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Raphaël Gallardo

Investment & Client Solutions Strategist

Dear US equities …

24.03.2017 - Raphaël Gallardo

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

- The Fed hikes rates while the US legislative apparatus is sinking in the quicksand of the American Healthcare Act and lifting the debt ceiling.
- China confirms it has successfully cooled down its economy.
- We are growing closer to the period of political risks in Europe (France, Italy).
- A slowdown in the US economy’s trajectory is already reflected in tighter credit conditions, while equity market complacency is adding further cycle vulnerability to the Fed’s monetary normalization attempts.
- The ECB is trying to push back the debate on the end to QE until after the German elections.
- Reduction on equity overweighting with end to reflationary plays.


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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.