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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

  • 27 October 2014FrankensteinWe doubt that the recovery of equity values from the panic of mid-October is yet complete, although it will be more tedious from this point. Leading US indices could return towards their highs of September over the next couple of weeks. “Sell the rally”. We expect more trouble ahead. The disturbance concerns the price regime rather than the growth regime. The context of super-low, sub-2% inflation in the major economies has no recent precedent. Long-term inflation expectations are weakening. Largely as a consequence, America’s monetary transition has become controversial. The recognition of deflation risk in the EZ has produced the disintegration of the policy consensus under German leadership. Policy re-formulation will take time.