We look again at the list of 105 non-investment grade stocks that we highlighted back in late March as indicative of sorry news to come. That list was then expanding…

April 30, 2020 – The European telecom sector should stay healthier than almost any industry in this COVID-19 pandemic crisis. Telcos are also defensive stocks par excellence as they proved…

Fear is back in business as indicated by the rising number of stocks whose share price is in negative momentum territory (red line in chart below). Whilst the current proportion…

The ECB’s temporary capital relief illustrates perfectly the philosophy of the new bail-in regime. As long as it is only temporary, it is neutral from a valuation standpoint. On 12…

2020 should be at least equivalent to the severe 2009. Macros deriving from Coronavirus will destabilize both voids and rents leading to values decreasing massively in FY20-21. None of the…

After a near 6% gain last week, the Pharma sector is actually in positive territory ytd. While the search for safe-havens will back up the performance, it is not a…

As economic activity is sluggish, demand for electricity has fallen by about 15% in Europe, leading to a drop in electricity prices. However, not all producers are equal in the…

Of course, markets buy the direction of travel rather than the underlying assets and their spot valuations. That has been confirmed by the 18% gain of the Stoxx600NR since 23…

Two weeks ago we could see the surge of the European equity risk premium at 8.3% (21-year average at 6.8%). At the same minute, we were anticipating (sadly) a drop…

The Covid-19 induced crisis is really unprecedented. Indeed, it does not follow the rationale of an economic crisis which consists in solving unbalances which have accumulated during a former period…