The Day After #10 – Rethinking the macro and cross-asset research: what we have learned from the Covid-19 crisis

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Covid-19 accelerated markets’ entropy and risk takers will evolve their investment approaches Crises create disruption and Covid-19 is no exception, bringing new complexities, new opportunities and new risks to the investment landscape. From our research angle, we realised that the pandemic triggered: A fast-evolving macro financial environment. A common global ‘health’ shock affecting economies and … Continued

The Day After #8 – Deglobalisation could improve diversification but also exacerbate financial contagion

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In recent years world trade dynamics have definitely shown an accentuated inversion of the globalisation trend and its robust contribution to global economic performance. The Great Financial Crisis (GFC) marked a historic turning point in the degree of global economic integration. Since 2007/08 global trade has entered a period of increasingly protectionist policies (trade barriers, … Continued

The Day After #6 – Inflation: persistent headwinds but a possible inflationary cocktail

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Since the beginning of the coronavirus pandemic, all eyes have been on the unfolding health catastrophe and the consequences of confinement: economies halted, exploding rates of unemployment (in particular in the United States), and rising debt levels. In this extraordinary context, inflation is often overlooked. This is a dangerous mistake, in our view. For investors, … Continued

The Day After #5 – New frontiers for Central Banks

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Central Banks (CBs) are by nature more flexible than governments. Thus, they have been the most proactive in this crisis, reintroducing large-scale asset-purchase programmes financed by money creation (QE policies). With this pandemic, a spectacular change in economic policy has taken place in just a few months: fiscal and monetary policies have become intertwined, and … Continued

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