Le ultime opinioni, ricerche e approfondimenti sugli investimenti degli esperti della nostra piattaforma.
Chief Investment Officer based in Aperture’s London office
Two FOMC hikes later and 10% lower
Here we are, we have closed the second quarter and the first half of the year with the European equity market down 13.8% YTD.3 All of the market rally staged in late Q1/March was given back in May and June as market participants eventually digested two FOMC meetings; and just two FOMC meetings seem to be all it took for us to bid farewell to “stagflation” and replace it with the new macro topic du jour: “recession”!
Chronologically, the Fed first hiked rates +50bps on Wednesday 4-May, and on this occasion, the market tantrum came in a slightly delayed form on the following Friday and Monday. Then the following month, the Fed announced another faster rate hike of +75bps on Wednesday 15-Jun, and this time the market reaction happened in anticipation a week earlier on Friday 10-Jun with the higher US CPI data for the month of May acting as the precursor for imminent, more restrictive policy.
© Generali Investments, tutti i diritti riservati. Questo sito web è fornito da Generali Investments Holding S.p.A. in qualità di holding delle principali società di gestione del risparmio del Gruppo Generali che detengono, direttamente o indirettamente, la maggioranza delle partecipazioni nelle società sotto elencate (di seguito, congiuntamente, "Generali Investments"). Questo sito web può contenere informazioni relative all'attività delle seguenti società: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (inclusa Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S. p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* e tra le sue controllate Global Evolution Asset Management A/S - incluse Global Evolution USA, LLC e Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC e Generali Investments CEE. *Comprende Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc. e Goodwin Capital Advisers, Inc. (collettivamente, "Conning").
