Points of view of Dorval AM experts

12/09/2022
Exposure rates of the Dorval Asset Management Range – September 9th, 2022
The disinflationary process now seems to be under way and could spread to Europe over the months ahead. This development will be crucial if the equity markets are to stabilize, but it does not put a stop to the hike to money-market rates, with major consequences for investment management in Europe.
05/09/2022
Exposure rates of the Dorval Asset Management Range – September 2, 2022
The million-dollar question on the world markets is still the cost of the adjustment between potential supply and demand in the United States. This alignment process has most definitely kicked off, but the Fed still sees the pace of rebalancing on the labor market as inadequate.
08/08/2022
Exposure rates of the Dorval Asset Management Range – August 5th, 2022
A recession in the United States? What recession? The debate on the US economy’s growth/inflation mix rages on among economists and observers, although a clear consensus has so far failed to emerge.
01/08/2022
Exposure rates of the Dorval Asset Management Range – July 29th, 2022
Moves to unwind short positions have been gathering pace on the markets as a result of investors’ overly pessimistic positioning. The latest world economic indicators may be somewhat muddled, but they point more to a scenario of moderation, while corporate earnings reports are reassuring.
25/07/2022
Exposure rates of the Dorval Asset Management Range – July 22nd, 2022
The worldwide economic slowdown is now established and is accompanied by a decrease in inflationary pressure. In the short term, this could support a stabilization or even an upturn on the equity markets.
18/07/2022
Exposure rates of the Dorval Asset Management Range – July 15th, 2022
The financial markets abound with reasons for anxiety. The post-Covid world economy is in chaos and macroeconomic stats are sending mixed messages. In the US, inflation is picking up the pace and spreading, fueling doubts on the bearing of the moderation scenario. Meanwhile on this side of the pond, the energy crisis is the focus of attention, making the ECB’s job extremely difficult. Further afield, China is struggling with its zero-Covid strategy and challenges in the real estate sector. Yet we can single out two pieces of good news: (1) in the face of these risks, there are now significant risk premia and investors must strike a balance between the two and (2) not all areas of the world are encountering the same situations, therefore increasing the appeal of international diversification.
11/07/2022
Exposure rates of the Dorval Asset Management Range – July 8th, 2022
The likelihood of the various scenarios on the table for the world economy are changing fast, almost every day, but Europe looks likes the main loser. European investors should perhaps look more to developed Asian markets, rather than the US.
04/07/2022
Exposure rates of the Dorval Asset Management Range – July 1st, 2022
Dear Clients and Partners,   Signs of an economic slowdown – bar China – have fueled an abrupt downgrade to inflation and interest rate projections for the quarters ahead. Should equity investors take fright at this news or rejoice?
27/06/2022
Exposure rates of the Dorval Asset Management Range – 24th June 2022
It has become tremendously challenging to draw up macroeconomic projections in a post-Covid world. In the absence of clear visibility, the likelihood that the various scenarios will materialize changes with every set of stats published and the ensuing reaction from market participants.
20/06/2022
Exposure rates of the Dorval Asset Management Range – 17th June 2022
With share indices wiping out their 2021 gains (cf. chart 1) and the bond markets experiencing their biggest correction in history (cf. chart 2), investors are quite rightly wondering whether the financial markets have consolidated sufficiently for them to go back in the water. There is both good news and bad in this respect.
13/06/2022
Exposure rates of the Dorval Asset Management Range – 10th June 2022
Surging inflationary pressure is jeopardizing stabilization scenarios for the world stock-markets. The ECB has now also joined the Fed on the route to swifter monetary policy normalization, fueling investor fears on a fragmentation of financial conditions between countries of the north and south in the euro area.
03/06/2022
Exposure rates of the Dorval Asset Management Range – 3rd June 2022
The plunge on Wall Street in April and May unleashed opportunities that could drive selective re-exposure to tech stocks. Meanwhile, the bond markets could stabilize in the US, although not just yet in Europe.

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