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Equity markets: watch out for the swinging doors!

 

The essential

The signal launched by the deterioration in US companies’ margins can for the moment be put into perspective. As long as US 10- year yields remain contained between 2% and 3% and corporate profits improve, which should be the case at least until the autumn given the favourable base effects, the equities cycle can continue.

But this is not without danger. Historically, towards the end of a cycle, there can be sudden movements between «Growth» and «Value» factors. At this stage, between monitoring the rise in US technology stocks, already very expensive growth stocks, or remaining overweight on eurozone equities, which are likely to benefit from a moderate rise in bond yields, our choice is made; we prefer the second option.

 

2017.03 - Strategy Insight - Eric Mijot

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July/August 2017

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Juillet/Août 2017

 

The Article

L'Article

MIJOT Eric , Equity Strategy
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Equity markets: watch out for the swinging doors!
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