According to BCA Research’s Counterpoint service, the sharp underperformance of the French stock market over political uncertainty is irrational, given the CAC 40’s limited exposure to French domestic economics and…
Although luxury goods producers are facing headwinds, the top end is still holding up well. Hermes, which represents the top-end of the luxury sector, reported a 16% increase in sales in the third quarter, of which half came…
Highlights Stay tactically neutral to equities. The market may meet some short-term resistance, especially as a slew of poor earnings are released in the coming weeks. The long-term threat to equities comes from the pandemic’s…
Dear Client, I am travelling this week so this report is a joint effort juxtaposing two contrasting observations about France. The ‘opulence’ part highlights France as the world’s dominant producer of luxury goods, and…
Highlights Equities can continue to outperform bonds for a few months longer. The pro-cyclical equity sector stance that has worked well since last October can also continue for a few months longer. Overweight pro-cyclical Sweden…