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The French trade deficit

7 May 2021

The last few months have shown no improvement. The trade deficit remains at a historically high level. It is in the  order of 5 billion euros per month (60 billion per year) and the energy bill accounts for only 1/3 of this deficit. There are about 128,000 French companies exporting goods and services. The analysis […]

The corporate tax rate should increase in the US

5 May 2021

In 2017 Trump made a nice gift to companies by lowering the corporate tax rate from 35% to 21%. Corporates weren’t specifically asking for it, but Trump was convinced that such a tax cut would encourage companies to spend more on investment and wages. It is difficult to conclude today on the effectiveness of this […]

Emerging markets’ growth : where are the profits ?

29 April 2021

THE GDP PROFIT SHARE IS NOT STABLE Emerging countries are appreciated by asset allocators, especially in Europe. The reason is very simple: economic growth is stronger there than elsewhere. This idea that higher economic performance will translate into stronger performance of equity indices is widely accepted. It also legitimates the so-called top-down approach, which consists […]

Tesla against the rest of the world

28 April 2021

Tesla published its results last night. The company had already communicated previously about the number of deliveries in the first quarter of 2021: 184,800 vs. 180,600 in Q4 2020 and 88,500 in Q1 2020. Like every quarter, the results are inflated by the sale of carbon credits. Without these and without the capital gain on […]

The end of a conundrum

12 April 2021

THE BOND-EQUITY DIVERGENCE WAS A CONUNDRUM Before the emergence of the sanitary crisis, the divergence of views between the equity market and the bond market was intriguing. It was 2019 and the deflationary risk was significantly priced in by the bond market while the equity market behaved as if nominal growth would be optimal for […]

Marigny Capital coming to Geneva soon.

11 March 2021

Risk paid off very well during the crisis. Structured products on the whole benefited from advantageous remuneration terms, as well as from the market rally. A few months from the opening of Marigny Capital’s Geneva branch, here is an interview with Thomas Fonsegrive, the firm’s founder.   Did risk pay off […]

Marigny Capital - actualités - Le secteur d’utilité publique face au COVID-19

Utilities and Covid-19

11 March 2021

The utilities sector is generally regarded as a safe haven during crises. This is due to the facts that its activity is recognised as essential to a country’s ability to function and that energy demand cannot fall to nothing. That being said, the utilities sector is worth another look in light of current risks of weaker demand, unpaid bills and falling prices.

Marigny Capital - actualités -

Palladium: why does this metal cost so much?

11 March 2021

The recent spike in palladium prices is creating new challenges, particularly for the auto sector. In 2019, palladium prices ranged between 1267 and 1977 dollars per ounce. A 54% increase made palladium literally worth more than its weight in gold for most of the year. On 20 January, palladium moved above 2500 dollars per ounce. […]

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