So far, so good! Both US companies’ earnings and economy continued to defy downbeat investors’ expectations (included mine) last week. However, as I mentioned one week ago, US equity remains at risk due to its historical and relative stretched valuation, especially in case of any disappointments down on the road (weaker growth, margin compression, regional […]
1st of May… should your humble servitor work and deliver its weekly letter? The Labor Day is an annual holiday in most countries with several markets being closed today, Switzerland included. But here in Geneva, we are working while the public sector enjoyed a day off despite the current left government has just lost its […]
Cette édition jubilaire est l’occasion de revenir sur tout ce qui s’est passé – sur les marchés financiers et dans le monde en général – au cours des 100 derniers mois. Une période décidément riche en rebondissements ! Notre premier Investment Insights est paru quelques semaines seulement après l’abandon par la Banque nationale suisse (BNS) […]
We are delighted to announce that DECALIA has once again been selected by Citywire Switzerland in the top 50 Swiss Independent Asset Managers #2023 ranking🔥🔥! #Innovating is at the core of DECALIA’s investment #philosophy, and we are proud to be recognised for our efforts both in public and private markets. Great teamwork!!
Markets have gone nowhere over the last few days, with equity indices, long rates and major forex crosses experiencing contained daily variations and an overall sideways trading after a strong start of the year for both equity and bond investors. That’s certainly a symptom of a lack of conviction among them about what comes next […]
There are several signs that the most acute part of the US banking turmoil may be behind us: markets have rebounded, the VIX is back to its lowest level since January 2022 (17.1), the amount of bank lending from the Fed emergency lending facilities has declined, US bank deposits are increasing again after weeks of […]
Food for thoughts or spurious correlation? Japan inflation driven essentially by… food prices in Tokyo Back from the dead? Japan CPI Housing Y/Y% BoJ inflations’ anchor, gone with the wind? Japan Consumers Inflation Expectations These trends aren’t BoJ friends Measures of Underlying Japan Inflation: Trimmed Mean CPI, Weighted Median CPI and Mode CPI Measures of […]
La ruée sur la Silicon Valley Bank (SVB) s’est déroulée pour beaucoup en ligne, mais sur le fond, elle ressemble à ce que des générations d’enfants ont vu dans le film Mary Poppins. Lorsque le jeune Michael proteste qu’il veut récupérer ses sous (pour nourrir les pigeons !), d’autres clients se demandent si leurs propres […]
One year after the first Fed’s rate hike, the aggressive fast monetary policy tightening finally bit… What are the consequences on the overall macroeconomic backdrop from current banking-stress? While their magnitude and extent will obviously depend on the depth of these scars on the financial system, as well as the time to close it, we […]
