Exposure rates of the Dorval Asset Management Range – 8th March 2019

« Adapter le savoir économique aux réalités des marchés et s’affranchir de la dictature des indices »
François-Xavier Chauchat
Membre du comité d’investissement. Cadrage macroéconomique et allocation d’actifs.
After months of panic drove world stock-markets down and then up, it looks like they have finally embarked on a phase of consolidation.

Now that fears of a world recession have eased on the back of moves from central banks and hopes of an agreement between the US and China, equity valuations have returned to their historical averages in terms of P/E (cf. chart 1). After recovering from this ordeal, the time has now come to get to grips with reality on both trade tension and the currently much-debated question of the growth outlook for Europe.

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