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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

  • 25 August 2014Despondency and the Bear TrapOur interpretation of the revival of volatility in both the bond and currency space is that the US currency is crossing the threshold from “neutrality” to strength. The implications are considerable. A policy reformulation in the euro area is underway. The bull market in fixed income assets throughout the euro system is extending. In reality, the US$ promises to be the principal motor of the euro zone’s reflation. We have witnessed the operation of a bear trap in European equity this summer: the losses of the last couple of months should be recovered. The recovery is proceeding rapidly. The initial phase is led by the category of cyclical growth stocks whose weakness has been most pronounced since Q1.