Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.

Topic of the week: ECB: one last hike

  • The ECB raised its rates by 25 bps due to inflation expected to remain “too high for too long”;
  • The important point comes from the change in communication suggesting that this increase is probably the last;
  • The ECB should opt for an extended status quo until mid-2024;
  • At the same time, monetary policy will become more restrictive through the end of reinvestments of reimbursement under the APP and TLTRO reimbursements;
  • The objective is to firmly anchor inflation expectations.

Market review: The ECB had no choice

  • ECB raises deposit rates to 4%;
  • ECB cuts growth forecasts amid sticky inflation;
  • The Fed may tighten policy further;
  • Higher yields having little impact on risky assets.

Axel Botte's and Aline Goupil-Raguénès' podcast

  • Topic of the Week: Oil Market;
  • Theme: A final rate hike.

Chart of the week

euro-dollar-echange-rate-and-terms-of-trade

The euro depreciated towards $1.06 despite the ECB's 25 bp rate hike. The weakness of economic surveys in the eurozone and the significant growth gap with the United States are contributing to the decline of the single currency.

In addition, the rebound in oil, and more generally in imported raw materials, is deteriorating the eurozone's terms of trade. In 2022, the surge in gas had reduced the euro below parity.

Figure of the week

Spending from climate-related events has accounted for 32% of US GDP growth since 2016, according to Bloomberg intelligence.

MyStratWeekly : Market views and strategy

Download MyStratWeekly – September 19th 2023

Listen to Axel Botte's and Aline Goupil-Raguénès' podcast (in French only)

  • Axel Botte

    Axel Botte

    Head of markets strategy

  • Zouhoure Bousbih

    Zouhoure Bousbih

    Emerging countries strategist

  • Aline Goupil-Raguénès

    Aline Goupil-Raguénès

    Developed countries strategist

Reading time : 30 min.
INSIGHTS MARKETS
Coming on the heels of 2023, a year that turned out favourable for the financial markets despite a disruptive international environment, 2024 promises to usher in a new era, according to the experts at Ostrum Asset Management (Ostrum AM), an affiliate of Natixis Investment Managers. Investors will thus have to adapt to a new market configuration, one where the lenders have the power, with interest rates set to remain above 2% for a prolonged period. 2024 is shaping up to be a year filled with investment opportunities, served by active management of risks that should in principle be contained but are nevertheless on the rise: duration risks, credit risks and volatility risks, not to mention risks associated with climate change.
12/04/2023
Reserved for pros
Podcast
Reading time : 30 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
11/28/2023
Reserved for pros
Podcast
Reading time : 30 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
11/28/2023
Reserved for pros