Points of view of Dorval AM experts

Top point of view
13/05/2022
Exposure rates of the Dorval Asset Management Range – 13th May 2022
US inflation did not ease as significantly as expected in April, as the pace slowed to 8.3% yoy. March’s figures could well have marked the peak in inflation, but increases in the core component – i.e. excluding energy and food – of 0.6% on the month and 6.2% yoy are still the Fed’s chief bugbear. In particular, rising goods prices are trickling through to services (+0.7% on a monthly basis, the highest since 1990) and fueling fears of excessive inflation for the long term.
Top point of view
09/05/2022
Exposure rates of the Dorval Asset Management Range – 6th May 2022
The world economy is facing an inflation triple whammy from commodities, supply difficulties and pressure on the labor market, although the respective contribution and impact of each of these three different inflation types vary considerably from one region to another.
Top point of view
02/05/2022
Exposure rates of the Dorval Asset Management Range – 29th April 2022
This season’s corporate earnings reports broadly reassured investors, who nevertheless remain quite naturally cautious in the face of macroeconomic and geopolitical risks. The question now is just how far the markets have already priced in these risks.
Top point of view
25/04/2022
Exposure rates of the Dorval Asset Management Range – 22nd April 2022
Two months on from the invasion of Ukraine, the rising cost of living is dragging down European household sentiment, while business climate surveys remain upbeat.
Top point of view
14/04/2022
Exposure rates of the Dorval Asset Management Range – 14th April 2022
The recent stabilization in commodities prices and good core inflation figures in the US suggest that the peak in inflation may be nigh. Even assuming this is the case, the Fed and the ECB will nonetheless pursue their path of monetary policy normalization.
Top point of view
11/04/2022
Exposure rates of the Dorval Asset Management Range – 8 April 2022
The European Union’s decision to introduce an embargo on Russian coal raises questions on the economic effects of an escalation in sanctions. The impact on European share indices has been restricted by solid showings from defensive and growth stocks so far.
Top point of view
04/04/2022
Exposure rates of the Dorval Asset Management Range – 1st April 2022
The risk premiums resulting from the war in Ukraine have partly dwindled. This conflict has clearly made for a negative economic shock, but concerns have been offset by the boost from easing health restrictions in the West, along with stabilizing oil prices.
Top point of view
28/03/2022
Exposure rates of the Dorval Asset Management Range – 25th March 2022
The first economic surveys since Russia’s invasion of Ukraine in late February have confirmed the deterioration in both consumer and business sentiment in Europe. Conversely, the United States is less exposed to the shock, affording Jerome Powell some leeway to complete the shift towards combating inflation.
Top point of view
21/03/2022
Exposure rates of the Dorval Asset Management Range – 18th March 2022
The Federal Reserve has just kicked off a cycle of key rate hikes, although the world economic slowdown expected in the wake of the Ukraine conflict somewhat allays fears of a major shock on long-term interest rates for now.
Top point of view
14/03/2022
Exposure rates of the Dorval Asset Management Range – 11th March 2022
The world stock-markets hit a (momentary?) low on Monday, March 7th, when oil prices climbed to almost $140/bbl during morning trading, before sliding well back again.
07/03/2022
Exposure rates of the Dorval Asset Management Range – 4th March 2022
The price and availability of commodities are the primary knock-on effects of the Ukraine crisis for the world economy. The financial markets have broadly priced in the shock, although they remain exposed to an additional surge in oil prices, as well as extreme events related to this conflict.
28/02/2022
Exposure rates of the Dorval Asset Management Range – 25th February 2022
The shock from events in Ukraine is not a major threat for world growth at this stage: investors are set to dither between the traditional moves to buy at the outbreak of conflict and the pursuit of caution due to inflation problems that are worsened by this crisis (cf. chart 1).

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