Jean-Philippe Bry's blog

Une crise sans précédent dans l’histoire moderne

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À la différence de la crise de 2008 qui a été précipitée par une crise financière, la crise actuelle est essentiellement sanitaire, et c’est cette dernière qui a entraîné une crise économique et l’arrêt de l’activité économique, qui ont, à leur tour, eu un impact sur le secteur financier, au point d’engendrer une autre crise, de liquidités celle‑ci, et beaucoup d’incertitude en ce qui concerne la solvabilité, mais surtout la situation économique. La bonne nouvelle est que les banques centrales et les gouvernements sont intervenus rapidement.

Markets: Knock, Knock, Knocking on the Fed Door. Fed: But I Ain’t Got No More.

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Of course, that was even more true of non U.S. central banks as interest rates in a majority of countries were already at 0%, but it is now also true in the U.S. where the Federal Reserve just lowered rates to 0%.

Brexit Means Brexit... But We Still Don't Know What It Means

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Brexit means Brexit.” – British Prime Minister Theresa May, July 11, 2016 (and repeated numerous times since). It sounded so simple, but to any observer it was anything but. So here we are in the late stages of this tortuous saga when anything is still possible.

Mise à jour du fond Revenu et Croissance Mondial Signature pour l’automne 2018

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Veuillez rejoindre Jean Philippe Bry, Stratège Globale chez Signature, lorsqu’il présente une mise à jour sur le fond Revenu et Croissance Mondial Signature.

 

 

Mise à jour du fond Revenu et Croissance Mondial Signature pour l’automne 2018

 

RENSEIGNEMENTS IMPORTANTS

Mise à jour sur nos perspectives Macro pour l'automne 2018

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Veuillez rejoindre Jean Philippe Bry, Stratège Globale chez Signature, lorsqu’il présente une mise à jour sur les marches globaux et ce que nous anticipions dans les mois qui suivent.

 

 

Mise à jour sur nos perspectives Macro pour l’automne 2018

 

RENSEIGNEMENTS IMPORTANTS

Europe on the mend

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As part of Signature’s continuing effort to keep you and your clients updated with what we are seeing in the global economy, we wanted to share with you a brief video from Drummond Brodeur and J.P. Bry where they discuss key insights from J.P.’s recent European tour. Among the topics discussed are signs of growth in the Eurozone, European monetary policy, the influence of populism, Brexit, and the emergence of regional European champions to better compete with rivals in North America and Asia.

French election and fears of Frexit

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The market is fretting over a possible Le Pen victory in France’s presidential elections scheduled in April and May 2017.  Markets are nervous and sovereign spreads on French government bonds recently reached a 4-year high (see graph below). So what are the risks?  Should investors be looking at this as an opportunity or an existential risk to not only France but the future of the Eurozone?

French government bond yields less German government bond yields

Making equities great again

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Global markets continue to grind higher thanks to an improving global economy and easy financial conditions. Many believe that the Trump election is the underlying reasons for the new highs in U.S. stock markets, and certainly the proposed fiscal policies and deregulation designed to stimulate the economy are creating more confidence in the business and finance communities.  Nevertheless it is also clear that Trump is the beneficiary of a good U.S.

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