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Recent risk-off moves in equities do not shake our equities conviction....

Global equity markets suffered a sharp reversal in early February after notching a string of record highs. .....

On Monday, investors got a rough awakening: Reminiscent of the 1987 Black Monday crash, US equities fell sharply, wiping out all year-to-date gains. Implied volatility, aka. the markets “fear gauge”,  showed the biggest daily increase on record ....

"One country, two systems", a famous phrase coined by the late Chinese leader Deng Xiaoping, has served China well: letting Hong Kong’s western-style economy co-exist alongside a state-controlled system has helped fuel spectacular growth rates in the past decades.....

Is it true that “the easy money has been made?”....

For our first letter in 2018, we have opted to recount the results of a psychological study carried out in 1999 by two American researchers from Harvard University, Christopher Chabris and Daniel Simons.......

Fooled by the Cassandra syndrome...

Economic analysis has been of little help to predict markets in the past 10 years, because Central banks interventions heavily distorted market prices, blatantly disconnecting them from economic reality.....

Fundamentals are still so good that we cannot help wondering if the only worry today is that investors do not seem to be worried. The global recovery is still on track and even seems to be marginally intensifying.....

Over the past month, global growth indicators stayed upbeat and inflation expectations extended a recovery toward targeted levels. We repositioned ourselves for a euro setback against Sweden’s krona and note that equities in Europe and Japan are regaining steam....

US stock indices continue to set new all-time highs....

False starts, but no change in finish line....

Key points: We have downgraded global stocks. U.S. valuations are elevated and a mid-year Federal Reserve (Fed) rate increase appears more likely. .....

Central banks to the rescue…again. Stocks experienced several violent reversals last week before finishing strong.....

The attacks on France by the so-called “Islamic State” have brought about geopolitical developments. In the words of President Francois Hollande, they have committed France to “destroying” the terrorists,

Stocks Tumble as Global Growth Slips: U.S. and European stocks fell sharply last week. In the U.S., the Dow Jones Industrial Average fell 3.71% to 17,245, the S&P 500 Index dropped 3.62% to 2,023, and the tech-heavy Nasdaq Composite Index lost an even....

The global earnings season has mostly disappointed thus far. Even if we exclude the commodity sectors, companies in Europe and the emerging markets have missed forecasts, while Japan’s results were just about in line.....

Stocks Climb Against a Backdrop of Higher Rates.....

Markets finally took a breather after weeks of appreciation. European stocks underperformed, caught in between a sharp repricing in govies yield and a rising Euro. Japanese and EM stocks were more resilient......

Persistent trends across asset classes continued to fuel CTA returns over the recent weeks.......

The recent correction in IT stocks led to a momentum reversal which impacted negatively L/S Equity funds, down -1.3% last week. Market Neutral L/S, which tend to be sensitive to the momentum risk factor, were not left unscathed by sector rotations......

Risk appetite faded over the recent weeks, in a context where investors appear to be securing gains achieved during a strong year for equities......

Risk aversion was rapidly overcome as Tech and Energy stocks rallied. HF were strongly up, driven by the performance of Special Situations, CTAs and Macro funds. Most impacted last week, they fully recovered.....

The cautious move toward monetary normalization led by several central banks did not throw a tantrum on markets.....

State Street Global Exchange today released the results of the State Street Investor Confidence Index® (ICI) for October 2015.......

 

caffeState Street Global Exchange today released the results of the State Street Investor Confidence Index® (ICI) for September 2015.......

 

The growing pessimism seen in the export industry in recent months has ground to a halt. After five consecutive decreases, the Ifo Export Expectations rose from 7.4 to 7.7 balance points in September....

 

The Ifo Business Climate Index for Eastern German trade and industry rose sharply in July to 107.4 points from 105.8 index points in June, almost compensating for the declines of the past two....

 

caffe

State Street Global Exchange has released the results of the State Street Investor Confidence Index® (ICI) for July 2015.......

 

caffeThe Ifo Business Climate Index for German trade and industry fell to 107.4 points in June from 108.5 points last month......

 

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