CAC 40, LVMH, Hermès, M6, TotalEnergies, Airbus, Air Liquide… on the Momentum program this week

CAC 40, DAX, Dow Jones, Nasdaq… Last week is one to forget about equity markets, as the world’s major central banks “continue their fantastic path to fight inflation”, notes La Banque Postale Asset Management (LBPAM), which believes that “the race to tighten monetary policy can be described as historic in scope and speed.” In September, the central banks of the United States (Fed), the Eurozone (ECB), the United Kingdom (Bank of England), Sweden, Switzerland, Norway, New Zealand, in fact, all raised their rates significantly.

Above all, the Fed’s rate hikes “should continue”, underlines the LBPAM. And the ECB should not be left behind as wages rise sharply and tensions with Russia support gas prices (among others). “The strong monetary tightening that we are witnessing should always encourage us to be cautious”, according to the asset manager, because as the saying goes in the markets, “we do not fight central banks”.

Upward pressures should remain on interest rates. According to the LBPAM, “there is no ambiguity about the direction of monetary policy for the coming months: not only will the increases (in rates) continue, but they will be done at an accelerated pace”, while the Fed “wants to move fast”. towards a monetary policy that will be clearly restrictive” (towards real rates (…)

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