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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

  • 22 September 2014Sit and StayWe consider why this year is so difficult for active equity FMs, especially in Europe. The entire trans-Atlantic investment space is currently approaching the end of the cycle of monetary super-stimulus, led by America. Certain components of the bull market are already exhausted, notably the out-performance of smaller caps. A new phase of economic expansion is struggling to emerge in Europe. The established patterns of profit growth and of relative profitability within the region are breaking down but the new are not yet apparent. The consequence is valuation return-to-mean. September trading is dominated by the shift in investors’ perception of the status of the US$. Investor caution in Europe encourages us to think that there is more upside for equity values through the weeks ahead. Our “balanced” portfolio is still “fully invested”. However, we designate Q4 for profit-taking.