From Strategy of Simone Wapler (France)-
If we had to sum up the story of this week:
Despite monetary creation of the ECB unthinkable and unimaginable in 2008, the European banking system remains very ill.
The development of the global economic and financial crisis (difficulties of emerging countries, bogged down in the US economy) is secondary.
Special mention lucidity to the title Bloomberg . For the first time, a major media recognizes that low or negative rates are a symptom of something serious: a fight for security.
What we see then, what are the effects of the escalation of institutional investors, forced by their statutes to be in the financial markets and looking not yield (since they are negative) but safety.
Not the return on capital, but the return of capital.
This means if the situation is serious…