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Eurozone: inflation has become broad-based

Chart of the Week While the eurozone’s inflation surge (+10.6% since October 2021) is mainly driven by soaring prices in … Continue reading Eurozone: inflation has become broad-based

Bank loans are back in favour with European companies

Chart of the Week According to third-quarter ECB data, eurozone bank lending to businesses has increased by €392 billion (+8.2%) in … Continue reading Bank loans are back in favour with European companies

Eurozone: companies become cautious about borrowing

Chart of the Week The ECB euro area bank lending survey shows that banks are tightening their credit standards for … Continue reading Eurozone: companies become cautious about borrowing

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Eurozone: inflation has become broad-based

Chart of the Week While the eurozone’s inflation surge (+10.6% since October 2021) is mainly driven by soaring prices in … Continue reading Eurozone: inflation has become broad-based

Bank loans are back in favour with European companies

Chart of the Week According to third-quarter ECB data, eurozone bank lending to businesses has increased by €392 billion (+8.2%) in … Continue reading Bank loans are back in favour with European companies

Eurozone: companies become cautious about borrowing

Chart of the Week The ECB euro area bank lending survey shows that banks are tightening their credit standards for … Continue reading Eurozone: companies become cautious about borrowing

Small caps: a source of opportunity

Chart of the Week Since the beginning of the year, small caps (companies with small market capitalisations) have fallen more … Continue reading Small caps: a source of opportunity

Macroeconomic focus – October 2022

Favourable conditions for further rate hikes September’s employment report reflects a resilient US economy and stubborn inflation that the Fed … Continue reading Macroeconomic focus – October 2022

Signs of a eurozone economic downturn are accumulating

Chart of the Week The latest eurozone data indicate a weakening economy with PMI readings now at levels reflecting a … Continue reading Signs of a eurozone economic downturn are accumulating

Bond markets: carry makes a return

Chart of the Week In recent years, low and even negative interest rates had curbed the appeal of investing in … Continue reading Bond markets: carry makes a return

Extreme volatility hits bond markets

Chart of the Week The UK government’s newly announced mini-budget, consisting mainly of unfunded tax cuts, received a frosty reception … Continue reading Extreme volatility hits bond markets

Short-term rates higher for a longer time in the United States

Chart of the Week On Wednesday 21 September, the Federal Reserve raised its key interest rate by 75 basis points … Continue reading Short-term rates higher for a longer time in the United States

Gas prices under pressure

Chart of the Week In August, gas prices reached new highs across Europe, exceeding €300 per megawatt hour. The surge has driven up … Continue reading Gas prices under pressure

Supply chain pressures continue to ease

Chart of the Week Since 2021, supply chain issues and soaring logistics costs have contributed to rising inflation, especially among … Continue reading Supply chain pressures continue to ease

The value of inflation-linked bonds

Chart of the Week In August, the annual inflation rate across the eurozone hit 9.1%. The upward trend emerged in … Continue reading The value of inflation-linked bonds

European Banks: Healthy Balance Sheets

Chart of the Week Despite a less favorable economic environment (monetary tightening, end of state aid linked to the health … Continue reading European Banks: Healthy Balance Sheets

Still a Very Favorable Financial Situation in US Households

Chart of the Week The US authorities’ response to the Covid-19 crisis was to provide substantial financial assistance to US … Continue reading Still a Very Favorable Financial Situation in US Households

Europe: gas prices jump again

Chart of the Week Since mid-June, gas prices have resumed their upward trend in Europe. One-month delivery contracts rose from … Continue reading Europe: gas prices jump again

United States: Households expect inflation to become increasingly persistent

Chart of the Week While the very strong inflation figures for May (8.6% over 12 months) were widely commented on, … Continue reading United States: Households expect inflation to become increasingly persistent

Germany: Job vacancies continue to rise in May

Chart of the week Inflation, monetary tightening and the downturn in some economic indicators raise questions about the trajectory of … Continue reading Germany: Job vacancies continue to rise in May

Corporate Debt: The End of Negative Rates

Chart of the week Since April, negative interest rates have disappeared from a broad segment of worldwide corporate debt. This … Continue reading Corporate Debt: The End of Negative Rates

U.S. inflation: Moving past the peak does not mean the end of inflation

Chart of the week After several months of acceleration that took inflation to over 8% overall and over 6% excluding … Continue reading U.S. inflation: Moving past the peak does not mean the end of inflation

The Skyrocketing Euribor

Chart of the week Since the beginning of 2022, the 12-month Euribor has risen by 72 basis points, from -0.50% … Continue reading The Skyrocketing Euribor

Eurozone: A good composite PMI masking contrasting trends

Chart of the week Two months after the start of the conflict between Russia and Ukraine, the publication of the … Continue reading Eurozone: A good composite PMI masking contrasting trends

The Comeback of the Pharmaceutical Sector

Chart of the week Since the beginning of 2022 the European pharmaceutical sector (Stoxx Europe Total Market Pharmaceuticals) has strongly … Continue reading The Comeback of the Pharmaceutical Sector

Increasing risks to Chinese growth

Chart of the week PMI* surveys show a clear deterioration of the Chinese economy in March. Averaging the indices calculated … Continue reading Increasing risks to Chinese growth

High Yield: European Securities Little Affected by the Crisis in Ukraine

Chart of the week After reaching a particularly low level at the end of January 2022 (1.20%), the default rate … Continue reading High Yield: European Securities Little Affected by the Crisis in Ukraine

