The Conditions For A Recovery In Europe – Dorval Macro Corner (Feb. 2019)

"Adapting economic knowledge to market realities and breaking free from the tyranny of indices"
François-Xavier Chauchat
Member of the Investment Committee. Macroeconomic framework and asset allocation.

The resilience of the US economy—at least for now– and the new accommodative rhetoric of the Federal Reservehave allowed the stock market to recover since the beginning of the year. Europe, however, never ceases to worryobservers, with an economy that continues to slow, a European Central Bank that has stopped its QE programme,and the sword of Damocles of a hard Brexit still in place.

Can we expect a positive turnaround in Europe in thecoming months ?

We believe that, barring a shock of substantial magnitude (like a hard Brexit), growth in Europecould surprise on the upside later in the year. We also believe that the ECB will not hesitate to step in if needed.


Download the Dorval’s Macro Corner of february 2019 in PDF


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