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European banks turn the page on loans under moratoria

Chart of the week In the European Union, the amount of outstanding loans under moratoria (deferred repayment of interest and … Continue reading

Video | Economic and Market Outlook September 2021

In a context where central banks remain very accommodative and vaccination is helping to limit the severity of the Delta … Continue reading

Gas and electricity prices: Europe’s back is against the wall

Chart of the week Since the start of 2021, energy prices in Europe have been rising to unprecedented highs. In … Continue reading

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European banks turn the page on loans under moratoria

Chart of the week In the European Union, the amount of outstanding loans under moratoria (deferred repayment of interest and … Continue reading

Video | Economic and Market Outlook September 2021

In a context where central banks remain very accommodative and vaccination is helping to limit the severity of the Delta … Continue reading

Gas and electricity prices: Europe’s back is against the wall

Chart of the week Since the start of 2021, energy prices in Europe have been rising to unprecedented highs. In … Continue reading

Market outlook S2 2021 | Equity Markets

Part 1 : an increase driven by earnings forecasts Equity markets have risen sharply since the beginning of the year, … Continue reading

Market outlook S2 2021 | Bond Markets

Part 1 : toward a reduction in the Fed’s support, the ECB’s continuation After the sharp rise in yields seen … Continue reading

Economic outlook S2 2021

Part 1 : what is the trajectory after the growth peak? Q2 GDP growth has reached one of the highest … Continue reading

Central banks: Norway is the first G10 country to raise rates

Chart of the week Norway’s central bank raised its benchmark interest rate by 0.25% at its recent meeting. After having … Continue reading

Pillar 2 Guidance (P2G): Banking regulations: what has changed?

The Covid-19 crisis has disrupted European banking supervision rules. The temporary reduction of certain capital requirements, approved in March 2020, … Continue reading

United States: a deceptive slowdown in inflation

Chart of the week August’s inflation figures came in below expectations. Headline inflation in August rose by 0.3% compared to … Continue reading

United States: growth hampered by automotive industry challenges

Chart of the week Car sales fell again in August. Only 1.08 million vehicles were sold during the month, some … Continue reading

Macroeconomic focus – July 2021

The ECB concludes its strategy review The ECB[2] has concluded its strategy review and presented its conclusions. The former inflation … Continue reading

The shortest recession in U.S. history officially ended in April 2020

Chart of the week The business cycle dating committee of the National Bureau of Economic Research (NBER) has delivered its … Continue reading

Do dividends really constitute a form of remuneration of a company’s shareholders?

Question of the week Through their activity and sales, and once all their expenses are paid, companies generate liquidity that … Continue reading

Ban on bank dividends: a strange remedy with severe side effects

Analysis By Scander Bentchikou, analyst-manager at Lazard Frères Gestion, a specialist in the banking sector The restrictions on bank dividends, … Continue reading

Automotive sector: component shortages are disrupting vehicle production

Chart of the week For several months, motor vehicle manufacturers have been adjusting their output to cope with electronic component … Continue reading

United States: significant pressure in the housing market

Chart of the week The months come and go but the US housing market remains the same. The Case-Shiller home … Continue reading

Macroeconomic focus – June 2021

A strong economic rebound looks likely First-quarter growth was revised upwards to -1.3% from the previous estimate of -2.5%, which … Continue reading

How can you tell if a stock is “expensive” or “cheap”?

Question of the week It is often said that tech companies are “expensive” on the stock market, while those in … Continue reading

Fed meeting twists the yield curve

Chart of the week In the days immediately following the Fed’s weekly meeting on 16 June, markets were volatile and … Continue reading

Hybrid bonds: a booming market

Analysis By Camille Suh, Fund Manager and Corporate Credit Specialist at Lazard Frères Gestion Halfway between securities and bonds, the … Continue reading

Economic recovery: forecasting more complex than ever before

Chart of the week Following April’s heavy disappointment when the US economy created only 278,000 new jobs rather than the … Continue reading

Vaccination in China: what’s the status?

Chart of the week China’s vaccination rate has picked up markedly in recent weeks. Data from ourworldindata.com indicate that as … Continue reading

SRI and Lazard Frères Gestion

As you already know, at Lazard Frères Gestion, we are committed to responsible investment by taking into account environmental, social … Continue reading

Japanese markets enter a new era

Analysis By Guy de Tonquedec, fund manager at Lazard Frères Gestion Japanese companies have undergone a real revolution in recent … Continue reading

“Growth” versus “Value”: What does that mean?

