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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

  • 20 October 2014Drugs and FearThe fear factor has signalled the end of the first wave of correction on Wall Street and of the second wave in European equity. The diagnosis is that the correction in the equity space will probably extend to the early part of next year. Don’t panic. Sell the rallies. The loss of monetary visibility in America arises from the principal message delivered by financial markets this year. America’s monetary return-to-more-normal is accompanied by lower inflation expectations and lower longer-term risk-free rates. Although inflation will stay very low in the developed world this is not a world without growth. Growth leadership is changing. The restoration of investor confidence in the EZ requires a policy reformulation centred upon a Franco-German trade-off between fiscal flexibility and commitment to structural reform. The deal is now visible but for the French government the hard part lies ahead. Our investment rules signal that it is wise to remove to go from UW to N in the Oil & Gas sector because its relative valuation is approaching its lowest level on recent record.