ESG revolution: both a technical challenge and an opportunity for European banks

Part II: mortgages, a new tool for sustainable development Summary: In Europe mortgages represented nearly €9,000 billion outstanding at the … Continue reading ESG revolution: both a technical challenge and an opportunity for European banks

United States: Urgently Looking for Houses to Sell

Chart of the week U.S. real estate statistics show a significant slowdown in sales. The number of transactions involving existing … Continue reading United States: Urgently Looking for Houses to Sell

Fixed Income Markets: Rates Rise Again

Chart of the week The outbreak of war in Ukraine caused rates to fall in the safest segments of the … Continue reading Fixed Income Markets: Rates Rise Again

Lazard Frères Gestion again awarded “Best asset management company in Europe” at the European Fund Trophy 2022

For the 12th consecutive year, Lazard Frères Gestion has been awarded the European Funds Trophy as “Best Management Company in … Continue reading Lazard Frères Gestion again awarded “Best asset management company in Europe” at the European Fund Trophy 2022

Risk-free bonds: historic losses in the United States

Chart of the week The tightening of monetary policy by central banks is leading to a general rise in interest … Continue reading Risk-free bonds: historic losses in the United States

Eurozone: inflation still accelerating

Chart of the week The Russia-Ukraine conflict has led to a sharp rise in oil and gas prices, which will … Continue reading Eurozone: inflation still accelerating

European Banking Sector : A Swift* Story

In the context of the Russia-Ukraine conflict, the European Union has announced the exclusion of several Russian banks from the … Continue reading European Banking Sector : A Swift* Story

United States: Money Supply Growth Still Very Strong

Chart of the week The Federal Reserve is winding down its securities purchases as its balance sheet approaches $9 trillion, … Continue reading United States: Money Supply Growth Still Very Strong

Video | Economic and Market Outlook January 2022

As the year begins, all eyes are on inflation. The last few months have shown this to be more enduring … Continue reading Video | Economic and Market Outlook January 2022

Market outlook S1 2022

Part 1 : room for growth in long-term rates The Federal Reserve has gradually shifted its stance to prepare the … Continue reading Market outlook S1 2022

Economic outlook S1 2022

Part 1 : easing concerns about the Omicron variant The extremely contagious nature of the Omicron variant and its greater … Continue reading Economic outlook S1 2022

January 2022: Double Punishment for Fixed Income Markets

Chart of the week January was characterized by a rise in risk-free rates and a rise in spreads (excess returns … Continue reading January 2022: Double Punishment for Fixed Income Markets

Equity markets: a solid start to the year for value stocks

The first weeks of 2022 saw a rise in cyclical sectors and a fall in growth stocks. Several factors drove … Continue reading Equity markets: a solid start to the year for value stocks

Eurozone: Unemployment Rate at its Lowest Level Since the Early 1980s

Chart of the week Eurostat has been calculating the unemployment rate for the eurozone since 1998: the figure of 7.0% … Continue reading Eurozone: Unemployment Rate at its Lowest Level Since the Early 1980s

Make value great again!

Chart of the week Since December 2021, cyclical stocks, known as value stocks (banks, energy, and automobiles in particular), have … Continue reading Make value great again!

United States: Fastest drop in unemployment rate since 1950

Chart of the week The last six months have seen the US unemployment rate fall by 2 percentage points, from … Continue reading United States: Fastest drop in unemployment rate since 1950

European banks: a stable stock of government-backed loans

Chart of the week One of the key measures taken in Europe to deal with the health crisis was the … Continue reading European banks: a stable stock of government-backed loans

Macroeconomic focus – October 2021

Higher rates on the horizon US economic data suggest fourth-quarter economic growth will be very high at approximately 7% on … Continue reading Macroeconomic focus – October 2021

In 2021, risk has paid off in Fixed Income markets

Chart of the week Last year, the various segments of the Fixed Income market performed in divergent manners in Europe, … Continue reading In 2021, risk has paid off in Fixed Income markets

A well-oriented indicator a few days before Christmas

Chart of the week Each year, the end of December is characterized by its festivities. These have the tendency to … Continue reading A well-oriented indicator a few days before Christmas

United States: Weekly unemployment figures hit new lows

Chart of the week Weekly jobless claims reached levels not seen since the late 1960s, with a low point of … Continue reading United States: Weekly unemployment figures hit new lows

Omicron variant pushes sovereign interest rates to abnormally low levels

Chart of the week With the announcement of the new Omicron variant on November 26, fixed income market interest rates … Continue reading Omicron variant pushes sovereign interest rates to abnormally low levels

Euro zone: inflation continues to accelerate

Chart of the week The early release of Euro zone inflation figures shows a further acceleration in inflation. The year-on-year … Continue reading Euro zone: inflation continues to accelerate

Pharmaceutical sector: a victim of Covid?

Chart of the week Despite being in the news since March 2020, the pharmaceutical sector is not one of the … Continue reading Pharmaceutical sector: a victim of Covid?

Rebound of the epidemic in Europe

Chart of the week A bit like a déjà vu.… In the last few weeks, a strong rebound of contagions … Continue reading Rebound of the epidemic in Europe

Central banks: The BoE springs a surprise

Chart of the week On 4 November, the Bank of England (BoE) surprised markets by keeping its policy rate unchanged … Continue reading Central banks: The BoE springs a surprise


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