Oddo BHF - US : un pays divisé, un Congrès divisé

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Oddo BHF

Bruno Cavalier

US : un pays divisé, un Congrès divisé

Même si les résultats de l’élection ne sont pas définitifs et restent contestés, une chose saute aux yeux : les cartes électorales qui emplissent les medias sont un peu moins "bleues" qu’attendu. Les Républicains garderont la majorité au Sénat, les Démocrates à la Chambre. Le président fera face à un Congrès divisé. Au pire, son agenda subira une obstruction systématique. Plus sûrement, il y aura quelques accords au centre, par exemple sur la politique budgétaire. Pas de grand so...

06/11/2020 6 FR

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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.

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Analysts

Bruno Cavalier

Other Reports from Oddo BHF

Bruno Cavalier

Bruno Cavalier

Macro hot spots: a mid-year review

The US president sets deadlines. Then he postpones them when he realises the objective is out of reach or personally damaging. The tariff question was initially supposed to be clarified on 2 April, but we now have to wait until 9 July. A further delay is possible. The same applies to the vote on the tax cut plan in the US and the resolution of wars (Ukraine, Middle East). The good news is that these postponements and U-turns aim to avoid the worst, namely a recession, but all this zig-zagging could end up derailing the economy. So far, there is no sign of this. In Q1, the world economy was not...

9h / 26m 9h / 26m 1 EN

Bruno Cavalier

Bruno Cavalier

Points chauds macro : une revue de mi-année

Le président américain fixe des dates butoirs… puis les déplace, selon son bon plaisir, ou parce qu’il réalise que l’objectif ainsi fixé est hors d’atteinte ou dommageable pour lui-même. Initialement, la question des droits de douane aurait dû être clarifiée le 2 avril. Il faut désormais attendre le 9 juillet. Un nouveau délai n’est pas à exclure. Idem pour le vote du grand plan de baisse d’impôt aux Etats-Unis. Idem pour le règlement des guerres en Ukraine et au Moyen-Orient. Le bon côté des choses est que ces reports et ces revirements visent à éviter le pire, à savoir une récession, mais à ...

10h / 8m 10h / 8m 1 FR

Martijn Den Drijver

Martijn Den Drijver

Vulcan Energy : Vulcan: Europe’s 1st carbon-neutral integrated lithium play – high risk, high return

We initiate coverage on Vulcan Energy with an Outperform rating and a TP of €4.0. The company is progressing towards full funding, and thus becoming the first carbon-neutral geothermal powered European lithium hydroxide producer using European lithium. Vulcan is likely to sell close to 100% of the output via legally binding take or pay contracts, but profitability beyond the initial contract duration depends on the lithium market price. That said, even at today’s multi-year low prices, assuming Vulcan will obtain a material premium for being European and carbon-neutral, sales, profitability l...

10h / 14m 10h / 14m 1 EN

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US : un pays divisé, un Congrès divisé

Macro hot spots: a mid-year review

Points chauds macro : une revue de mi-année

Vulcan Energy : Vulcan: Europe’s 1st carbon-neutral integrated lithium play – high risk, high return

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