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16/07/2020
François-Xavier Chauchat
The process of upward revision to economic growth has started. Household consumption resumed more quickly and more decisively than expected when economies reopened, and continued very high household savings rates mean that significant potential for additional growth remains.
Top news
23/06/2020
The world economy is now picking up after being forced into an induced coma mid-way through the first half of the year. Moves to reopen the economy are already driving a clear upturn, but a number of uncertainties still remain on the outcome for our ailing patient and warrant some shock treatment. The world economy has every chance of recovering over the quarters ahead, as it is powerfully shored up by income guarantees from steadfast central banks, along with massive fiscal stimulus programs. This recovery momentum now sets the foundations for Dorval Asset Management’s current portfolio organization.
12/05/2020
François-Xavier Chauchat
As the severe confinement ends, questions arise about the political, fiscal, social, economic and financial consequences of the coronavirus crisis. Tensions are already rising again between the United States and China, and the German Constitutional Court has just issued a destabilizing ultimatum to the ECB, giving it three months to justify some aspects of its public debt purchase program.
20/03/2020
François-Xavier Chauchat
30/01/2020
François-Xavier Chauchat
As with previous epidemics (SARS, H1N1, etc.), the coronavirus will have a temporary and reversible negative impact on the Chinese and global economy. This epidemic is emerging at a time when indicators confirm that the recessionary forces at work since spring 2018 in the global industrial sector are dissipating.
08/01/2020
Dorval AM wishes you a very happy new year and presents its view of the paradigm change in the wealth management industry.
07/01/2020
After a long period of consolidation and doubts in 2018 and 2019, the equity markets have ended up topping their previous highs hit in January 2018. The escalating tit-for-tat on border duties between the US and China now seems to have come to a halt, while the no-deal Brexit scenario has been warded off. This scale-back in political tension is admittedly relative, and other pressures may emerge, but we have every reason to think that we are now over the worst of the angst. Investor doubts have abounded and fears of recession have sometimes reared their ugly head, for example during the summer of 2019 when the trade war looked set to scale worrying heights.
16/12/2019
François-Xavier Chauchat
Already of record duration, the sustainability of the expansion cycle that started in 2009 is hotly debated. 
06/11/2019
François-Xavier Chauchat
The great growth scare of the month of August, which had seen the word recession spread like wildfire, gave way to clear relief. The excessive pessimism we were talking about this summer has been corrected.

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