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
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.