Report
Is the party ending ? Our weekly cross-asset views
Risk aversion continued to rise slightly this week as investors navigated increasing macro uncertainty, reduced central banks support, and elevated valuations. Equity markets are closing the week slightly down (with techs underperforming) despite a strong buy-the-dip activity. Traditional safe havens provided low diversification benefits (Treasuries, Gold and DXY are ending the week almost flat). This week, a 60/40 portfolio would have delivered ~-1,4%, marking its second worst week since August.In light of the recent market dynamics, we are not surprised to see some short-term vulnerabilities emerge. In the medium run, however, the underlying fundamentals remain solid, as highlighted once again during the Q3 earnings season. Barring any new macro surprises, the continuation of the strong buy-the-dip activity is the most likely. Surfing on AI and fiscal dominance momentum.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Emilie TETARD
Florent Pochon
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