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CIO Flash Notes · Michel Schiffelholz
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4 August 2026
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Article3 June 2025800 views
The ECB governing council will meet this week, and we expect them to cut policy rates by 25bps for the fourth time this year. This will bring the deposit rate to 2%. Inflation is actually receding fast to the ECB target, at 1.9% in May…
Article26 May 20251019 views
Half-way through Trump’s 90-day grace period for reciprocal tariffs, trade negotiations appear to be stalling, and markets are getting nervous, again. Trump is losing patience and threatened to impose a 50% tariff on EU goods at the end of…
Article20 May 2025978 views
Renalco has introduced a new free subscription service aimed at providing timely and relevant financial insights . Through this service, subscribers will receive a Monthly Digest featuring a curated selection of articles published on our…
Article19 May 20251018 views
The relief rally has legs. US equities continued to outperform last week, supported by reassuring macroeconomic and corporate earnings releases. Despite the adverse effects of trade-related uncertainty, which have pundits on alert for a…
Article12 May 20251015 views
Trade war détente to assuage market concerns. White smoke poured from the chimney of the Sistine Chapel last week. But it also came out of the White House chimney. In effect, the UK eventually clinched the first trade deal with the US…
Article5 May 2025866 views
The rebound in US equities has been almost as fast as the drawdown in early April, suggesting that too much pessimism was priced in. Macro data releases and the ongoing earnings season have been supportive, with no signs of a significant…
Article29 April 2025926 views
Our “Make Europe Great Again” or MEGA selection - ( see article on March 28) outperforms the Stoxx600 thanks to several factors: German recovery plan: The 500 billion euro plan continues to stimulate investments in infrastructure and…
Article28 April 2025824 views
In recent days and weeks, Trump has signalled a willingness to compromise on trade tariffs , which fuelled a market rebound. Press clips showing how Scott Bessent and Howard Lutnick (Treasury and Commerce Secretary, respectively) managed…
Quarterly9 April 2025840 views
The first quarter of 2025 was marked by the return of Donald Trump to the presidency of the United States, who implemented deregulation measures and increased customs duties in several countries, including China and the European Union.…
Article7 April 2025856 views
Managing uncertainty is at the core of the process of investing. Last week, Trump unveiled new trade tariffs on the so-called “Liberation Day”, taking investors into uncharted territory. The Economist rebranded it “Ruination Day”: equities…
Article28 March 20251741 views
How to position yourself in the context of the European Economic Revival In a scenario of reallocation of investment flows towards European stocks deemed undervalued following the overperformance of American stocks, some analysts are…
Article24 March 2025874 views
Apart from some exotic commodities like coffee, gold has been the best performing asset year to date, up 15% as we go to press. With rising trade uncertainties and a higher (though still low) probability of a recession in the US, this…
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