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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.
09/09/2019
François-Xavier Chauchat
While the US economy continues to obsess most investors, some observers believe that the biggest risk lies in Europe, as evidenced by the black hole of negative rates.
11/07/2019
François-Xavier Chauchat
The debate rages about the implications of the recent sharp decline in global long-term interest rates for financial markets. 
25/03/2019
DORVAL'S MACRO CORNER
François-Xavier Chauchat
Dorval’s Macro Corner (March 2019)

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