Category: Market updates by Fabrizio
This is my last weekly comments of the year. At the time of writing, Cagliari Calcio would be relegated to Serie B after losing (again) with honor (once again) against Atalanta this week-end. Except that it has been an incredible eventful and fascinating year on markets. I would like to thank you warmly for your […]
The November US jobs report, released last Friday, was more reassuring than yesterday’s Cagliari Calcio game, where they lost 0-1 against Fiorentina. While the report points to a solid US labor market, Cagliari’s defeat means my favorite team remains dangerously close to the relegation zone. However, headlines can sometimes be misleading. For example, consider yesterday’s […]
While US citizens have recently voted in favor of Trump and a united Republican government to make America great again, some Italian Serie A clubs are relying either on more respected football managers, such as Claudio Ranieri for Roma, or more unpredictable football players, such as Mario Balotelli for Genoa, in order to make their […]
The vast majority (yours truly included) was expecting, or rather fearing, a close race. Trump won the White House hands down, with a larger majority than expected in the Senate and most likely the House too (i.e. a red sweep). I thought Cagliari Calcio would be swept aside by AC Milan this week-end. And they […]
Here we go… the much-awaited US presidential election will take place tonight. That’s certainly the world’s largest guessing game in terms of scenarios, but also the last big hurdle to clear for markets this year before investors could eventually enjoy a Santa Claus rally. Assuming obviously that (1) incoming economic data remain consistent with the […]
In the run-up of the US presidential elections, which is now just two weeks away, the latest US economic data releases continue to please equity investors, while Cagliari Calcio maintains its positive momentum with its first home win of the season (3-2 vs. Torino). Like for the US elections, the race for staying in Serie […]
A lot happened over the last month. There was obviously some bad news (as usual) such as hurricanes, intensifying tensions in the Middle East, energy prices rebounding, growing uncertainties surrounding the US elections outcome, or winter coming… However, instead of playing Lou Reed “walk on the wild side”, I decided rather -like equity investors- to […]
Here are our quick take-aways from yesterday’s Fed meeting: As we were guesstimating lately, the Fed delivered a hawkish 50bps cut. On the news of the dovish headline decision to ease somewhat more aggressively than anticipated (at 8pm CET time), markets reacted accordingly: equity up, bond’s yields down, USD down and gold up (see graph). […]
What a great weekend for Italian sport! Italy won 3-1 against France in Paris in the Nations League with an amazing comeback, while Jannik Sinner became the first Italian man to win the US tennis open title. Speaking about comeback and first time, bond investors may eventually consider Japan Government Bonds (JGBs) too… First of […]
“The time has come for [monetary] policy to adjust” according to Jerome Powell during its speech at Jackson Hole last Friday, opening the door for a rate cut in September. The main uncertainty remains the path of these incoming cuts: gradually in case of a soft landing (and somewhat sticky services inflation) -our base case […]
France is currently drawing a lot of worldwide attention from both sports commentators, with the entry of the “onze de France” into the Euro foot tonight and the incoming Olympic games in Paris, and investors with French political uncertainties weighing on sentiment after French President Macron called a snap election. As a result, European equity […]
