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Raphaël Gallardo

Investment & Client Solutions Strategist

US automotive market: skidding but in control?

21.04.2017 - Raphaël Gallardo

Read market analysis by Raphaël Gallardo, Multi-asset strategist at Investment and Client Solutions investment division:

- World growth at a peak, but Chinese-US monetary policy tightening points to a downturn in the second half of the year, a configuration conducive to a policy error from central banks, with excessive valuations for certain assets to top it all off (US equities, Chinese real estate)
- Europe is doing a balancing act between excellent economic figures and potential political watershed scenarios (France, Italy), fuelling market volatility
- President Trump’s about-turn on a number of issues (Syria, Russia, yuan, NATO, border adjustment tax, ExIm Bank, dollar, Yellen, NAFTA) and his difficulties in achieving a congressional majority for his reform plans (healthcare, tax, budgetary stimulus) are beginning to dent business confidence
-Tactical return to neutral on equities ahead of the French elections


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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.