Mariem Mhadhbi

[📆 Capital Markets' #Chronicle] 24 June 2014: Listing of Euronext... on Euronext. 🏛️ ICE's acquisition of NYSE in 2013 marked the end of the NYSE Euronext adventure. Due to a lack of interest in NYSE Euronext's European operations (with the notable exception of London's Liffe, the futures exchange), ICE decided to conduct an IPO for Euronext. 📈 On this day, ten years ago, Euronext was listed on Euronext itself, at a price of €20 per share, giving it a market capitalization of €1.4 billion. 📝 Founded in 2000 through the merger of the Amsterdam Stock Exchange, the Brussels Stock Exchange, and the Paris Bourse to create a pan-European exchange, Euronext operated stock exchanges in Paris, Amsterdam, Brussels, and Lisbon at the time of its listing. Since then, Dublin (2018), Oslo (2019) and Milan (2021) have also joined Euronext. Today, Euronext has a market capitalization of almost €10 billion. #CapitalMarkets #ParisBourse

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Q1 earnings season (preview & partial review) - Earnings growth for US stocks is expected to be modest (+3%) but downward revision by analysts ahead of the release is also quite muted this time around. Positive is that a broader share of sectors and companies are likely to book growth, which is an improvement compared to previous quarters. In addition, earnings beats are quite high so far and important in magnitude. Hence, final quarterly figures could be higher (ex post). However, the reporting season is far from over and will certainly depend on the figures and guidance from the "magnificent seven" (high expectations). Across Europe, estimates are low, even gloomy, with a quarter likely once again in the red for the Stoxx 600 (-12%). Positive is the magnitude of earnings beats, although less vigorous than in the US. Another positive point on both sides of the Atlantic is the upward revision of earnings estimates for the coming quarters and next year, a sign of confidence for the future. Wait and see until the end of the earnings season to validate this positive trend. The episode of consolidation on stock markets is not due to the results but to the volatility on the bond markets, following a delayed prospect of a reduction in interest rates by the FED. This weighs on valuations (pricey for US tech) after a very strong first quarter. The more uncertain interest rate context in the US could accentuate the volatility, especially since we are entering a historically less buoyant period for stocks until the end of the summer. Attractive entry points could eventually arise. AG Insurance #markets #economy #finance #financenews #investments #investmentnews #investmentinsights Thanks to Trends Canal Z and Gaële Poncelet

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We are delighted to announce that our Sicav Moorea Funds has been awarded the renewal of the LuxFLAG ESG Label, effective from 1 April 2024 to 31 March 2025. Our funds affected by this renewal are :   · Moorea Fund – Euro Fixed Income · Moorea Fund – European Equity Quality Income · Moorea Fund – Euro High Yield · Moorea Fund – Short Term Bonds · Moorea Fund – Structured Income         · Moorea Fund – Emerging Markets Equity · Moorea Fund – US Equity 🌱 In total, 50% of the AUM of our Sicav Moorea Funds is labelled, showing the commitment of Societe Generale Private Wealth Management toward Sustainable Finance, rigorous risk monitoring and more transparency for our investors.   The award of the LuxFLAG ESG Label emphasizes the seamless integration of ESG considerations into the investment analysis and decision-making processes as the Label is renowned for its high standards and thorough evaluation of the investments product’s strategy.  Furthermore, the Label serves as a validation of the investment product’s commitment to transparency toward investors, containing crucial elements that form the eligibility criteria for the LuxFLAG ESG Label.

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[📆 Capital Markets' #Chronicle] 10 July 1987: The Paris Bourse became a fully computerised market, marking the end of the "parquet" and the "criée". 🙋‍♂️ On this day 37 years ago, gone were the shouts and coded gestures on the parquet, at the heart of the trading floor, a scene of a unique exuberance and the symbol of this traditional exchange, where stockbrokers traded by auction in an electric atmosphere 🗣️. 📜 A royal order of 30 March 1774 had required the construction of the "parquet", a three-foot high partition inside the Exchange, beyond which only brokers and officers were allowed. Any change in the price had to be called out ("criée") by the buyer naming his seller or by the seller naming his buyer, in order to promote price transparency. 🖥️ The transition to electronic systems profoundly changed the profession of trader. The production of prices was no longer the result of face-to-face confrontations between stockbrokers, but was delegated to a machine. Traders now used their computer terminals to monitor the state of the market and transmit their orders via the Paris electronic quotation system, CAC (Cotation assistée en continu). 📈 This computerisation of the process by which buy and sell orders are matched, market prices are determined and traded securities are allocated allowed for greater efficiency and transparency in trading. #capitalmarkets #Euronext #stockexchange #nostalgia

