INSIGHTS AND DOCUMENTS

UPDATES FROM THE FINANCIAL WORLD

Global View

Anatomy of a strange recession

The covid-19-induced recession is a very unusual one, not only because of how it started (a very rare instance of supply-demand shock), but also for the response to this crisis by policymakers.

Market Insight

LESSONS LEARNT?

Nowadays, the US markets are more reminiscent of the late '90s. In the previous issue, we spoke about the "new paradigm" used for evaluating shares, i.e.: looking at long term expected earnings potential and not the real numbers coming out each quarters.

Global View

RED LINES

Unchanged. Looking at just YTD performances, 2020 seems a very boring year, with all major indices and asset classes at, or just below.

Market Insight

Update on emerging markets credit

Jacopo Turolla, Senior Portfolio Manager, AZ Life Azimut’s life insurance

Global View

WIND OF CHANGE

Last week, German Chancellor Angela Merkel and French President Emmanuel Macron in a joint call agreed to support a 500 billion-euro aid package (Recovery Fund) to help the European Union recover after the covid-19 pandemic.

Global View

MUCH ADO ABOUT NOTHING

On May 5th the Germany’s constitutional court finally gave its long-awaited verdict on the legality of the ECB’s QE undertaken in 2015. The press release contains several issues. Speaking constitutionally, the most important topic is about who has the ultimate decision power amongst EU bodies:

Global View

WAITING FOR GODOT

After a wild ride in the first part of the year, and a lot of speculation about what impact the Covid-19 will have on EPS, the ongoing reporting season will hopefully shade some light, even if only the last few weeks of the quarter was really affected by the lockdown.

Global View

BETWEEN A ROCK AND A HARD PLACE

After the huge month-long drawdown ended in late March, the rebound that we advocated few weeks back has realized. Fed interventions to rein in the liquidity shortfall was the smoking gun.