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Playing like a (economic) superpower
I’m on holiday this week and hadn’t planned on writing anything this morning. But between Cagliari’s start to the season and what’s about to happen at the Fed (and the BoJ, for that matter), the circumstances struck me as exceptional enough to warrant a few lines anyway. As I write this, interest rates aren’t the […]
The Energy Sword of Damocles
Equities and credit are trading near their highs, but above that apparent calm hangs at least one genuinely uncomfortable thread: energy prices. The trigger isn’t hypothetical as the Strait of Hormuz has been effectively paralyzed since end of February, with daily tankers crossings down from about 60 to basically none, Gulf crude exports divided by […]
L’occidente sta davvero esaurendo le scorte di missili?
I principali media statunitensi denunciano il progressivo esaurimento delle scorte militari del Paese, in particolare di intercettori avanzati per la difesa e missili di precisione a lungo raggio, conseguenza del prolungato conflitto con l’Iran. Sul fronte ucraino, il Paese subisce attacchi aerei russi su vasta scala quasi ogni giorno e la scarsità di intercettori di […]
Too much of a good thing
Sometimes the scoreline lies. Yesterday’s Serie A clash between Cagliari and Inter ended in a narrow, almost respectable 1-0 defeat for my beloved team. The kind of result that, taken at face value, suggests a tight, competitive affair. Dig into the underlying numbers, however, and a far less flattering picture emerges: 31 shots, 7 on […]
Cycles that don’t come home
Last week, in Sticky Rates Despite Slippery Growth, we flagged a puzzle: US data was turning noticeably gentler (weak July payrolls print, in-line and reassuring CPI, and a surprise drop in July retail sales), yet the 10y Treasury yield refused to budge from its highs. If anything, the picture has grown more stubborn since. The […]
Edoardo Proverbio, Responsabile Area Investimenti di DECALIA SIM su Class CNBC
Grazie mille alla redazione di Class CNBC, e in particolare a Carla Signorile, per aver ospitato questo pomeriggio Edoardo Proverbio, Responsabile Area Investimenti di DECALIA SIM, per commentare gli ultimi sviluppi sui mercati finanziari. Un sentito grazie a Carla per la gentile ospitalità e per l’interessante confronto!
Sticky rates despite slippery growth
Three weeks ago, in Beware of Certainties (27 July), we flagged how hard it had become to hold tactical convictions on rates, with investors pricing in two Fed hikes before year-end on the back of persistent inflation concerns with hardly anyone contemplating a hard landing. Since then, the data flow has told a more nuanced […]
Roberto Magnatantini, Lead Portfolio Manager di DECALIA su Class CNBC
Grazie mille alla redazione di Class CNBC, e in particolare a Annalisa Lospinuso, per aver ospitato Roberto Magnatantini, Lead Portfolio Manager di DECALIA, per commentare gli ultimi avvenimenti sui mercati finanziari. Grazie a Annalisa per la gentile ospitalità giovedì scorso!