Mr. Credit is fueling France’s growth
France’s economy will be more resilient this year than the rest of the eurozone due to a strong inflow of credit and fiscal stimulus. However, the country has not fully taken advantage of the low-interest rate environment to move upmarket and we fear that layoff plans are coming in industries that are most vulnerable to the international context.
Australia Update: Equity Market
Over the last 12 months, investors have had a lot to contend with, from a tumultuous political environment, to Brexit (or lack of) and the simmering unresolved trade tensions. All this manifesting against a backdrop of business cycle momentum that has weakened sharply, mounting disinflationary pressures and an economic cycle in its last innings.