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The information on this website is exclusively directed at qualified investors within the meaning of the Federal Act of Collective Investment Schemes (CISA) and its implementing ordinance as well as according to the most recent interpretation of the Swiss Financial Market Supervisory Authority (FINMA).

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Qualified investor: definition

Qualified investors within the meaning of Article 10 of the Swiss Federal Collective Investment Schemes Act of 23 June 2006 (“CISA”) and the Collective Investment Schemes Ordinance of 22 November 2006 (“CISO”) are essentially the following:

1.regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes as well as central banks;

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This website is published by Lyxor Asset Management (Lyxor AM)

Société par actions simplifiée (simplified private limited company) with a capital stock of 161 106 300 euros as of November 5th, 2013

Nanterre Trade Register N° 418 862 215              

APE Number: 652E

Registered Office: Tours Société Générale, 17 cours Valmy, 92800 Puteaux

VAT No: FR 604 1886 2215

Responsibale person for the publication is: Lionel PAQUIN, CEO

Editing director: Laurent TISON, Global Head Lyxor Communication (Tel.: +33 1 42 13 49 72; E-Mail: laurent.tison@lyxor.com).

 

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Lyxor AM is a French investment management company authorized by the Autorité des marchés financiers under the UCITS Directive (2009/65/CE) and the AIFM Directive (2011/31/UE). Lyxor AM is represented in the United Kingdom by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK (FCA reference number 435658). Lyxor AM is a registered Commodity Pool Operator and a Commodity Trading Advisor under the U.S. Commodity Futures and Trade Commission. Lyxor AM is also a member of the National Futures Association.

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Swiss Representative:  Société Générale Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH-8021 Zurich, Switzerland.

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The information on this website is exclusively intended for qualified investors with residence or domicile in Switzerland. The information on the financial products referred to in this website is expressly not directed to any person in or from any jurisdiction where the publication or availability of such products is prohibited (on grounds of residence, domicile, nationality or otherwise). Accordingly, the information contained herein does not constitute an act of distribution, an offer to sell or the solicitation of an offer to buy any securities to any person or entity in any jurisdiction in which such distribution or offer may not be lawfully made or access to such information is not permitted. Persons subject to local restrictions of this type must refrain from accessing this website. Investors should take advice from their own independent advisors before making an investment decision and should be aware of local laws governing investments. Without limiting the generality of the foregoing, the information in this website is not directed and not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons (being in particular nationals or residents of the United States of America or partnerships or corporations organized under the laws of the United States of America or any state, territory or possession thereof).

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Past performance is not a guarantee or a reliable guide to the future. Market and exchange rate movements may cause the capital value of investments, and the income from them, to go down as well as up and the investor may not get back the amount originally invested. Investments in emerging markets may result in higher risks and volatility due to political and economic instability and less developed markets and systems.

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Latest from Lyxor

Latest from Lyxor

09 Dec 2019: Trade risks loom large

Global equities fell over the week on the latest trade war developments. The US restored tariffs on steel and aluminium imports from Brazil and Argentina and imposed a USD 2.4bn levy on French imports. Further tariffs could follow after the WTO ruled against the EU in the Airbus subsidies case. High-frequency data in the US, including the manufacturing ISM were disappointing. However, strong non-farm payrolls and further pick up in wage growth suggest US economic activity remains strong. Meanwhile, factory order figures in Germany showed that machinery and car makers, a core part of the country’s industry, are suffering. There were some slight positives from China as the official manufacturing PMI ended six months of contraction, moving back above 50 to 50.2.

Next week, no changes are expected from the Fed at its upcoming FOMC meeting. In fact, the central bank is likely to maintain policy rates at their current levels over H1 2020. On Thursday the UK holds its third general election since 2015, with the Brexit crisis still unresolved. The latest polls are pointing to a Parliamentary majority for Prime Minister Johnson’s Conservative party. Meanwhile, Christine Lagarde’s first policy meeting as president of the ECB will be closely watched for indications of her leadership style and tone. China will release trade credit and inflation data next week. While Chinese trade is still being affected by higher tariffs, it should benefit from a positive base effect, and credit growth data may benefit from a seasonal pick-up.

Source: Lyxor International Asset Management. Figures reported in local currency terms. Past performance is no guide to future returns. Data as at

Our key calls

Week commencing 09/12/2019

Benefit from yield curve steepening in the US

Despite signs of weakness in the business sector, we believe US economic growth will hold up next year, supported by the resilient private sector, and we don’t expect a recession before 2021. In fact, there should be a mild cyclical recovery over H1 next year, and this would enable further steepening of the US yield curve. 


