Communications

Market Commentary April was the worst month since March 2020 for the S&P 500, which ended close to -9% (-13% YTD) as yields in government bonds continued their escalation (US 10-year yield jumped 60 bp during the month). The brunt of the increase was due to real yields as breakeven inflation barely moved during the […]

Market Commentary As March progressed, investors’ focus has shifted from the war in Ukraine and its economic fallout from sanctions on Russia to the rhetoric of the U.S. Federal Reserve, which anticipates further interest rate hikes and more accelerated balance sheet reduction. This has led to a rise in bond yields and a flattening of […]

Market Commentary The continuous back and forth and misinformation between Russia and NATO countries ended with the invasion of Ukraine on February 24th. Although many expected a last-minute diplomatic solution, the intentions of Vladimir Putin were different and the accumulation of troops in such a magnitude was a clear indicator of his intentions, as the […]

Market Commentary Volatility is what better defines the evolution of global equity markets during the month of January. The Federal Reserve is planning to raise rates faster than anticipated and the speech regarding inflation has materially changed as the central bank does not consider anymore that inflation is transitory, though they expect it to cool […]

Market Commentary The month of December witnessed a generalized rally in risk assets, led by the fact that Omicron is much less dangerous than other previous variants. Thus, we saw Developed Market’s equities jumping around 5%, while emerging Market’s equities ended the month flat, after recovering during the second fortnight of the month. 2021 was […]

Market Commentary The main event of the month of November was the appearance of Omicron, the new variant of the corona virus. This new variant caught the market very confident that the pandemic and its economic consequences w ere a thing of the past. This has been coupled with a return to forced confinement in […]