From recovery to resiliency: the promise of EM sustainable ...
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Today, all eyes are on Europe. While the strongest national European football teams are animating a great competition, which is also signalling a sort of return to normality for Europeans, investors’ appetite for European equities is back and for good reason.More 5 to 10 minutes
Initiated in April based on a cheap quality cyclical stock rebound, the value rotation in Europe has accelerated, favouring deep value names – the segment most impacted by the Covid- 19 crisis – in early November, after the announcement of the development of an effective vaccine. Since the beginning of this year, we are in the third stage, led by financials and banks in particular, supported by higher rates and inflation expectations. This means that the rotation is broadening.More < 5 minutes
When we look fundamentally at the risks and rewards in equity markets for 2020, we find that value offers better opportunities than growth as implied expectations are lower and therefore more attractive for value at this point.More > 10 minutes
We believe we have entered a mature stage of the financial cycle amid central bank monetary policy normalisation (more advanced in the US) and decelerating economic growth globally.More > 10 minutes