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CIO Flash Notes · Michel Schiffelholz
We are launching our Thematic Alpha
4 August 2026
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Article11 March 20241710 views
The first milestone from the March central bank meetings gave satisfaction to markets. The ECB pre-announced, with some conditions, that the first rate cut will take place with the June meeting, as it projects that inflation will revert to…
Article5 March 20241803 views
We were on the road marketing last week, and the following editorial summarises some discussions with investors. Beyond the themes discussed in our editorial, our report discusses three issues: The Automotive sector: We revisit our stance…
Article26 February 20241835 views
The earnings season will soon come to an end in the US, with 90% of companies having reported earnings. It was another robust earnings season, with strong surprises versus earnings and margins expectations. Yet, the investment landscape is…
Quarterly16 February 20242105 views
The very first Renalco quarterly review, in cooperation with Kepler Cheuvreux Solutions, is now available. We are delighted to share our first quarterly review with a look back at the highlights of 2023, our outlook for 2024, as well as…
Article12 February 20242207 views
The US guitarist John Mayer has a great song called “Stop this train” singing “I can’t take the speed it’s moving in”. That must sound familiar! In today’s weekly, we thus ask ourselves what can stop this (US) long train running, led by…
Article5 February 20242014 views
Markets are looking for new catalysts after a busy end to the month. Powell in the first FOMC meeting of 2024 said higher for a “few weeks” longer, and there has been some mixed price action post big tech earnings (Alphabet). But it did…
Article29 January 20241830 views
Newly released information on the US economy suggests a recession is still a distant or unlikely threat. But we don’t expect the good news on the economy to alter the Fed’s marginally dovish stance adopted in December as we head into the…
Article22 January 20241914 views
Christine Lagarde had a difficult start. Our Italian friends all remember her gaffe on spreads. Back then, she described herself as willing to be an “owl” rather than a hawk or a dove, as an owl is “associated with a little bit of wisdom”.…
Article15 January 20241973 views
As we start 2024, everyone has recovered their senses (hopefully!) and the observations that come to mind are fourfold. First, the resilience theme in the US remains alive. A robust labour market and excess savings accumulated during the…
Article8 January 20241903 views
We wish you all a happy and prosperous year 2024! Have you ever left out a glass of milk for Santa Claus on Christmas Eve with your kids? Naturally, the glass of milk would still be full the next morning if you didn’t drink it on Santa’s…
Article11 December 20233810 views
There is always a psychological barrier when you get close to record highs, and equity markets in Europe and the US are now just 3-5% short of early 2002 levels, when interest rates were at 0%. One associated question is how long it will…
Article6 December 20234294 views
Despite the improvement in the Caixin China General Service PMI, the Chinese market continues to face challenges. In November 2023, the PMI increased to 51.5 from 50.4 in the previous month, marking the 11th consecutive month of growth in…
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