimulus measures promised through tax cuts and increased public spending...

2 February 2017
How to invest en 2017 ?

Find out the 2017 market outloook by Jean-Charles Mériaux and the DNCA management team.

27 January 2017
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Amid a flood of decrees from the new US administration, fulfilling the campaign promises, including the cancellation of the Trans-Pacific Partnership and building a wall along the Mexican border, Europe was greeted with the pleasant surprise of the UK Supreme Court imposing a Parliamentary vote on Theresa May’s government before it can launch the Brexit procedure. However, this obstacle is unlikely to jeopardise the triggering of article 50. Meanwhile, the reporting season got off to a good start, with initial annual earnings reports so far...

20 January 2017
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On 20 January, Donald Trump will be sworn in as the 45th President of the United States and it may be tempting to deploy the time-honoured phrase “for better or for worst”, usually used in wedding vows. The “better” can probably be seen in the new president’s ability to coerce national companies, such as Ford and Lockheed Martin, through a simple tweet, to reinvest in the US and participate in extending the economic cycle. The “worst” resides in his impulsive outbursts, which are sometimes inappropriate and...

13 January 2017
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Promises compel only the listener. This observation accurately sums up the second week of January in the financial markets. The promises of tax and budgetary reflation, made by Donald Trump and his administration, were unflinchingly swallowed by investors throughout December. In the wake of healthy global economic indicators, investors are trying to second-guess the future profile of the economic cycle, in terms of its depth and its pace. In Tchaikovsky’s famous ballet Swan Lake, there are those who believe in white swans, i.e. faster global...

6 January 2017
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Following the resurgence of the cold war during 2016 between the US and Russia, 2017 could prove to be a year which mobilises the CIA. However, this acronym, which normally stands for Central Intelligence Agency, has another meaning for us, involving Constant growth, Inflation and Aggressive equity investment. These three themes are the key to a successful performance for investors willing to take risk, particularly in Europe, and more specifically in the eurozone. Our recent meetings with European companies have all concluded with the same edifying...

29 December 2016
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REFORM, this is the word that political leaders, election candidates, citizens and investors in the Western world have been demanding, clamouring and bellowing all year long. Throughout global developed markets, hundreds or even millions of voices have been calling out for change without always exactly knowing why. The British voters expressed their wish to leave Europe, but nonetheless want to benefit from a trading agreement with the continent. Donald Trump aims to challenge the liberal principles on which the US is founded by rescinding existing...