Investissement

L’année 2022 a été turbulente. Les investisseurs ont cherché à se protéger de toutes les péripéties qui ont troublé le marché, mais ils ont eu beaucoup de mal à trouver refuge. Les compagnies pétrolières et les acteurs parapétroliers ont été l’un des rares secteurs à afficher d’excellentes performances. Les métaux précieux ont aussi tiré leur épingle du jeu, même si les performances ont été disparates ; c’est surtout en euros que les gains ont été les plus nets.

Little is more volatile than financial markets. One minute equity markets are stumbling over yet another mountain of additional interest rate hikes by central banks, the next we are waiting to see if those same central banks need to act to prevent another banking crisis.

Luxembourg is strongly enthusiastic about the prospects of the new Eltif 2.0 regime as experts here point to untapped demand for such a product in Europe. While acknowledging the oft-mentioned concerns about the lack of liquidity for retail investors, there was optimism at a recent investment event hosted by Clifford Chance that solutions could be found. Investors though would have to be open-minded, and some in-built tensions need to be addressed.

Financial service provider Apex Group on Thursday said it has been appointed by NewVest to provide administration services for the firm’s inaugural Private Equity 50 Index Fund, also known as PE 50, which is backed up by a blockchain. 

Europe’s biggest asset manager Amundi on Tuesday said it does not believe that the collapse of Silicon Valley Bank and the ensuing US banking crisis is an event that poses a systemic threat.

In a note to investors, Amundi’s top investment team, including Monica Defend (photo), Vincent Mortier and Matteo Germano, noted that the European banking sector “is in far better shape” than in the 2008 financial crisis. Nevertheless, they urged investors to watch out for areas of vulnerability. 

Laurent Cooreman on Monday was appointed as chief executive officer at Belair House, the real-estate focused family office unit of Banque Internationale à Luxembourg, also known as BIL.

Si les actions d’Asie du Sud-Est ont tiré leur épingle du jeu en 2022, c’est surtout grâce aux belles performances des titres thaï et indonésiens. La place boursière vietnamienne a en revanche connu un krach majeur.

Financial markets on Monday appeared to position themselves for a slower pace of rate hikes in the US, or even a pause, amid talk that the Federal Reserve may adopt a more cautious monetary policy following the collapse of Silicon Valley Bank. The European Central Bank this week still is expected to raise interest rates by 50 percent amid the global market turmoil caused by the collapse of SVB, which fell victim due to mismanagement of its interest rate risks. 

Powell opens the door to a 50-basis-point rate hike, interest rates shoot up and equities crash. And yet, at the time of writing, the VIX index is below 20, raising the question of whether equities are not a bit complacent.

You can probably already hear a little from my tone what my answer is going to be. Still, there is a good reason why implied volatility looks relatively low.

Inflows into global equity and bond ETFs have been declining for five months in a row, and for the first time since March 2018, money flowed out of US equity ETFs for two consecutive months.