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News & Announcement

  • 17 June 2014Extel survey rankings re-confirm Kepler Cheuvreux’s status as Europe’s Leading Local BrokerThe Thomson Extel survey results have been released today, 17th June 2014. The results are a strong re-confirmation of Kepler Cheuvreux’s status as Europe’s leading local broker. To have ranked 1st for Countries and to have ranked Top 10 for eight equity sectors is an outstanding achievement. Corporates have also shown their appreciation by ranking Kepler Cheuvreux number one for SmartConnect.
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Economics & Strategy

  • 28 July 2014The bear trap, and bigger themesA “bear trap” characterises our interpretation that European equity will recover from July through to the autumn. Exchange rate adjustment is the catalyst. Europe’s economic recovery is not compromised. We suspect that the most significant development in July is the reversal in the high yield market, which we view as the leading indicator of the second phase of adjustment of the US$ debt space. We think that corporate credit spreads are establishing multi-year floors. The profittaking in corporate credit should extend to sovereign spreads and emerging debt. In a more general sense financial markets are already anticipating monetary adjustment in America. The loss of smaller cap leadership and the climax of the valuation of America’s growth universe announce the end of the investment cycle.