In the latest edition of our monthly report:
US tourists invade Europe
In Paris, on the Côte d’Azur or in Switzerland, they are everywhere;
Americans’ immense purchasing power;
Most expensive ski passes in the US in 2022; and
The exchange rate of the greenback has changed little in 30 years.
Assessment of the economic situation
The US economy continues to grow, while in Europe there are more and more signs of improvement, without however indicating a significant rebound in activity on the old continent. Germany remains in convalescence.
The US economy continues to grow;
Oil continues to rebound but runs out of steam; and
First Fed rate cut delayed.
Financial markets during the month
As expected, equity markets finally gave up some of their gains despite April being statistically a favourable month. Bonds faltered in the face of inflation, and gold retreated in the last few days.
Equity markets consolidate first-quarter gains;
The US 10-year yield up sharply; and
Precious metals and currencies.
Comments on investment decisions
The expected consolidation on equity markets began in April, offering new opportunities, notably on certain US technology stocks. The bond market is continuing its bearish readjustment, particularly on the US dollar, allowing current levels to extend durations. Gold is “digesting” its recent gains.
Equities;
Bonds;
Precious metals, listed real estate (REIT); and
Currencies.
Performance summary
Equity performances, and
Performance of bonds, currencies and commodities.
Disclaimer
This document has been prepared using sources believed to be reliable but should not be assumed to be accurate or complete. The statements and opinions it incorporates were formed after careful consideration and may be subject to change without notice. The author and distributors of this document expressly disclaim any and all liability for inaccuracies it may contain and shall not be held liable for any damage that may result from any use of the information presented herein. Past performance is not indicative of future results. Values of an investment may fall as well as rise. This document is intended for information purposes only and should not be construed as a recommendation, an offer or the solicitation of an offer to buy or sell any investment products or services. The use of any information contained in this document shall be at the sole discretion and risk of the user. Prior to making any investment or financial decisions, an investor should seek individualized advice from his/her financial, legal and tax advisors that consider all of the particular facts and circumstances of an investor's own situation.
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