Europe faces macro storm clouds this autumn – The Property Chronicle
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Europe faces macro storm clouds this autumn My predictions for the next few months

The Macro View

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European equities were the classic ‘pain trade’ of 2017, the bull market’s wall of worry was scalable, even a slam dunk. Geert Wilders and Marine Le Pen were defeated in the Dutch and French election, reducing political risk in Europe. Greece got its latest bailout tranche from the IMF, EU and Berlin. Europe’s PMI were stellar in the 55–57 range. Dr Draghi’s hawkishness at the last ECB conclave led to a steeper German yield curve, a steroid shot for the bank stocks that dominate the Euro Stoxx 600 index. The momentum of the herd was only amplified after Italy bailed out Banca Veneto and Banco Popular di Vicenza with a €19 billion lifeboat without inflicting losses on junior debt holders. Bella Italia once again defied the Teutonic Fatherland with total impunity. Achtung baby, Frau Mutti!

The Macro View

About Matein Khalid

Matein Khalid

Matein Khalid is Chief Investment Officer and Partner at Asas Capital. He is responsible for global investment strategies, merchant banking, and the development of the multi-family office investment platform, advising ultra-high net worth royal and family offices in the UAE on global equities markets and foreign exchange.

Articles by Matein Khalid

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