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Raphaël Gallardo

Investment & Client Solutions Strategist

Interest-rate driven

19.06.2015 - Raphaël Gallardo

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

"The equity market rally among developed economies came to an abrupt halt in April. The trend reversal was caused by a sudden shift in long-term rates, rather than by any downgrades in economic forecasts for developed countries.

The long-term rate shock began in mid-April in Europe, as German yields reached record levels. The ECB had effectively begun buying up sovereign bonds massively in March under its quantitative easing repurchase program. German 10-year yields even reached an all-time low of 0.05% on April 17, 2015."

 

Read Further in Allocation Perspective of june

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.