Points of view of Dorval AM experts

Top point of view
18/02/2019
Exposure rates of the Dorval Asset Management Range –15th February 2019
Very poor US December retail sales came as a shock to the consensus, plummeting 1.2% vs the 0.1% gain expected. According to the Atlanta Fed nowcast, these stats shaved one percentage point off 4Q growth (cf. chart 1). 
Top point of view
04/02/2019
Exposure rates of the Dorval Asset Management Range – 1st February 2019
The stock-market recovery continued at the end of January on the back of a solid US economy and the fresh accommodative stance from the Fed.
Top point of view
28/01/2019
Exposure rates of the Dorval Asset Management Range – 25th January 2019
2018 was a tough year for growth in the euro area and statistics were more disappointing than anywhere else in the developed world right throughout the year (cf. chart 1). 
Top point of view
21/01/2019
Exposure rates of the Dorval Asset Management Range – 18th January 2019
Investor sentiment continued to normalise this past week (cf. chart 1), as changing perception of political risks remains the key driver behind these unusually volatile fluctuations in investors’ reactions. Be it Brexit, Italy or the trade war, recent news does not bear out the oft-repeated doomsday scenarios, although we are not out of the woods yet.
Top point of view
14/01/2019
Exposure rates of the Dorval Asset Management Range – 11th January 2019
The world stock-markets have regained almost 10% since their Christmas low, as excessive pessimism – the polar opposite of the optimism seen this time last year – along with the stronger likelihood of a trade agreement between China and the US are the main factors behind this recovery.
07/01/2019
Exposure rates of the Dorval Asset Management Range – 4th January 2019
2019 is picking up right where 2018 left off – after greater synchronized growth in 2017, followed by diverging trends between the US and the rest of the world in 2018, we are now getting to a synchronised slowdown in 2019.
31/12/2018
Exposure rates of the Dorval Asset Management Range – 28th December 2018
24/12/2018
Exposure rates of the Dorval Asset Management Range – 21st December 2018
The month is not over yet, but it already looks set to be one of the worst Decembers on the US market since 1931, with the S&P500 down more than 10%, the Nasdaq sliding 11% and the Russell 2000 (small- and mid-caps in the US) off 13%, while the last FOMC meeting of the year did not manage to calm investor jitters. 
17/12/2018
Exposure rates of the Dorval Asset Management Range – 14th December 2018
Market economists often describe emerging markets as a combination of the Fed’s monetary policy and growth in China. 
10/12/2018
Exposure rates of the Dorval Asset Management Range – 10th December 2018
The economic cycle was characterised by a surge in the US and a slowdown in Europe and Asia in 2018,
03/12/2018
Exposure rates of the Dorval Asset Management Range – 30th November 2018
Jerome Powell said the right thing: contrary to the previous interpretation from some analysts, the US Federal Reserve has not become a robot programmed to trigger a rate hike every quarter relentlessly to the end
26/11/2018
Exposure rates of the Dorval Asset Management Range – 23d November 2018
The slowing European economy in the first half of the year had been seen as a normalisation in growth rather than a worrisome trend, but recent figures give more cause for concern.

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