Thought
leadership.

Edmond de Rothschild Asset Management has appointed Victoire Dubrujeaud as High Yield Portfolio Manager-analyst in the fixed income team. She starts on 28 October 2024.

The ECB’s governors are worried about soft eurozone growth and considering accelerating interest rate cuts to stimulate the European economy.

In the UK, investors are concerned about the Labour government’s intention to change budget rules to allow it to borrow more.

In China, the initial enthusiasm following the rate cuts earlier this week has already fizzled out.

Edmond de Rothschild AM announces the appointment of Melinda Käsdorf as Head of Marketing Private Markets, effective October 23, 2024.

In early September, the former Italian Prime Minister and former ECB President Mario Draghi released his competitiveness report requested by the new European Commission. After ten years of slower growth in Europe, Draghi calls for urgent action to close the economic gap with the US and China. He focuses on three main priorities: innovation, decarbonization and security.

The slowdown in Chinese economic growth for the third quarter was less pronounced than expected, benefiting stock market indices.

In Europe, the economic situation has evolved with, on the one hand, a more noticeable slowdown in inflation and, on the other hand, a deterioration in economic outlooks.

In the United States, recent reports show an economy that remains resilient, both in terms of consumer activity and the labor market.

Through the ongoing efforts of its local teams, Edmond de Rothschild Real Estate Investment Management (“REIM”) displays consistent improvement in the results of the annual Global Real Estate Sustainability Benchmark (“GRESB”). Our UK Affordable Housing strategy scored the maximum of 5 stars and is recognized by GRESB as the global #1 most sustainable affordable housing fund. Also our Benelux Office strategy and our UK Residential Build-to-Rent strategies are awarded 5 stars, indicating that they too belong to the most sustainable funds in the industry. 

- Recent US data indicates robust economic activity and persistent inflation.
- In France, the ambitious budget proposal is causing concern among investors.
- In China, equity markets are experiencing a consolidation phase following significant gains in recent weeks.

- Tensions in the Middle East have led to a surge in oil prices.
- Jerome Powell confirmed that the Fed plans two rate cuts by the end of the year.
- The eurozone is under pressure due to warnings in the automotive sector and announcements of tax increases in France and Italy.

 - China unveiled a bigger-than-expected stimulus programme.
 - This week’s US data continued to reflect buoyant growth.
 - In the eurozone, doubts are increasingly settling over the sustainability of growth.

Benjamin Melman, our Global CIO AM, shares his insights and key strategies for the coming months.

Interview with François-Xavier Vucekovic, CIO, Edmond de Rothschild Private Equity, Jean-François Marco, Partner, TIIC and Manuel Cary, Partner, Managing Director, TIIC.

 - The Fed cut its rates by 50 bp at the meeting on 18th September.
 - The Bank of England chose to leave rates unchanged due to underlying inflation.
 - Data in China confirmed that domestic and foreign demand was being hindered by structural factors.