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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

  • 13 October 2014Bear Market Rules : don’t panicThe “don’t panic” market message concerns the next few weeks. The “sell the rallies” portfolio message relates to the next few months. Trans-Atlantic equity has entered an extended period of correction. First, Europe, then America. We expect the period of difficulty for investors in risk assets to extend through to at least the spring of next year. For this reason there should be no traumatic market break-down because the correction will be extended in time. We think that there is a good probability that US equity will stabilise this week. The influence of the reporting season should be beneficial. We are not expecting to see the SPX trade below the 1900 area at this time. We continue to implement our strategy of capital preservation, ignoring market gyrations. We are upgrading large cap consumer staples and Switzerland at the expense of the EZ. The policy disarray in the EZ implies under-performance. The pax germanica has broken down. It will take time to reformulate a policy consensus for the EZ.