We have noted a multiplication of fraud attempts in which the name ODDO BHF is likely to be used. This is particularly the case for Portuguese-language websites that usurp ODDO BHF SE identity to invite you to make a payment. We would like to inform you that these websites are not legitimate and have been created by fraudsters. We therefore urge you to be extremely vigilant.
If you have any doubts about the authenticity of any documents or solicitations, please do not hesitate to contact your usual contacts directly or to contact us at +33 1 44 51 85 00.
Bruno Cavalier
Chief Economist at ODDO BHF
Since 2018, world economic growth has been dragged down by the downturn in the manufacturing sector against the backdrop of a “trade war”. For a large part of 2019, the question that most preoccupied investors and economists was whether the US and, with it, the rest of the world, would fall back into recession. Over the summer, these concerns almost entered irrational territory. As we enter 2020, general sentiment is calmer and more in tune today with the real economy, whose situation is far from catastrophic. In this note, we will examine in the form of a Q&A the key questions likely to shape the economic outlook.
Disclaimer
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This publication is produced by ODDO BHF Corporates & Markets, a division of ODDO BHF SCA (“ODDO”), which is licensed by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and regulated by the Autorité des Marchés Financiers (“AMF”).
This document, when distributed outside of the U.S., is intended exclusively for non-U.S. customers of ODDO and cannot be divulged to a third-party without prior written consent of ODDO. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This document has been developed by our economists. It does not constitute a financial analysis and has not been developed in accordance with legal requirements designed to promote the independence of investment research. Accordingly, there are no prohibitions on personal dealing ahead of its dissemination. “Chinese walls” (information barriers) have been implemented to avert the unauthorized dissemination of confidential information and to prevent and manage situations of conflict of interest.
At the time of publication of this document, ODDO and/or one of its subsidiaries may have a conflict of interest with the issuer(s) mentioned. While all reasonable effort has been made to ensure that the information contained is not untrue or misleading at the time of publication, no representation is made as to its accuracy or completeness and it should not be relied upon as such. Past performances offer no guarantee as to future performances. All opinions expressed in the present document reflect the current context which is subject to change without notice. The statements, assumptions and forecasts contained in this document reflect the judgment of its author(s), unless otherwise specified, and do not reflect the judgment of any other person or of ODDO. This document does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this document is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice.
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Please refer to the most recent research reports on the subject companies for complete information and relevant disclosures.
This document is produced by ODDO BHF Corporates & Markets, a division of ODDO BHF SCA ( “ODDO”). It is distributed to U.S. investors exclusively by ODDO BHF New York Corporation (“ONY”), MEMBER: FINRA/SIPC, and is intended exclusively for U.S. institutional customers of ONY and cannot be divulged to a third-party without prior written consent of ONY. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This document is being furnished to you for informational purposes only and should not be relied upon as sufficient to form a basis for any investment decision.
At the time of publication of this document, ODDO, and/or one of its subsidiaries may have investment banking and other business relationships with any of the companies in this report. While all reasonable effort has been made to ensure that the information contained is not untrue or misleading at the time of publication, no representation is made as to its accuracy or completeness and it should not be relied upon as such. However, ODDO has no obligation to update or amend any information contained in this publication. Past performance offers no guarantee as to future performance. All opinions expressed in the present document reflect the current context which is subject to change without notice. This document does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of particular clients. Clients should consider whether any advice or recommendation in this document is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice.
This document is not a research report as defined in FINRA Rule 2241(a)(11) because the material in it is limited to one or more of the exclusions of the definition of research report in Rule 2241(a)(11)(A). This document is for institutional investors only. Consult your financial adviser or an investment professional if you are not sure you are an institutional investor.
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Contact Information of firm distributing investment recommendations to U.S. investors: ODDO BHF New York Corporation, MEMBER: FINRA/SIPC, is a wholly owned subsidiary of ODDO BHF SCA; Philippe Bouclainville, President ([email protected]) 150 East 52nd Street New York, NY 10022 212-481-4002.
Statement of conflict of interests of all companies mentioned in this document may be consulted on Oddo & Cie’s
Our news
Three British economists—Paul Marsh and Mike Staunton of the London Business School, and Elroy Dimson from Cambridge University—have embarked on a meticulous endeavour: they have traced 35 stock markets around the world as far back as possible to test a core theoretical question of investment. Are equities truly superior to all other asset classes over the long term?
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We must confess that we have a strategic "bias" in favor of the US market. The past 15 years proves us quite right. Since the end of the 2007-2008 Financial Crisis, Europe has outperformed for only 27 months, or just over 2 years. This structural outperformance of the US vs. Europe is mainly explained by a more robust EPS dynamic in the US.