Insights from our equity investment teams around the globe
A decade of QE (part 1). The impact on European equities
Since the Global Financial Crisis, the central banks of the major developed countries have pursued an extreme monetary policy. But what have been the unintended consequences?
A decade of QE (part 2). Where do we go from here?
Following on from part 1 in a series where we look at the impact that extreme monetary policy has had on European stock markets we focus now on where we go from here. Will it be more of the same old or are we likely to see some change in policy?
The 'haves' and 'have nots'
European equity markets today are divided between the haves and the have-nots. The ‘valuation elastic’ between the two extremes of the market is back to TMT Bubble territory – and we all know what happened after that…
Central banks [are] not the only game in town
Mario Draghi’s ‘parting gift’ of more QE, another rate cut, deposit tiering, and a more favourable TLTRO scheme was coupled with a strong message to governments across Europe: “It would be nice if the economies at large did not have to rely on central banks yet again in order to resist the next shock.”