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Raphaël Gallardo

Investment & Client Solutions Strategist

ALLOCATION PERSPECTIVE: Analysis of the October bloodbath

29.10.2014 - Raphaël Gallardo

Market analysis by Raphaël Gallardo, strategist of Investment and client solutions.

"Financial markets teetered in October, historically a popular month for stock market corrections. The EuroStoxx index for euroland equities plummeted 10.4% between 1 and 16 October, before recovering just as emphatically to wipe out half of its losses over the next five trading days. The US S&P 500 index suffered a more modest setback, dropping 5.5% at its lowest point before recouping 80% of this fall. However, the performance of the one-month implied market volatility index, the VIX, commonly known as the ‘fear index’, was historic, moving from 16.7% at the beginning of the month to a peak of 31.1% on 15 October, then returning to 16.5% in just six sessions.

Analysis of this mini-crash helps highlight the complex interactions established between financial markets, real economies and monetary policies since the 2008 crisis."

Read more in Allocation Perspective

Raphael Gallardo graduated from the Ecole Nationale Supérieure des Mines de Paris, civil engineering course.

Raphael Gallardo began his career as a financial Engineer at Paribas in 1997, before joining the Economic Research division of BNP Paribas in 1999 and the Asset Management in 2005. In 2007, he became a Chief Economist at Axa IM.

He joined Natixis Asset Management in 2013 as an Investment & Client Solutions Strategist.