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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

  • 24 November 2014Great Expectations (the Consumer Decade)The PBOC has signalled a more expansionary monetary policy, to the benefit of the property market, the consumer and equity assets in China. Mr Draghi has re-emphasised his primacy at the ECB. The predominant assumption is that GB-QE by the ECB is only a question of time. Europe’s markets are now confronted with the problem of great expectations. There has never been a majority at the ECB for a pre-emptive antideflation strategy. We do not think that the position has changed. Additionally, we have no reason to change our view of the US equity market. Last year profit-taking predominated after Thanksgiving. We think that it will probably be the same this year. We reiterate our long-term interpretation of a “consumer decade”. We explain why the context has become more favourable for Europe’s Consumer Discretionary stocks. We are raising this sector from N to OW through the segments of Retailing and Durables-Apparel.