Spécialités

For this week’s commentary, we take a look at green CAPEX, including benefits and relevance.

The consensus is gloomy about UK economic prospects but is it gloomy enough? The current debate has echoes of mid-2008.

Eurozone flash PMIs this week were less bad than expected, bolstering a growing consensus that economic prospects are improving. Monetary trends continue to argue the opposite.

Les Prévisions de cette année analysent les thèmes à long terme qui sous-tendent nos perspectives et tiennent compte des facteurs cycliques à court terme qui influent sur les perspectives de l’économie, de l’inflation et de la politique monétaire. Nous examinons les valorisations boursières et, en tenant compte de tous ces facteurs, nous établissons le cadre de notre stratégie de portefeuille. Au cours de l’année, vous trouverez des mises à jour des Prévisions dans notre bulletin mensuel Perspectives.

Poor access to credit continues to be a major growth inhibitor for many developing markets. We explore how platform businesses are attempting to bridge the funding gap through the digitalisation of financial services. We present kaspi.kz an illustration of a platform centred on consumer credit, that is driving both societal change and attractive returns for shareholders.

A post in October gave a hopeful view of Chinese prospects, noting that “excess” money had accumulated and could flow into equities and the economy if policy-makers signalled a commitment to expansion.

We shine a light on emerging market small caps, looking at the characteristics and make up of this often misunderstood asset class.

In a soft month for EM equities, we review 2022’s winners and losers along with some key investment themes.

High inflation resulted in poor equity market performance in 2022 despite economic / earnings growth. Inflation relief in 2023 may limit further market weakness despite a global recession.

We examine what happened in the European energy sector in 2022 and look ahead to 2023.

Les turbulences du marché au cours des dernières années ont culminé avec un important repli des actions cotées et des titres à revenu fixe en 2022. Cependant, le chemin parcouru a permis de tirer des enseignements et des leçons utiles, notamment des expériences vécues au plus fort de la pandémie en 2020. Cet article examine dans quelle mesure les investisseurs ont tenu compte des signaux d’alarme ou s’ils ont été désensibilisés aux risques qui en découlaient.

Recent Bank of England signals have been deemed to be less hawkish than those of the Fed and ECB, contributing to a view that UK policy tightening is less likely to prove excessive, in the sense of causing greater economic damage than necessary to return inflation to target.

We are now done with the third year of this decade and the differences with the past decade could not be more acute. Inflation seemed like a permanently solved issue in the 2010s, geopolitical conflicts were mild in comparison and many other things taken for granted 10 years ago no longer apply now. Through this […]

We are now done with the third year of this decade and the differences with the past decade could not be more acute. Inflation seemed like a permanently solved issue in the 2010s, geopolitical conflicts were mild in comparison and many other things taken for granted 10 years ago no longer apply now. Through this […]