News

Newsletter

THE FIRST HUNDRED DAYS !

President Franklin D Roosevelt first coined this term in July 1933. The expression became a measure of a President’s success and achievements when their power and influence are at their highest point. Rarely has an expression seemed so fitting as in the case of Donald Trump. Since his first days in office he has already signed […]

Discover

Newsletter

A VERY TR(i)UMP(hant) PRESIDENT! 

Donald Trump’s inauguration was barely two weeks ago, but the US President had already stolen the show, saturating the media over the past two months.  On both social and economic issues, Donald Trump was everywhere and the markets, although quick to anticipate, sometimes struggled to keep up. The overwhelming predominance of the United States is nothing […]

Discover

Geopolitics

GEOPOLITICAL INSIGHTS, YEAR 2025

Hollywood is no stranger to producing more or less successful sequels to successful films. In many ways, Donald Trump’s return to the White House is reminiscent of these movie sequels, in which the hero returns in a new plot after a more or less long lapse of time. While it is still too early to […]

Discover

Quarterly Outlook

2024, “Make (US) Equities Great Again” ! – 2025, “Make EAFE Great Again” ?

Once the turkey has been digested, the disillusioned European investor will note that – as usual (16 times out of 17 since 2008!) – US markets are out-performing other markets, the European one in particular. This is routine, although the scale of the S&P500 out-performance in 2024 is quite exceptional: +23% Stateside compared with a […]

Discover

Newsletter

Trump 2.0, the revenge?

Hollywood is no stranger to producing more or less successful sequels to successful films. In many ways, Donald Trump’s return to the White House is reminiscent of these movie sequels, in which the hero returns in a new plot after a more or less long lapse of time. While it is still too early to […]

Discover

Newsletter

US elections and the markets

US elections and the markets Investors are fond of historical data, of market observations over a period of time, and they tirelessly seek out repeatable ‘historical’ patterns. So, when asked ‘Are some months better than others for stock markets?  The answer is yes. There is no doubt that performance is not randomly distributed over the year. […]

Discover

Quarterly Outlook

Fifty basis points and an anniversary

Fifty basis points and an anniversary Half a percentage point: after a long wait, the US Federal Reserve’s decision is finally known: US short term rateshave been cut to a range of 4.75 to 5%. To say that the news had been expected would be an understatement. Jerome Powel’s speech was then heavily scrutinized and […]

Discover

Newsletter

Summer Volmageddon

Summer Volmageddon August has now ended with the US markets at their highest levels ever after a circa 2% rise for the month, US inflation figures published in mid-August are back below 3%, the September rate cut now seems to be on track, and Jerome Powell’s Jackson Hall symposium reassured the last worriers. For someone […]

Discover

Newsletter

No Olympic truce for financial markets

No Olympic truce for financial markets Last month, we made lengthy comments on the French political situation and the uncertainties created in the wake of the 1st round election results. Not surprisingly, no single party or coalition were able to secure an absolute majority after the 2nd round results, the finish order came nonetheless a […]

Discover