My bookmarks

Pins are saved using cookies. Deleting them from your browser will delete your preferences.


Despite a few disappointments, US earnings seasons starts well

25 April 2017

We had a blank week with little volatility and investors waiting for French elections.

Implied volatility came off slightly and Euro yields went a tad higher (+6bps) after Benoit Coeuré declared risks for the Euro area were not anymore on the downside, opposite to what Draghi and Praet said. Chinese data surprised to the upside (retail sales/industrial production/GDP), on the contrary to British retail sales.

Theresa May decided to call for new elections on June 8th to try and have a clearer majority, which she should get. This was taken positively by markets (GBP +2% vs EUR) and triggered some strategists to change their view on gilts and GBP.

US earnings are uninspiring so far with few misses (GS and IBM) but in general EPS are decent (75% are above expectations, it is in line with usual reporting seasons).

Last, US tax reform could/should arrive before end of year if we believe US Treasury secretary and the rumor that says D. Trump could have Obamacare reform voted again soon.

La Française Group provides access to the expertise of a number of asset management companies around the world. To provide you with the most relevant information, we have developed an interface to present the full range of products available for your investor profile and country of residence.

Present yourself


Your country of residence

Your language

Your profile

By continuing browsing on this website, you accept the use of cookies and other tracing devices s as to allow you to receive information suited to your profile, facilitate information sharing on social networks, guarantee the best browsing experience possible and to create statistics. To find out more, we invite you to consult our Privacy and Cookies policy. Find out more.