Home

Blog Lazard Frères Gestion

Headlines

Europe: gas prices jump again

Chart of the Week Since mid-June, gas prices have resumed their upward trend in Europe. One-month delivery contracts rose from … Continue reading

United States: Households expect inflation to become increasingly persistent

Chart of the Week While the very strong inflation figures for May (8.6% over 12 months) were widely commented on, … Continue reading

Germany: Job vacancies continue to rise in May

Chart of the week Inflation, monetary tightening and the downturn in some economic indicators raise questions about the trajectory of … Continue reading

Our latest news

Europe: gas prices jump again

Chart of the Week Since mid-June, gas prices have resumed their upward trend in Europe. One-month delivery contracts rose from … Continue reading

United States: Households expect inflation to become increasingly persistent

Chart of the Week While the very strong inflation figures for May (8.6% over 12 months) were widely commented on, … Continue reading

Germany: Job vacancies continue to rise in May

Chart of the week Inflation, monetary tightening and the downturn in some economic indicators raise questions about the trajectory of … Continue reading

Corporate Debt: The End of Negative Rates

Chart of the week Since April, negative interest rates have disappeared from a broad segment of worldwide corporate debt. This … Continue reading

U.S. inflation: Moving past the peak does not mean the end of inflation

Chart of the week After several months of acceleration that took inflation to over 8% overall and over 6% excluding … Continue reading

The Skyrocketing Euribor

Chart of the week Since the beginning of 2022, the 12-month Euribor has risen by 72 basis points, from -0.50% … Continue reading

Eurozone: A good composite PMI masking contrasting trends

Chart of the week Two months after the start of the conflict between Russia and Ukraine, the publication of the … Continue reading

The Comeback of the Pharmaceutical Sector

Chart of the week Since the beginning of 2022 the European pharmaceutical sector (Stoxx Europe Total Market Pharmaceuticals) has strongly … Continue reading

Increasing risks to Chinese growth

Chart of the week PMI* surveys show a clear deterioration of the Chinese economy in March. Averaging the indices calculated … Continue reading

High Yield: European Securities Little Affected by the Crisis in Ukraine

Chart of the week After reaching a particularly low level at the end of January 2022 (1.20%), the default rate … Continue reading

ESG revolution: both a technical challenge and an opportunity for European banks

Part II: mortgages, a new tool for sustainable development Summary: In Europe mortgages represented nearly €9,000 billion outstanding at the … Continue reading

United States: Urgently Looking for Houses to Sell

Chart of the week U.S. real estate statistics show a significant slowdown in sales. The number of transactions involving existing … Continue reading

Fixed Income Markets: Rates Rise Again

Chart of the week The outbreak of war in Ukraine caused rates to fall in the safest segments of the … Continue reading

Lazard Frères Gestion again awarded “Best asset management company in Europe” at the European Fund Trophy 2022

For the 12th consecutive year, Lazard Frères Gestion has been awarded the European Funds Trophy as “Best Management Company in … Continue reading

Risk-free bonds: historic losses in the United States

Chart of the week The tightening of monetary policy by central banks is leading to a general rise in interest … Continue reading

Eurozone: inflation still accelerating

Chart of the week The Russia-Ukraine conflict has led to a sharp rise in oil and gas prices, which will … Continue reading

European Banking Sector : A Swift* Story

In the context of the Russia-Ukraine conflict, the European Union has announced the exclusion of several Russian banks from the … Continue reading

United States: Money Supply Growth Still Very Strong

Chart of the week The Federal Reserve is winding down its securities purchases as its balance sheet approaches $9 trillion, … Continue reading

Video | Economic and Market Outlook January 2022

As the year begins, all eyes are on inflation. The last few months have shown this to be more enduring … Continue reading

Market outlook S1 2022

Part 1 : room for growth in long-term rates The Federal Reserve has gradually shifted its stance to prepare the … Continue reading

Economic outlook S1 2022

Part 1 : easing concerns about the Omicron variant The extremely contagious nature of the Omicron variant and its greater … Continue reading

January 2022: Double Punishment for Fixed Income Markets

Chart of the week January was characterized by a rise in risk-free rates and a rise in spreads (excess returns … Continue reading

Equity markets: a solid start to the year for value stocks

The first weeks of 2022 saw a rise in cyclical sectors and a fall in growth stocks. Several factors drove … Continue reading

Eurozone: Unemployment Rate at its Lowest Level Since the Early 1980s

Chart of the week Eurostat has been calculating the unemployment rate for the eurozone since 1998: the figure of 7.0% … Continue reading

Make value great again!

Chart of the week Since December 2021, cyclical stocks, known as value stocks (banks, energy, and automobiles in particular), have … Continue reading

United States: Fastest drop in unemployment rate since 1950

Chart of the week The last six months have seen the US unemployment rate fall by 2 percentage points, from … Continue reading

European banks: a stable stock of government-backed loans

Chart of the week One of the key measures taken in Europe to deal with the health crisis was the … Continue reading

Macroeconomic focus – October 2021

Higher rates on the horizon US economic data suggest fourth-quarter economic growth will be very high at approximately 7% on … Continue reading

In 2021, risk has paid off in Fixed Income markets

Chart of the week Last year, the various segments of the Fixed Income market performed in divergent manners in Europe, … Continue reading

A well-oriented indicator a few days before Christmas

Chart of the week Each year, the end of December is characterized by its festivities. These have the tendency to … Continue reading

United States: Weekly unemployment figures hit new lows

Chart of the week Weekly jobless claims reached levels not seen since the late 1960s, with a low point of … Continue reading

Omicron variant pushes sovereign interest rates to abnormally low levels

Chart of the week With the announcement of the new Omicron variant on November 26, fixed income market interest rates … Continue reading

Euro zone: inflation continues to accelerate

Chart of the week The early release of Euro zone inflation figures shows a further acceleration in inflation. The year-on-year … Continue reading

Pharmaceutical sector: a victim of Covid?

Chart of the week Despite being in the news since March 2020, the pharmaceutical sector is not one of the … Continue reading

Rebound of the epidemic in Europe

Chart of the week A bit like a déjà vu.… In the last few weeks, a strong rebound of contagions … Continue reading

Central banks: The BoE springs a surprise

Chart of the week On 4 November, the Bank of England (BoE) surprised markets by keeping its policy rate unchanged … Continue reading

US labour costs rise

Chart of the week The employment cost index rose by a non-annualised 1.3% in the third quarter. The increase is … Continue reading

Macroeconomic focus – October 2021

No indication of easing pressure September’s job creation numbers came in well below expectations of 500,000 at just 194,000, largely … Continue reading

Magnesium shortage hits the markets

Chart of the week Magnesium prices on the metals market have been soaring since September. Recent weeks have seen the … Continue reading

What next for US inflation expectations?

Chart of the week As inflation has heated up in recent months, so has the debate over how temporary the … Continue reading

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


-- PDF --