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Monthly Update: April 2017

15 May 2017
Dear Investors, Stock markets remained steady in April, and eurozone equities have been scaling new peaks, driven by a market-friendly first round result in the French presidential elections. Now that the political risks in Europe seem to be somewhat subdued, the eurozone region may be due for a period of extended outperformance. Improving earnings and expectations, combined with overall signs of economic activity picking up, are confirming that the euro zone is in good shape.  Our global long...

Monthly Update: March 2017

17 April 2017
Dear Investors, The start of 2017 brought "more of the same" for global equity investors, as the stock market rally since Trump's victory continued. Investors are responding to evidence of a synchronized recovery in global economic activity, sending the MSCI World (in euro) 4.5% higher in the first quarter. Business- and consumer confidence is high (and rising) on both sides of the Atlantic and the recent European earnings season (Q1) has confirmed the optimistic outlook for European m...

Monthly Update: February 2017

13 March 2017
Dear Investors, February gave us another month of rising equity prices, with all major markets in positive territory year to date. Growth-oriented sectors Technology and Health Care led the way, whilst Oil & Gas stocks weakened. Evidence that the economy is improving is gradually accumulating. The Eurozone Economic Sentiment Indicator is at its highest level since early 2011; the number of building permits in the Eurozone is climbing fast, and German exports hit a new record high ...