Home

Blog Lazard Frères Gestion

Headlines

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

Our latest news

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

Higher long-term rates: a shift in driving force

Chart of the week The 10-year US Treasury bond rate hit a low point in early August at 0.50%. Since … Continue reading

Market outlook S1 2021 | Equity markets: set to rise further?

Part 5 : Equity markets: set to rise further? High risk premia on equities should enable these assets to perform … Continue reading

Market outlook S1 2021 | Bond markets: higher US long-term rates and central bank support for credit

Part 4 : Bond markets: higher US long-term rates and central bank support for credit The consensus expectation is that … Continue reading

Economic outlook S1 2021 | Towards a stronger-than-expected economic rebound?

Part 3 : Towards a stronger-than-expected economic rebound? Monetary and fiscal support will remain significant factors over the next twelve … Continue reading

Economic outlook S1 2021 | What impact is the crisis having?

Part 2 : What impact is the crisis having? The main challenge for the authorities at the moment is to … Continue reading

Economic outlook S1 2021 | Short-term activity still dependent on health restrictions

Part 1 : Short-term activity still dependent on health restrictions This winter’s COVID-19 resurgence across Western countries is leading to … Continue reading

Market updates: Northern Europe

In 2020, Nordic equity markets (Norway, Sweden, Finland, Denmark) put in a stronger performance than those elsewhere in Europe. The … Continue reading

Central banks and money supply: is this time different?

Chart of the week The crisis caused by the Covid-19 pandemic has led central banks to adopt large-scale measures that … Continue reading

Israel: early data that can provide hope to the rest of the world

Chart of the week Israel’s fast vaccination rollout makes it a real-world test case for analysing a pathway to normal. … Continue reading

Fourth-quarter GDP: solid investment is a good sign for the future

Chart of the week Several countries have published advance fourth-quarter GDP estimates and the numbers mainly exceed expectations for China, … Continue reading

Are we seeing a growth in the number of bankruptcies caused by the health crisis?

Question of the week Contrary to what one might think, the Covid-19 crisis has translated into a historic drop in … Continue reading

Eurozone: economic uncertainty is affecting credit standards for businesses

Chart of the week January’s Bank Lending Survey results show credit standards have tightened for businesses in the eurozone and … Continue reading

Equities: implied volatility remains high despite elevated markets

Chart of the week VIX, as a measure of implied (1)volatility in S&P 500 Index options, provides a rough approximation … Continue reading

Macroeconomic focus – December 2020

Economic rebound December’s flash (1)PMI surveys reveal a sharp rebound in eurozone business activity. The composite PMI rose from 45.3 … Continue reading

US household net debt at its lowest level since 1991

Chart of the week The US Federal Reserve’s quarterly Flow of Funds Accounts provide data and insight on the finances … Continue reading

Investment: buoyant Capital goods orders

Chart of the week How investment expenditure will shape up is always a concern during the recovery phase of any … Continue reading

Quantalys Awards | 2021

Lazard Frères Gestion named Best Fixed Income Asset Manager in Europe at the Quantalys Awards 2021 Every year, the financial … Continue reading

Eurozone: PMI readings confirm less intense lockdown

Chart of the week The latest flash (1)PMI estimates show that economic activity contracted sharply in November, but not to … Continue reading

Macroeconomic focus – November 2020

A smaller economic shock than in the spring Eurozone (1)GDP figures for the third quarter show that growth rebounded a … Continue reading

Pandemic: why use adjusted data?

Chart of the week Figures from the French national public health agency, Santé publique France, show that the nation’s Covid-19 … Continue reading

2021: back to normal?

US elections and new vaccines against Covid-19 Biden: back to a normal president? On Saturday 7 November, following a cliffhanger … Continue reading

China: The Recovery Continues

Chart of the week Year on year, China’s economy grew 4.9% in the third quarter, following second-quarter growth of 3.2% … Continue reading

What is the point of quantitative easing?

Question of the week Quantitative easing involves central banks buying assets on a massive scale with the primary objective of … Continue reading

United States: resilient retail sales despite reduced support

Chart of the week While we might have feared a fall or sharp slowdown in September’s retail sales as the … Continue reading

United States: an extraordinary transfer of resources – at least for the moment

Chart of the week The US economic stimulus plans adopted during the spring have surpassed everything ever done before. The … Continue reading

What does ISM stand for?

Question of the week The Institute of Supply Management (ISM) publishes the Purchasing Managers Index (PMI – also called the … Continue reading

United States : post-lockdown euphoria in the property market

Chart of the week US home sales marked another monthly rise in August. New home sales surged 4.8% on top … Continue reading

Economic outlook S2 2020 | Brisk post-lockdown rebound

Part 2 : brisk post-lockdown rebound The post-lockdown rebound is occurring at a faster and stronger rate than consensus expectations. … Continue reading

Market outlook S2 2020 | Unreasonable equity markets?

Part 5 : unreasonable equity markets? We believe that the backdrop for equity markets remains favourable.  Despite earnings outlooks being … Continue reading

Market outlook S2 2020 | Hyperactive bond buying by central banks

Part 4 : hyperactive bond buying by central banks Monetary policy can be expected to remain accommodative for some time … Continue reading

Economic outlook S2 2020 | Long-lasting crisis effects versus continued massive economic support

Part 3 : long-lasting crisis effects versus continued massive economic support Even if, by year-end, the economy is running much … Continue reading

Economic outlook S2 2020 | An unpredictable epidemic but a return to full lockdown unlikely

Part 1 : an unpredictable epidemic but a return to full lockdown unlikely   Nearly nine months after COVID-19 first … Continue reading

Japan : money supply surges higher

Chart of the week The Bank of Japan’s (BoJ) long-standing quantitative (1)easing dates back to the early 2000s and has, … Continue reading

Coronavirus (COVID-19) Outbreak : Our Macroeconomic Analysis

COVID19 – Find here our elements of analysis as of September 25th, 2020 THE OUTBREAK Almost nine months after first … Continue reading

What are Fed Funds ?

Question of the week Fed Funds (Federal Funds) are loans that US banks make to each other to meet the … Continue reading

Macroeconomic focus – July 2020

An unprecedented European recovery plan Most of the data available for the eurozone relates to May and only shows the … Continue reading

Dr. Strangemoney, or “How I Learned to Stop Worrying and Love Debt”

In the wake of the Covid-19 crisis, governments everywhere have been engaging in support programmes on an unprecedented scale. As … Continue reading

United States : record levels of forced saving

Chart of the week Lockdowns enforced due to the Covid-19 outbreak have led to significant business losses that have depressed … Continue reading

Macroeconomic focus – June 2020

Recovering economic activity and new support measures June’s eurozone flash (1)PMI indices show a continuing rebound in activity, with the … Continue reading

The shift from physical to e-commerce is accelerating

Chart of the week May’s retail sales figures have jumped sharply. Total sales shot up 17.7% in May, bringing volumes … Continue reading


-- PDF --