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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

  • 08 September 2014Euro-morality and Scottish mistDeflationary anxiety has met its reflationary response from the ECB. The outstanding feature of this summer in financial markets is the transfer of volatility from equity to currency and debt. The euro zone now has both cheap capital and currency adjustment - but most investors remain sceptical. Europe has discovered a new source of anxiety in Scotland’s referendum. The bigger story is the way in which the nature of investment risk in Europe this year has been misinterpreted. This is not EZ crisis redux. We do not think that the recovery of EZ equity is yet complete. We explain the link between the transition to a stronger US$ and our downgrade of Europe’s Oil and Gas sector. We raise our exposure to US$-sensitive growth that is likely to benefit from a positive reassessment of the earnings outlook in Europe.