Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Matthias Desmarais
  • Matthias Desmarais
Matthias Desmarais
  • Matthias Desmarais
Bruno Cavalier
  • Bruno Cavalier

US: is zero payrolls growth the new definition of full employment?

Should we get used to US payrolls contracting in even-numbered months and rebounding in odd-numbered months? This has been the case in the United States since May 2025, leaving economists and central bankers in doubt about the state of the US economy. On average, employment has almost stagnated over this period, as has the jobless rate, which adds to the mystery. Normally, the lack of jobs should drive up unemployment. This time, that's not the case, because the workforce has also weakened (agei...

Bruno Cavalier
  • Bruno Cavalier

US : emploi zéro, est-ce la nouvelle définition du plein-emploi ?

Faut-il s’habituer à ce que l’emploi US se contracte les mois pairs et rebondisse les mois impairs ? C’est ce qu’on observe aux Etats-Unis depuis mai 2025, laissant observateurs et banquiers centraux dans le doute sur l’état de santé de l’économie. En moyenne, l’emploi a presque stagné sur cette période, de même que le chômage, ce qui ajoute au mystère. Normalement l’absence d’emploi devrait faire monter le chômage. Cette fois, ce n’est pas le cas car la force de travail a faibli aussi (vieillis...

Carole Braudeau
  • Carole Braudeau

Credit Morning 04/10/2026

Roquette is said to have initiated the process of opening up its capital to a minority investor|Macif reports strong full-year 2025 earnings|

Oddo convertible news 01/06/2018

Minor International confirmed that it could buy HNA’s stake in NH HotelMarine Harvest issued a 2023 straight bond (floater), implying an attractive valuation for the outstanding 2020 CB in a first reading>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 01/06/2018

L’Italie se dotera aujourd’hui d’un nouveau gouvernement mettant ainsi fin à 3 mois d’incertitudes. Les activités de Deutsche Bank aux Etats-Unis auraient été classées parmi la liste des ‘banques à problèmes’ par les régulateurs américains.S&P a dégradé la note de contrepartie de Deutsche Bank de ‘A-‘ à ‘BBB+’ ; le RWN négatif est levé, la perspective stable et les notes des émissions ont été confirmées.>...

Deutsche Bank : At the end, will Deutsche win? Credit Opinion revised ...

Football fans all know Gary Lineker’s quote about football being “a simple game: 22 men chase a ball for 90 minutes and at the end, the Germans always win”. While the Word Cup is approaching and Germany is among the favourites, Deutsche Bank’s (DB) performance has been less impressive on the banking field than the ones of the Mannschaft on the pitches, and the outcome of DB’s strategic adjustments is far less certain than the one of a football game, as suggested by Gary Lineker....

Deutsche Bank : At the end, will Deutsche win? Credit Opinion revised ...

Football fans all know Gary Lineker’s quote about football being “a simple game: 22 men chase a ball for 90 minutes and at the end, the Germans always win”. While the Word Cup is approaching and Germany is among the favourites, Deutsche Bank’s (DB) performance has been less impressive on the banking field than the ones of the Mannschaft on the pitches, and the outcome of DB’s strategic adjustments is far less certain than the one of a football game, as suggested by Gary Lineker....

Carole Braudeau
  • Carole Braudeau

Credit Morning 05/31/2018

Maxeda has reported encouraging Q4 2017-18 results and outlookGalapagos has renegotiated the terms of its RCF.>...

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