Question of the week On stock markets, it has become common to compare securities called “growth stocks” to those called … Continue reading

Macroeconomic focus – May 2021

Towards an economic recovery First-quarter 2021 growth numbers are still reflecting the impact of health restrictions across the eurozone. [1]GDP … Continue reading

What is a convertible bond?

Question of the week A “convertible bond” is a debt issued by a company that can be repaid in stocks … Continue reading

United States desperately seeking workers

Chart of the week April’s new jobs creations have fallen far short of expectations. While the consensus had been for … Continue reading

US weekly jobless claims improving significantly

Chart of the week At 498,000, initial jobless claims for the week ending May 1st have fallen to their lowest … Continue reading

The Lazard Frères Gestion Foundation – Institut de France Brings Musical Culture to Schools

With its support for Louise Thomas, a 25 year-old musician, in her ambition to participate in the Artist in Schools … Continue reading

Xinjiang: the S in the middle of ESG

Analysis Companies facing the challenge of exemplary social behaviour   By Stanislas Coquebert de Neuville, portfolio manager at Lazard Frères … Continue reading

United States: towards a record trade deficit?

Chart of the week March’s traded goods data seem to indicate a further widening in the trade deficit. The goods … Continue reading

Macroeconomic focus – April 2021

Signs of recovery A breakdown of eurozone fourth-quarter 2020 [1]GDP shows that renewed health restrictions primarily hit household consumption (-3.3% … Continue reading

The Surge in Carbon Prices: A Revolution That Has Gone Almost Unnoticed

Analysis By Régis Bégué, Manager, Equities Management, Lazard Frères Gestion A ton of CO2 has never been so expensive on … Continue reading

Israel and the United Kingdom two back-to-normal test cases

Chart of the week While the health situation is deteriorating in countries such as India, there are no signs of … Continue reading

Interview with Célia Oneto Bensaid

As part of its philanthropic activities, Lazard Frères Gestion wishes to support artists by inviting, every month, renowned musicians, to … Continue reading

United States: retail sales rebound sharply in March

Chart of the week After a disappointing, weather-blighted February, retail sales surprised to the upside in March, jumping 9.8% overall … Continue reading

Innovation, the common factor behind the greatest stock market successes

Analysis By Arnaud Brossard, analyst-manager at Lazard Frères Gestion Innovative companies stand out on the stock market every year. By … Continue reading

Lazard Frères Gestion Named Best French Asset Management Company on the Occasion of the 2021 European Funds Trophy Ceremony

Every year, the FundClass agency awards the best European asset management companies on the occasion of the “European Funds Trophy” … Continue reading

Business survey price components: beware of over-interpretation

Chart of the week The latest ISM and PMI index surveys show that both input and output prices have hit … Continue reading

Default rates: time to take stock after a year of health crisis

Analysis By Alexia Latorre, analyst-manager, High Yield specialist at Lazard Frères Gestion The risk of non-repayment is inherent in High … Continue reading

United States: stimulus payments should boost consumer spending

Chart of the week In recent years, the Federal Reserve has developed a set of measures to better understand the … Continue reading

Convertible bonds: the possibility of an attractive return on equities without the anxiety

Analysis By Arnaud Brillois, Head of Convertible Bonds Management at Lazard Benefiting from both the rise in equity markets and … Continue reading

Macroeconomic focus – March 2021

Tighter health restrictions While some countries such as the United States are reopening their economies, business in the Eurozone remains … Continue reading

China’s economic recovery continues

Chart of the week China’s economic data for the first two months of 2021 show three key indicators improving significantly: … Continue reading

Five good reasons to look at small caps

Analysis By James Ogilvy, Annabelle Vinatier and Jean-François Cardinet, European Micro, Small & Mid Cap Funds Managers at Lazard Frères … Continue reading

A ramp-up in Europe’s vaccination campaign?

Chart of the week While vaccination campaigns are already well underway in some major economies such as the United States … Continue reading

United Kingdom: the first increase in corporate tax since the 1970s

Chart of the week Chancellor of the Exchequer Rishi Sunak has just presented his 2021 budget for the United Kingdom. … Continue reading

Bond markets: both inflation and hope at the beginning of the year

Analysis By Eléonore Bunel, Head of Fixed income management at Lazard Frères Gestion After a general fall in interest rates … Continue reading

Macroeconomic focus – February 2021

A better-than-expected autumn and a tough winter Fourth quarter 2020 growth numbers came out better than expected. The virus resurgence … Continue reading


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