Igor de maack %282%29
March 23, 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
Find 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
Find 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...

3 March 2017
Find weekly market outlook by Igor de Maack

Despite displaying a few presidential qualities, few specific details regarding his economic programme were offered during Donald Trump’s address to Congress, thus rekindling the bullish trend among US and European indices. The post-Trump market rally was the third-strongest upswing in the wake of a presidential election in history. Only Kennedy in 1961 and Clinton in 1997, two of the most popular US presidents despite their various personal misdemeanours, fared better. This renewed bout of fervour is also primarily attributable to the health of...

24 February 2017
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The annual reporting season has enabled us to shift our focus away from political issues for the time being. In the wake of the banking sector during the second half of 2016, telecoms have proved that the sector may represent a profitable bet for 2017. Telecom Italia, Telefonica, Orange and Bouygues all published healthy figures. The number of fibre-optic and broadband subscribers continues to progress throughout Europe and mobile average revenue per user (ARPU) has begun to stabilise. Gross operating earnings should therefore finally increase, along...

17 February 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 basis despite the slapstick of Donald Trump and the rumours of collusion between his campaign team and Russia.

In Europe, political questions continued to dissuade investors from looking at the economy and...

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
Find weekly market outlook by Igor de Maack

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.