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MACRO & MARKET RESEARCH

Find here all the latest publications from our expert Macro & Market Research team:

THE MACRO & MARKET RESEARCH TEAM

A team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial markets.

The team translates macro and quant views into investment ideas that feed into the investment process.

MACRO VIEW VIDEO – 03 June 2020

 

with Vincent Chaigneau, Head of Research at Generali Insurance Asset Management

Market Perspectives and Investment View

Economic Hardship vs. Policy Deluge
Defying the deepest global post-war recession, risk assets have continued to climb the wall of worries.
Limping out of the lockdown
China’s official NBS PMIs bounced back in March. The manufacturing PMI rose to 52.0, up from 35.7, while the non-manufacturing increased to 52.3 after 29.6 in February.
WEBINAR REPLAY: Will the Covid-19 affect the geopolitical landscape?
China’s official NBS PMIs bounced back in March. The manufacturing PMI rose to 52.0, up from 35.7, while the non-manufacturing increased to 52.3 after 29.6 in February.
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Core Matters

International health insurance demand and future evolution
The economics of health is different, and complicated by adverse selection and moral hazard issues.
Germany’s fading shine
The protracted weakness of inflation during the past cyclical upswing caught central banks and investors by surprise.
Where has inflation gone?
The protracted weakness of inflation during the past cyclical upswing caught central banks and investors by surprise.
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Focal Points

Focal Point: German CC ruling: How much pain for the ECB?
The German Constitutional Court (CC) judged the ECB’s Public Sector Purchase Program (PSPP) as partly unlawful as the German parliament did not demand a justification of it by the ECB but also ruled that it was no state financing.
State-aid framework under Covid: what impact on credit markets?
State-aid framework under Covid: what impact on credit markets?
The Dutch pension fund industry reform proposal
The Dutch pension fund industry is facing yet another reform
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Market commentaries

(Weekly Pandemic) Market Commentary - Rating Agencies show their teeth
More countries discussing and implementing lockdown exit strategy: slow and cautious.
ECB: Additional liquidity and credit support measures while speculations about HY purchases were kept alive
At today’s policy meeting the ECB embarked on additional credit support measures. It set up a new so called pandemic emergency longer-term refinancing operations (PELTROs) program. It consists of seven additional refinancing operations starting in May 2020 and maturing in a staggered sequence between July and September 2021 in line with the duration of the collateral easing measures.
The Fed highlights the priorities and limits of its action
In the April meeting chair Powell reiterated the priorities of the Fed. The press release presented an assessment on the fallout of crisis, which was more downbeat than in March, highlighting the “considerable risks” for the medium term outlook of the economy.
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Market Compass

Market Compass May 2020
Edited by the Macro & Market Research Team. The team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues.
The team translates macro and quant views into investment ideas that feed into the investment process.
Market Compass April 2020
Edited by the Macro & Market Research Team. The team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues.
The team translates macro and quant views into investment ideas that feed into the investment process.
Market Compass March 2020
Edited by the Macro & Market Research Team. The team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues.
The team translates macro and quant views into investment ideas that feed into the investment process.
LOAD MORE

Macro view videos

Macro View Video 03.06,2020: Update with Vincent Chaigneau
In this video Vincent Chaigneau, Head of Research, takes a look at the impact of Coronavirus on the world economy and markets, possible policy actions and what might just be a silver lining. Find out more!
WEBINAR REPLAY - Credit market: the bridge over troubled water?
Webinar with Paolo Scaroni, Deputy Chairman of Rothschild & Co, Chairman of Giuliani, Chairman of AC Milan and former CEO at Eni, and Anna Maria Reforgiato Recupero, Head of Strategic Investors Group at Generali Investments Partners
WEBINAR REPLAY - Down and under: what is happening to the oil industry market structure?
Webinar with Paolo Scaroni, Deputy Chairman of Rothschild & Co, Chairman of Giuliani, Chairman of AC Milan and former CEO at Eni, and Anna Maria Reforgiato Recupero, Head of Strategic Investors Group at Generali Investments Partners
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