Chart of the Week Small Caps (defined as companies with market capitalisations below €2bn) are in positive territory year to … Continue reading Small Caps : the highest discount for 20 years

Chart of the Week The latest earnings season has delivered some positive surprises, with many listed companies posting their highest … Continue reading Eurozone: a disconnect between productivity and profits

Chart of the Week Since last year, Japan has emerged from a long phase of “zero inflation”, or even deflation, … Continue reading Japan: a very controlled rise in rates

Chart of the Week Small Caps (defined as companies with market capitalisations below €2bn) are in positive territory year to … Continue reading Small Caps : the highest discount for 20 years

Chart of the Week The latest earnings season has delivered some positive surprises, with many listed companies posting their highest … Continue reading Eurozone: a disconnect between productivity and profits

Chart of the Week Since last year, Japan has emerged from a long phase of “zero inflation”, or even deflation, … Continue reading Japan: a very controlled rise in rates

Chart of the Week Credit impulse is a concept first introduced by Michael Biggs following the 2008 financial crisis. At … Continue reading United States: can growth withstand a steeply negative credit impulse?

Chart of the Week After having fallen sharply since the spring of 2022, retail sales excluding cars remained flat in … Continue reading Eurozone: No rebound in retail sales

Chart of the Week Having reached heights of over €300/MWh in August 2022, European month-ahead gas prices tumbled back to … Continue reading Europe: renewed pressure on gas prices

Chart of the Week Since its low point reached in October 2022, the Philadelphia Semiconductor Index, made up of the … Continue reading Semiconductors: driving artificial intelligence

Chart of the Week Although it has risen less than the European market since the start of the year, the … Continue reading S&P 500: anatomy of the year-to-date rise

Nymphs of the Prairie, or The Three Nymphs, is a sculpture by Aristide Maillol first exhibited at the 1937 World’s … Continue reading The Three Nymphs: restoration of the sculpture by Aristide Maillol

Chart of the Week The National Federation of Independent Business (NFIB) conducts a monthly survey to gauge small business optimism … Continue reading United States: small businesses expect tighter credit conditions

Chart of the Week Market volatility in the banking sector has been high in recent weeks, notably for Additional Tier … Continue reading AT1 hybrid debt: an improving risk-return profile?

Chart of the Week Since the beginning of the year, investors have been switching from one economic scenario to another: … Continue reading Exceptional volatility of short-term rates

Abstract: On March 10, 2023, the financial markets were affected by the receivership of the Silicon Valley Bank (SVB), now … Continue reading Analysis: Silicon Valley Bank’s Bankruptcy

Chart of the Week At his semi-annual hearing before both houses of the US Congress, Jerome Powell’s tone on the … Continue reading United States: Markets adjust to “higher for longer” rates

Chart of the Week For the second month in a row, the NAHB* Homebuilder Confidence Index is rising above expectations. … Continue reading United States: towards a stabilization of the housing market?

Chart of the Week On 2 February 2023, the European Central Bank (ECB) raised its key interest rates by 50 bps … Continue reading ECB speech: investors shift their initial perception

Bond/currency markets: attractive yields In the eurozone, the ECB speech on 15 December 2022 was more hawkish than expected, promising … Continue reading Market outlook – January 2023

Developments in the US economy will have an impact not only in the US, but across the globe. While the … Continue reading Economic outlook – January 2023

Chart of the Week For the first time in more than a dozen years, U.S. pension funds have returned to … Continue reading US pension funds back in surplus

Chart of the Week 2022 saw equity and bond markets fall in lockstep. The Euro Stoxx Net Return Index fell … Continue reading 2022 in review: value stocks outperform growth

Chart of the Week 2022 saw increasing interest rates and spreads result in negative bond market performance across all segments … Continue reading Fixed income in 2022

Chart of the Week The Federal Reserve increased the federal funds rate by 50 bps at its gathering on 14 December. The … Continue reading Markets doubtful of the Fed

Chart of the Week In just one year, yield to maturity (YTM) levels for European high yield rose from 3% … Continue reading High yield: higher yields lie ahead

Chart of the Week Equity markets have recovered sharply since the start of October. Having hit a low point on … Continue reading Equities: caution remains the watchword

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

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

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

The Lazard Frères Gestion-Institut de France Foundation has been awarded the “Grand Prix de la Philanthropie 2022” in the Art … Continue reading Lazard Frères Gestion-Institut de France Foundation as the “Best Art & Culture foundation” of the year

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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