Buy European equities

The risk of a hard Brexit has fallen, and while the German economy’s growth is likely to be weak in Q4 it should gain traction over the first half of next year, supported by easing uncertainty about global trade. Reduced political risks overall and a mild cyclical upswing should support further upside for broad European equity indices over the coming quarters. We maintain our preference for consumer-led sectors and industrials.

Hold Japanese equities for the long term

We believe Japanese equities have plenty of scope to provide further strong returns over the longer term as they still look cheap on a cyclically adjusted basis. The cyclically adjusted dividend yield is currently around 1.5%, a level that has historically been consistent with future annualised returns of 13–15% (pre-dividends). This suggests it’s not too late to buy.

Things we are watching out for

The Main Event

comming soon

15
July

Coming soon...

Other major events

4 more things to put in the diary

09
Dec

DOJ report on Russia US election
meddling

11
Dec

FOMC meeting (with forecasts)

12
Dec

UK elections, ECB meeting with Lagarde

15
Dec

US tariff deadline 15% tariff on ~$200B

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These are the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists as at 18 September euro sto2019. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/ or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to   ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees. Click here for more.

FOR QUALIFIED INVESTORS ONLY– This document is reserved and must be given in Switzerland exclusively to Qualified Investors as defined by the Swiss Collective Investment Scheme Act of 23 June 2006 (as amended from time to time, CISA).

This document has been provided by Lyxor International Asset Management that is solely responsible for its content.

MULTI UNITS LUXEMBOURG - Lyxor US Curve Steepening 2-10 UCITS ETF - Acc, domiciled in Luxembourg, MULTI UNITS FRANCE - Lyxor MSCI Europe (DR) UCITS ETF - Dist, domiciled in France, MULTI UNITS LUXEMBOURG – Lyxor Core MSCI Japan (DR) UCITS ETF - Acc, domiciled in Luxembourg (Registered Funds) are collective investment schemes approved by the Swiss Financial Market Supervisory Authority FINMA (FINMA) as foreign collective investment schemes pursuant to article 120 of the Swiss Collective Investment Schemes Act of 23 June 2006 (as amended from time to time, CISA) for distribution in Switzerland to non-Qualified Investors as defined in the CISA. The above mentioned Exchange Trade Funds (ETFs) are listed on the SIX Swiss Exchange / BX Swiss.

This document is reserved and must be given in Switzerland exclusively to Qualified Investors as defined by the Swiss Collective Investment Scheme Act of 23 June 2006 (as amended from time to time, CISA).

Financial intermediaries (including particularly, representatives of private banks or independent asset managers, Intermediaries) are hereby reminded on the strict regulatory requirements applicable under the CISA to any distribution of foreign collective investment schemes in Switzerland. It is each Intermediary’s sole responsibility to ensure that (i) all these requirements are put in place prior to any Intermediary distributing any of the Funds presented in this document and (ii) that otherwise, it does not take any action that could constitute distribution of collective investment schemes in Switzerland as defined in article 3 CISA and related regulation.

Any information in this document is given only as of the date of this document and is not updated as of any date thereafter.

This document is for information purposes only and does not constitute an offer, an invitation to make an offer, a solicitation or recommendation to invest in collective investment schemes.  This document is not a prospectus as per article 652a or 1156 of the Swiss Code of Obligations, a listing prospectus according to the listing rules of the SIX Swiss Exchange or any other trading venue as defined by the Swiss Financial Market Infrastructure Act of 19 June 2015 (as amended from time to time, FMIA), a simplified prospectus, a key investor information document or a prospectus as defined in the CISA.

An investment in collective investment schemes involves significant risks that are described in each prospectus or offering memorandum. Each potential investor should read the entire prospectus or offering memorandum and should carefully consider the risk warnings and disclosures before making an investment decision.

Any benchmarks/indices cited in this document are provided for information purposes only.

This document is not the result of a financial analysis and therefore is not subject to the “Directive on the Independence of Financial Research” of the Swiss Bankers Association.

This document does not contain personalized recommendations or advice and is not intended to substitute any professional advice on investments in financial products. 

The Representative and the Paying Agent of the Funds in Switzerland is Société Générale, Paris, Zurich Branch, Talacker 50, 8001 Zurich.

The prospectus or offering memorandum, the key investor information documents, the management regulation, the articles of association and/or any other constitutional documents as well as the annual and semi-annual financial reports may be obtained free of charge from the Representative in Switzerland.

In respect to the units/shares of the Funds distributed in and from Switzerland, place of performance and jurisdiction is at the registered office of the Representative in Switzerland.