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⚠ Top 10 Macro/Financial Charts of the Week – w21 (2024) ⚠ #Debt #Inflation #Fed #Eurozone #Wages #Gold https://lnkd.in/eirUPEk3

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ELECTIONS IN FRANCE 🇫🇷: LESS RISK OF THE EXTREME SCENARIOS❗️ By Edouard Desbonnets, Senior Investment Strategist - BNP Paribas Wealth Management 📖🖊️ Key messages: 👉 Uncertainty is likely to persist until a new government is formed.  👉 There may be less emphasis on fiscal tightening and structural reforms, but it is unlikely that there will be significant changes in economic policy.  👉 France's stance on the EU is likely to remain broadly unchanged.  👉 We expect the OAT-bund range to be 55-70 bps in the medium term. Enjoy this exciting read📖❗️ #bnpparibas #wealthmanagement #privatebanking #markets #economy #strategy #articles BNP Paribas Wealth Management - Private Banking

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It was a pleasure ideating and bringing this transaction to the finish line with Onsi Sawiris Hazem Barakat Mostafa El-Anwar Hassan Abdou Dr. Mostafa EL-Bekpashy Ihab Saleh Sarah Nashaat Selim Hamdy Leila El Sahhar thank you to our legal advisors Yasser Hashem Said Hanafi Helal El HOSSARY ahmad bekheit Soha Elezaby Omar Fouda & our financial advisors BDO Khaled & Co., Amr Ghazy SBA - Grant Thornton EG Now, lets discuss investment thesis and numbers; The investment thesis is simple, from Orascom Financial Holding (OFH) shareholders perspective, they were heavily undervalued and deserved to come closer to their true fair value as well as gain a diversified portfolio of assets (including a war chest of USD) owned by B Investments. From B Investments (BINV) perspective, OFH has two very desirable assets in the non banking financial services space (Contact & Klivvr) as well as EGP c.600mn in cash which can be utilized towards making new investments. let's follow the numbers; BINV Share Price & Market Cap prior to the transaction (adjusted for dividends distributed): EGP 19.41/share & EGP 3.1bn OFH Share Price & MKT Cap prior to the transaction: EGP 0.24/share & EGP 1.3bn implied market cap of combined entity (1+1): EGP 4.3bn After conducting an IFA on both companies and launching the mandatory tender offer, we received 70% of OFH's total shares in the swap and issued a total of 58mn new shares in B Investments in favor of OFH's swapping shareholders. 10 days post completion of the acquisition, B Investments' share price is EGP 23.8/share (+22%) and Market Cap of c. EGP 5.2bn (+67%) (keep in mind the 4.3bn mentioned above assumes 100% acquisition of OFH) B Investments shareholders enjoyed a 22% increase in share price due to this transaction as well as the stellar performance across the entire portfolio and OFH's swapping shareholders enjoyed a 51% increase in their share value by joining B Investments shareholder base... and I still believe there's a lot more value to be unlocked! Now it's time for integration and unlocking synergies across both portfolios.

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https://lnkd.in/eKExQ7V9 We talk in the latest episode of our podcast about the fiscal situation in the euro area. Also available here: https://lnkd.in/etYEJRZf

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Un service clé en main . You pick our brain, we pick your funds!Let’s meet the 25th of April on Booth 25 #fundselection #assermanagement #riskmanagement

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Tomorrow, Monday, I am going to give a talk at ISF 2024: Dijon, France | June 30-July 3 | on Supervised Autoencoder MLP for Financial Time Series Forecasting which is based on our joint paper with Bartosz Bieganowski. Please feel invited. #ISFConf2024 #machinelearning #algorithmicinvestmentstarategies #quants #quantitativefinance #neuralnetworks #deeplearning

