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CIO Flash Notes · Michel Schiffelholz
Thematic Alpha AMC: A Dynamic and Resilient Strategy
15 June 2026
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Article14 October 2024866 views
Recent weeks have seen a significant repricing of Fed rate cut expectations. Until recently, expectations were tilted towards the likelihood of a soft landing, while the news flow actually brought better economic data in the US, the…
Article7 October 20241063 views
With the US presidential election getting closer by the day, tensions in the Middle East are now rising precipitously, which adds another layer of complexity. Over the past two weeks, there has been a significant escalation in the conflict…
Article30 September 2024979 views
As September 2024 ends, it could be remembered as a turning point for China’s longest deflationary streak since 1999. Last week we explained in our weekly that the “Fed going big” offered the optionality to the rest of the world to follow…
Article23 September 2024901 views
The Fed initiated its rate cut cycle with a bang and we explore in this report the broader market implications. Last week, Jay Powell adeptly managed a very difficult communication exercise. Going big, i.e. cutting rates by 50 bps, carried…
Article16 September 2024941 views
Like the legend of the Phoenix, all ends with beginnings ( Get Lucky ). After a volatile summer, US equities have regained strength in recent days, pushing global equity markets close to their mid-July highs. All of a sudden, fears have…
Article9 September 2024981 views
Market conditions have remained volatile since early September, as investors reassess the risk that the US economy ends up experiencing a sharper slowdown than expected. Weak job creation in the past two months has raised fears that…
Article2 September 20241003 views
After the Jackson Hole gathering a week ago, markets were looking to Nvidia as the next big catalyst. But in the end, neither Nvidia nor Jay Powell moved markets very much after a positive string of macro data points sent goldilocks vibes…
Article26 August 2024918 views
Beyond the summer turbulence in risk assets, the main development in recent weeks has been the resurgence of the Democrats in the US presidential race. In this report, we explore the market implications of such turnaround and find that…
Article6 August 20241025 views
Stormy times for markets. Global equity markets took a nosedive in the final two days of last week, with the S&P 500 sliding 3% and the Nasdaq and Stoxx Europe 600 declining by 4%. Still, the most striking feature of recent turbulences…
Article30 July 20241078 views
Micro meets macro? As the earnings season gains momentum, we note that micro level trends are starting to mirror the broader macroeconomic shifts that have been brewing for some time. Cooling inflation is now being reflected in the pricing…
Article23 July 2024990 views
The Paris Olympics will get underway at the end of the week amid an unusually gloomy mood. Not only has tourism been a disaster in June, but everyone is holding their breath, awaiting the back-to-school season with some wariness, and…
Article15 July 20241065 views
A new beginning. With political risks increasingly in check in France and US inflation surprising on the downside, there is room for a reversal in recent trends, which saw US big-tech equities driving global markets to an extraordinary…
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