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E.g., 14-04-2021
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    Gavekal Research

    The Eurozone’s Sub-Surface Slack

    At first glance, with the unemployment rate down from a peak of 8.7% last September, it looks as if the degree of slack in the eurozone’s labor market may be small by historical standards. However, a look at the level of employment (including employees and self-employed) shows that employment is down by 3.1mn compared with the pre-pandemic baseline.

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    Gavekal Research

    Living With The Next Covid Wave

    Global markets are looking ahead to a post-pandemic world, but Covid-19 is still very much with us. Globally, new infection rates have risen sharply since late February, reversing their earlier decline. In the last few weeks, the US has experienced an alarming uptick in infections. The European Union is struggling to contain its latest Covid wave, which in several major countries compares with November’s for severity. And across the developing...

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    Gavekal Research

    Webinar: The Macro And Market Implications Of Europe’s Pandemic Response Shambles

    As the European Union’s vaccination program stumbles from one misstep to another, investors are being forced to put back their expectations for European economic recovery, while a procurement scandal in Germany raises the probability that the pandemic will have a long-term effect on the EU’s political landscape. Anatole, Cedric and Nick examined the near-term market impact and long-term economic policy implications.

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    Gavekal Research

    The Future’s Clear, The Future’s Green

    Europe’s Green parties used to be denigrated by their political opponents as “watermelons”: green environmentalists on the surface, red hard-leftists beneath. In Germany, this attempt to marginalize the Greens by associating them with the discredited revolutionary socialists of 50 years ago failed dismally. Having established their credibility in regional politics, notably in Germany’s third richest state of Baden-Württemberg, where they have...

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    Gavekal Research

    How Bad Is Europe’s Vaccine Problem?

    The Covid news from Europe only seems to lurch from bad to worse. The suspension by several European Union countries of distribution of AstraZeneca's Covid vaccine over possible side-effects threatens to disrupt the EU’s vaccination programs and damage public confidence in vaccines in general. So how bad are things likely to get?

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    Gavekal Research

    The Yield Curve Control That Dare Not Speak Its Name

    A year ago today, European Central Bank president Christine Lagarde said “we are not here to close spreads”. With a fair amount of water having flowed under the bridge since then, the spread between 10-year Italian BTP’s and bunds has fallen from 261bp to just 94bp. So when on the anniversary of that proclamation, she said the “ECB is not doing yield curve control”, one could be forgiven for demurring.

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    Gavekal Research

    Webinar: Europe And The Politics Of Exiting The Pandemic

    Europe is at a strange juncture, as governments remain committed to massive fiscal and monetary support and refuse to rush into any economic reopening before Covid vaccinations are deployed. Yet despite this collective risk aversion, Italy has appointed a new technocratic government run by Mario Draghi that looks to have broad political support and a fairly radical plan for change. Our team explored Europe's exit from the pandemic and asked...

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    Gavekal Research

    No Exit

    “We are not here to close spreads,” proclaimed European Central Bank president Christine Lagarde last March. “This is not the function or the mission of the ECB.” After the market took her at her word, Lagarde hastily back-tracked, and the ECB duly spent the following months doing exactly what Lagarde had said it would not.

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    Gavekal Research

    Draghi’s Reform Plan And Asset Prices

    Newly installed as Italy’s prime minister at the head of a broad coalition, on Wednesday Mario Draghi outlined an ambitious agenda of structural reforms. Notably, the former European Central Bank chief wants to oversee a root-and-branch overhaul of Italy’s tax system, while investing in the education system and streamlining public administration. His first task will be to steer Italy through the pandemic. But beyond that, Draghi’s plans could...

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    Gavekal Research

    Strategy Monthly: Europe’s Troubled Trajectory

    For the eurozone, it seems everything went wrong at the end of 2020—and things have only got worse at the beginning of 2021. Unfortunately, hopes for recovery are pinned on a vaccination program which has been late to start, slow to gather speed, and beset by problems. Nevertheless, despite this gloomy prognosis, there will still be opportunities for investors.

