Last week, in Sticky Rates Despite Slippery Growth, we flagged a puzzle: US data was turning noticeably gentler (weak July payrolls print, in-line and reassuring CPI, and a surprise drop in July retail sales), yet the 10y Treasury yield refused to budge from its highs. If anything, the picture has grown more stubborn since. The […]
Three weeks ago, in Beware of Certainties (27 July), we flagged how hard it had become to hold tactical convictions on rates, with investors pricing in two Fed hikes before year-end on the back of persistent inflation concerns with hardly anyone contemplating a hard landing. Since then, the data flow has told a more nuanced […]
The second-quarter US GDP print looked, at first glance, like a disappointment: growth came in at just +1.5% annualized. But headline numbers can be poor storytellers. Strip out the noise, and the US economy is not slowing… It is accelerating where it matters most. US Q2 advanced GDP breakdown: stronger than suggested by the headline […]
In financial markets, as in society at large, AI is the current buzzword. Its promises are certainly huge and its impacts on company business models already starting to materialise across a number of sectors. What of life sciences? Could AI accelerate the drug discovery process or are the days of real-world laboratory experimenting far from […]
It’s currently hard to hold tactical convictions on markets, given the many uncertainties related to (1) the gyrations of the US-Iran war, which influence the trajectory of energy prices and, by ripple effect, the stance of monetary policy, and (2) the AI theme dominating headlines, driving dispersion within the IT sector and concentrating risk. In […]
Private credit is booming – and under fire. DECALIA’s private credit lead Reji Vettasseri tells finews why the criticism of the asset class is part exaggeration, part opportunity – and why his third fund should be as big on day one as his first was at its close.
No flash of genius from the Messi(ah) or miracle for the wrestlers of the Albiceleste, who logically go down, but painfully, against La Roja. A deadly, dull match where the only real spectacle was the surreal, American-style halftime show… In the meantime, bombings, retaliation, offensive attacks and blockade have resumed in the Strait of Hormuz […]
No miracle for the Nati (Swiss soccer team’s nickname). Once again, the football gods smiled on Lionel Messi and his teammates, while Switzerland left the World Cup with the familiar cocktail of pride, frustration and the nagging feeling that perhaps the better team hadn’t necessarily won. Investors know also this feeling. So far this year, […]
By Quirien Lemey, Senior Fund Manager Global Equities at DECALIA For the past two years, global equity markets have been largely driven by a handful of large-cap technology stocks. This concentration has been fuelled by the rise of artificial intelligence, but it now raises a key question for investors: where will the next drivers of […]
