Banque Eric Sturdza’s investment strategies are guided by extensive research. Through our investment committee, we look at trends in the world economy to determine how assets should be allocated across investment classes, geographical areas and currencies. Discover our latest thinking on the global economy, markets and investments in our Insight Report.

  1. Insight Report, January 2017

    Remember to always be daring” (Gabriele d’Annunzio)

    Investment strategy — We will analyse consecutively the different stock markets, currencies, interest rates, the oil market, and other major commodities.

    Download the Insight Report PDF | English / French |
  2. Insight Report, December 2016

    How little time is needed to change everything” (Victor Hugo)

    Global economic outlook — If there is one lesson worth reflecting on regarding 2016, it is that stated in the quotation from Victor Hugo above. Who could have thought that financial markets would so easily or so rashly absorb such major shocks as Brexit, the election of Donald Trump and the ‘No’ victory in the Italian referendum? So we approach 2017 tentatively.

    Download the Insight Report PDF | English / French |
  3. Insight Report, November 2016

    People like changing masters, always hoping to find someone better” (Machiavelli)

    The United States post-election — This note aims to summarize the main aspects of Donald Trump’s programme and their implications, and also to show that the US economy is not on the eve of a recession: the Fed should be able to raise its policy rates.

    Download the Insight Report PDF | English / French |
  4. Insight Report, October 2016

    Being contested means being recognized” (Victor Hugo)

    Is the euro to be blamed? Is the euro doomed? To answer the questions in the title, we will pose the question of whether monetary union is positive for the integration and international presence of Europe and whether it can boost growth. Likewise, we will raise questions about the ECB, whose mandate is to combat non-existent inflation and not to promote growth, and about the independence of an ECB which takes decisions that have political implications.

    Download the Insight Report PDF | English / French |
  5. Insight Report, September 2016

    Following the Brexit vote, in this report, economist Bruno Desgardins reflects upon the reasons behind it. He analyses the implications in short and long term for both the European Union and for Britain as a result of this decision …

    Download the Insight Report PDF | English / French |
  6. Insight Report, June 2016

    Europeans will be saved to the extent that they are aware of their solidarity
    faced with the same danger.
    ” (Robert Schuman in Pour l’Europe)

    In this report, economist Bruno Desgardins looks at the history of the United Kingdom’s relationship with the European Union and addresses the implications of a possible Brexit. The report also looks at some of the reforms needed within the European Union to avoid its fragmentation or dissolution.

    Download the Insight Report PDF | English / French |
  7. Insight Report, May 2016

    It isn’t so much that hard times are coming; the change observed
    is mostly soft times going.
    ” (Groucho Marx)

    In this report, economist Bruno Desgardins addresses 11 questions surrounding the world economy and markets including the risks associated with Brexit, options for China, and the price of oil and other commodities. The report also looks at the economic situation in the USA, Brazil and Japan; and considers the effectiveness of monetary policies of the central banks.

    Download the Insight Report PDF | English / French |
  8. Insight Report, April 2016

    How is it that the clouds still hang on you? ” (Hamlet)

    Since 1995, there has been a surge in the number of multinational firms, and years of global trade growth at twice the pace of GDP growth. To symbolize a world of vanishing differences between peoples and cultures, we could adopt the expression of a Wall Street Journal editorialist, Thomas Friedman, who in 2006 published a book entitled The World is Flat, or use the famous saying by General Sertorius to Pompey in Corneille's tragedy The Death of Pompey: “Rome n’est plus dans Rome, elle est partout où je suis” (Rome is no longer in Rome, it is wherever I am).

    Download the Insight Report PDF | English / French |
  9. Insight Report, February 2016

    The prosperity that reigned between 2000 and 2007 was an illusion nurtured by growing lending and the real-estate boom, while that from 2009 through to 2015 has been fed by liquidity injections and massive stimulus in China.

    The stagnation of the US index since 2000, once corrected for inflation, reflects this downturn in growth after 18 years of bull markets (1982/2000). One reassuring factor is that the recent sharp fall in stock market indices is partly a result of forced sales by sovereign funds and has little to do with the economic outlook in the OECD countries. If there is a factor that should be of some concern, however, it is that if this slide should continue, it might cause a loss of confidence and something of a wait-and- see attitude among investors.

    Download the Insight Report PDF | English / French |
  10. Insight Report, January 2016

    … and the weird world rolls on” (Paul Auster)

    Growth in the world economy remains weak at under 3%, the expansion of Emerging countries has been slowing down since 2011 and pessimism prevails among economic actors, although we are seeing a welcome reduction in the “savings glut” in many countries, and therefore a considerable transfer of wealth from the commodity-producing countries and China to the consumer countries. If we accept the idea that high oil prices held back world growth from 2012 through to June 2014, and that the excessively high Chinese investment rate in recent years, at close to 50% of GDP, has been spreading deflationary pressures around the globe and hitting margins in many sectors, then stock markets should only suffer for a time from the drop in oil prices and the shift of the Chinese model from investment-driven to consumption-driven.

    Download the Insight Report PDF