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News & Announcement

  • 01 August 2014Kepler Cheuvreux believes that Small & Mid cap research & capital raising is threatened by MiFID IIKepler Cheuvreux believes that draft rules in ESMA’s consultation paper on MiFID II / MiFIR have serious implications for the structure of equity research and the transparency and efficiency of capital markets in Europe. Kepler Cheuvreux fears that there will be negative ramifications for future capital raising by Small & Mid cap companies which will inevitably affect economic growth and jobs inEurope. If current timetables are respected, these rules could come into force in January, 2017.
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Economics & Strategy

  • 17 November 2014Of Growth and ValueThe perception amongst retail money that there is no real threat to US equity tells us that market risk is shifting to America. From this time we expect the profit-taking in the US equity space to gain the advantage over the momentum buyers. Our argument is that it is too early for a recovery in European equity to be sustained. Our focus remains capital preservation. We are raising the Telecoms sector from N to OW and reducing the Insurance sector from OW to N.We explain our interpretation that the change in the status of the US$ since the summer marks the third and final stage of the post-2008 bull markets in risk assets, led by America. It announces a change in growth leadership. The contribution to corporate profitability in the West from trade with the ex-booming emerging world is exhausted. The growth that will create more positive surprises from this time, beginning in America and then extending to Europe, will be more regional and domestic in nature.