Focus

Macron’s re-election is positive for French assets

-

Emmanuel Macron won French presidential elections: In Sunday’s second-round runoff, Macron defeated far-right National Front leader Marine Le Pen by 58.5% to 41.5%, confirming his leader in the most recent polls. However, the outcome in the second round was much narrower than in 2017 and the abstention rate was put… Read More »



Why has the Ukraine war put a spotlight on cybersecurity and the energy transition?

-

The war in Ukraine has catalysed two important megatrends – the growing need for cybersecurity, and the transition towards green energy. Why cybersecurity? Why now? The guidance from the United States Cybersecurity & Infrastructure Security Agency (CISA) for organisations, since the conflict started, is ‘shields up’ (see figure below). CISA… Read More »



WisdomTree European thematic quarterly update

-

Thematic universe overview AUM in thematic Exchange Traded Funds (“ETFs”) and open-ended funds stands at $289 billion as of end of March 2022. ETFs’ market share hovers around 13%, with a total AUM of $44 billion. Flows have remained positive in Q1 2022, with $7.3 billion across ETFs and open-ended… Read More »


Why we still like stocks as yields spike

-

• We prefer equities even as bond yields have sprinted higher. Global growth is still solid, and we see central banks ultimately living with inflation. • U.S. 10-year yields hit new three-year highs last week, and stocks fell. The European Central Bank affirmed our view it will normalize policy very… Read More »


Is the World Deglobalizing, Slowbalizing or Newbalizing?

-

Many commentators expect the world to deglobalize following the US-China trade war, the pandemic, and the invasion of Ukraine. We take a longer perspective and ask if globalization—the growth in cross-border movement of goods, capital, people, technologies, data, and ideas—has already started to reverse. Despite a rapid 2021 rebound, global… Read More »



Impact from the Russia-Ukraine conflict

-

Minimal impact in the short term, but not helpful In the short term, we expect minimal impact both on demand and supply from the Russia/Ukraine conflict for our coverage. Russia and Ukraine represent a very small fraction of sales for the semi industry (e.g. Taiwan semi exports to Russia were… Read More »


Scarcity inflation raises growth risk

-

• Supply shocks have created scarcity inflation, making higher inflation more persistent and increasing the risk of a growth slowdown. • Ten-year U.S. Treasury yields hit three-year highs after it became clear the Fed will start to reduce its balance sheet quickly. We see further yield rises ahead. • We… Read More »