China is one of the few major countries where growth is strongly re-accelerating, inflation is falling and economic policy remains expansionary. Almost all indicators are in the green and the Chinese equity market is globally attractive.
What is green hydrogen? A USD 100 billion question
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The energy transition according to Elon Musk
His excesses, his megalomania, and his very personal conception of governance have made Elon Musk a particularly divisive figure. However, whether you like him or not, the fact remains that the plan to decarbonise the economy presented last month by Tesla is worth looking into.
Update on China’s Belt and Road Initiative
China’s ambitious ‘New Silk Road’ project aims to build road, rail and sea transport infrastructure, power grids, oil and gas pipelines in 78 countries in Asia, Africa and Europe. However, despite the enormous scale of the project, it is very difficult for foreign investors to participate. Fortunately, other public initiatives in the US, Canada, Europe, Australia, New Zealand and the UK offer alternatives for infrastructure investment.
Has the outlook changed for fossil fuels?
2022 was one of the most successful years for the oil and gas industry; the industry is estimated to have made income of USD 4trn vs an average of USD 1.4-1.5trn in previous years. The six largest western oil companies made more money than in any year in the history of the industry: over USD 200bn.
Impressions on the Re-opening
After 3 years, China has finally reopened its doors to foreign travelers. Alice Wang, manager of a Chinese and ex-Japanese equity strategy at Quaero Capital, has just returned from a 3-week trip to China. In the following text, she shares her impressions, sometimes anecdotal, based on numerous meetings and visits throughout the country.
Hunting for bargains in the small cap jungle
Once we have cleared up a few misconceptions about small and mid caps, we realise that there are major differences between them and that we can find some real nuggets that have been totally overlooked by the market. This is a particularly good time to be a gold digger.
Should we choose between degrowth and green growth?
European equity outperformance: stop or else ?
The strong outperformance of European equities (Eurostoxx large) between the beginning of September 2022 and the beginning of March is quite impressive. In local currency, the EuroStoxx outperformed the S&P500 by almost 19%; the outperformance is even more marked in euro (25%) due to the appreciation of the euro over the period.
SVB in default … What now?
A few lines to revisit the Silicon Valley Bank (SVB) event in particular, and also the other Category IV US banks (banks with a total balance sheet of less than USD 250 billion) notably First Republic Bank, Signature Bank, PacWest Bancorp, and Alliance Bancorp.