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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

  • 01 September 2014Hubris of the Pax GermanicaThe conflict with Russia represents a significant shock to the European region, amplifying the trans-Atlantic divergence of economic policy and performance. It should provide the catalyst for policy reformulation in the EZ. It has emphasised the vulnerability of Germany. Early 2014 marked the zenith of the perception of the economic supremacy of the German economy within Europe. The summer has delivered a text book case of a bear trap in Europe’s equity space. At this point our understanding is that the phase of short squeeze is at an end. Consolidation now follows, below the threshold of 3200 for the DJ ES50. However, we do not think that the recovery of European equity is complete because the bull market in both US equity and in European debt should extend through the weeks ahead. We want to increase exposure to equity that will benefit from currency adjustment whilst maintaining the principle of the “balanced portfolio”. We are upgrading the Healthcare sector to OW and downgrading Telecoms to N.