Pierre Bonart

“Few changes in our portfolio since our last review. Although an intermediate global uptrend is indicated in equity markets and doesn’t call for a bearish view, some care should be taken as the rebound doesn’t appear very solid. Looking to asset-backed commercial papers yields, it is clear that credit conditions are normalising but still not back to their pre-crisis levels. Next FOMC [Federal Open Market Committee] meeting conclusions (on 31/10) will be primarily dependent on the conditions of the credit markets. The prospect of another ease at the end of the month is therefore dimming.”