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    Gavekal Research

    Webinar: French-Language Webinar, January 2021

    With Europe being hit hard by a second wave of Covid-19 and facing fresh lockdowns, Charles and Cedric assessed the outlook for the region’s growth and inflation in both the short and medium term. The webinar also focused on portfolio construction work being done by our Paris team: quantitative head of research Didier and Charles trained their sights on behavioral finance and suggested a route map for managing money in a “post-Keynesian” world.

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    Gavekal Research

    Where Europe Went Wrong

    Mass vaccination programs were always going to suffer teething troubles. But the rollout of Covid vaccination campaigns in European Union countries has been especially slow and troubled compared with the UK and US. This has left investors wondering about the reasons for the vaccine underperformance, whether it will persist and what the economic impact might be.

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    Gavekal Research

    Webinar: Europe’s Cruel Winter

    As the pandemic intensifies across Europe growth prospects in the first quarter are dimming, but investors are focused on a potential economic reopening by the spring. In yesterday’s webinar, Anatole Kaletsky, Nick Andrews and Cedric Gemehl discussed whether markets are overly optimistic since the European Union seems to have botched its vaccine procurement strategy.

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    Gavekal Research

    Towards Stealth Debt Cancellation

    The grand panjandrums of the European Central Bank meet Thursday amid growing calls for them to cancel the vast sums of eurozone member governments’ debt they have bought over the last year. There is zero chance they will formally agree to any debt cancellation, but the ECB may do so by stealth.

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    Gavekal Research

    Europe’s New Political Cycle

    After a six-month respite, European political risk is back on the radar screen. Last Wednesday, ministers from the Italia Viva of former prime minister Matteo Renzi walked out of Italy’s cabinet in a dispute over how EU Covid recovery funds should be spent, leaving the coalition government of prime minister Giuseppe Conte scrabbling to survive. On Friday, the cabinet of Dutch prime minister Mark Rutte resigned over a scandal involving the over-...

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    Gavekal Research

    Europe’s New Lockdowns

    On Tuesday, Germany followed the United Kingdom by imposing fresh restrictions on activity and movement that in effect amount to a new lockdown comparable—and in some areas even stricter—than the anti-coronavirus shutdown imposed over the second quarter of last year. With infection rates across Europe stubbornly high despite the controls already in place, and with fears mounting about the spread of new viral strains, the risk is high that other...

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    Gavekal Research

    The Return Of European Inflation

    After averaging 1.2% YoY in 2019, the eurozone’s “harmonized” inflation rate went negative and settled at an abysmal -0.3% YoY in the last three months. Other price indicators have underwhelmed, as shown by the eurozone’s Citigroup inflation surprise index wallowing below -20%. In the US, by contrast, the same measure jumped back into positive territory after August. So what gives?

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    Gavekal Research

    Webinar: Global Investment Roundtable, December 2020

    The US equity market is seeing a switch from the winners of the pandemic like technology and online retail, to the beaten-up losers such as travel plays. At the same time, hopes for a strong economic recovery in 2021 are juicing up value stocks. Similar dynamics are being seen in other major markets. Our team of analysts discussed what happens next, and what’s in store in 2021.

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    Gavekal Research

    The ECB And Euro Strength

    In the last couple of days the euro has broken higher against the US dollar. The last time the euro hit US$1.20, European Central Bank officials led by president Christine Lagarde emerged to talk the currency down, worried that euro strength would import deflation and erode European competitiveness. The question now is whether the ECB will again come out to jawbone the euro lower.

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    Gavekal Research

    Webinar: Europe And The Second Wave

    European markets were ebullient earlier this week on news that an effective Covid-19 vaccine may be approved for use early next year. In the meantime, regional lockdowns aimed at curbing the escalating pandemic threatens Europe's economic recovery. This all but guarantees loose monetary and fiscal policy for the foreseeable future. In yesterday's webinar Nick and Cedric discussed how this shakes out for investors.

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