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Market Insights – October 26, 2020

Industrial metals – and especially copper – are continuing on their uptrend, reaching their highest level in more than two years as demand picks up and inventories remain low. Prices are still very far from their all-time highs, however…

Market Insights – October 19, 2020

Just over 50 S&P 500 companies have now published their earnings, and a solid upward trend is emerg-ing. Just like in the previous quarter, the results are coming in well above the consensus forecasts, which don’t seem to have factored in the uptick in economic growth…

Investment strategy 4th quarter 2020

The global economy is picking up much faster than expected. The authorities responded quickly and decisively – in terms of both monetary policy and fiscal stimulus ­­– to soften the economic blow when a large part of the global population went into lockdown for close to two months. In most developed countries, both the manufacturing sector and retails sales have improved…

Market Insights – October 12, 2020

The Q3 earnings season kicks off this week in the US. The country’s economy has clearly picked up since the summer, and this should be reflected in corporate earnings. Alt-hough earnings are still down 20% compared with a year ago, we think there will be a number of positive surprises, which should push up the stock markets in the short term…

Market Insights-September 28, 2020

The US dollar has been buoyed by the more uncertain stock-market climate. Last week it rose against most other currencies. It’s not surprising that the greenback has bounced back, after it fell close to 10% against the euro over the summer…

Market Insights-September 21, 2020

Pound sterling is still a good gauge of how the Brexit talks are going. When Boris Johnson decided to overrule part of the Brexit deal, the pound dropped sharply. But it bounced back last week as some headway was made in the UK’s talks with the EU…

Market Insights-September 14, 2020

Confidence indicators are back in neutral territory following two straight weeks of losses on the S&P 500 (and the Nasdaq). However, this consolidation is probably not enough – we think it’s still too early to return to US equities, which re-main over-priced…

Market Insights – September 7, 2020

The French government unveiled an historic stimulus package. It’s worth 4% of GDP and will be rolled out over the next two years to boost the economy, which has been hit hard by the public-health crisis…

Market Insights – August 31, 2020

The US dollar is still under pressure. It is hovering just above its recent lows, particularly against the Swiss franc. The psychological threshold of 0.90 could be a support level, as investors remain extremely bearish on the greenback…

Market Insights – August 24, 2020

The US dollar has stabilised over the past few days. We think a brief tech-nical rebound could be possible after the dollar’s sharp depreciation in recent months…