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I was invited to speak to the 2024 Institute of International Finance (IIF) European Summit panel ‘The New Policy and Regulatory Landscape for Sustainable Finance’. Thanks to Jean Boissinot, José Manuel Campa, Alexandra Jour-Schröder and Andrés Portilla for this interesting debate! Policy and regulation are major topics to facilitate financial institutions’ contribution to the transition to a more sustainable economy. During this panel, I have made the following points: -Financial institutions have a role to channel savings to enable a whole-economy #transition over the long term. We need to finance companies which are transitioning even if they are in sectors which are not green today. This will actually be the biggest shift in capital in the recent history! Policy makers and the financial industry should work together to incentivise long term savings. - BNP Paribas Asset Management has adopted a framework for net zero and joined The Net Zero Asset Managers initiative. The alignment to a net zero trajectory, however, requires ESG data from companies. And we need global standards in order to be able to compare companies. -In Europe today, only 30% of investors indicate ESG preferences because advisors and households feel the information disclosed is too complex. SDFR has clearly contributed to the introduction of a common framework, but if regulators want retail to invest in this transition, the disclosure must be simple enough to be understood.

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Gregoire Mivelaz and Romain Miginiac of Atlanticomnium offer insights on managing #ExtensionRisk in #AT1Bonds. They believe that the pricing of extension risk tends to be extremely inefficient, which presents an opportunity for active managers to capitalise on the market’s tendency to overprice this risk. Read more here: https://ow.ly/vmbH30sEzNa #ActiveManagement #InvestmentInsights For professional investors, capital at risk.

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👨‍🎓 Last week, through the Risk Dashboard, i was analysing the credit risk deterioration of French and German banks. https://lnkd.in/eZUkrMqi 👨‍⚕️ Today, by looking deeper into the figures provided by the EBA, we have confirmation that we are only seeing the tip of the iceberg. 💥 Risk parameters, especially those related to Corporates and SMEs, show a clear deterioration over the last quarters for those countries (whether looking at the past - DR & LR - or looking to the future - PD & LGD).

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📣 [Q1 2024 Results] On this Friday 26 April, Amundi published its results for the first quarter 2024 and announced a high level of adjusted net income of €318m, up +6% (T1/T1) and assets under management at an all-time high of 2,116bn as of 31 March 2024. This strong performance is explained in particular by high & diversified net inflows: 🔹 Balanced by main client segments, expertise and geographies 🔹 Positive in active management, driven by bond solutions Amundi continues its development in line with its strategic priorities: 🔹 Amundi Technology: revenues up by +35.7% year-on-year 🔹 Asia: AuM of €422bn, +6% over the quarter 🔹 Closing of the acquisition of Alpha associates & Memorandum of understanding with Victory Capital 🔎 To see our full results ⤵️ https://lnkd.in/eYv58Z5r

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📆 [#AmundiWIF] The Amundi World Investment Forum is almost to begin. Stay tuned! Ps: the credit for the picture goes to CPR Asset Management 👏 which organized a cocktail in a venue with one of the most amazing view of #Paris 🤩 #assetmanagement

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🔍 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝗦𝘁𝗼𝗰𝗸 𝗥𝗲𝘁𝘂𝗿𝗻𝘀, 𝗣𝗮𝗿𝘁 𝟱: 𝗠𝗲𝗮𝗻-𝗥𝗲𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝗼𝗳 𝗥𝗲𝘁𝘂𝗿𝗻𝘀 𝗼𝗻 𝗦𝗲𝗰𝘁𝗼𝗿 𝗟𝗲𝘃𝗲𝗹 📊   🚀 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄: Utilizing Kenneth R. French's comprehensive data library of 49 Industry Portfolios since 1945, we delve into long-term performance patterns, revealing 𝙨𝙩𝙖𝙩𝙞𝙨𝙩𝙞𝙘𝙖𝙡𝙡𝙮 𝙨𝙞𝙜𝙣𝙞𝙛𝙞𝙘𝙖𝙣𝙩 𝙥𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝙘𝙮𝙘𝙡𝙚𝙨 where strong periods are often followed by weaker ones, and 𝘷𝘪𝘤𝘦 𝘷𝘦𝘳𝘴𝘢.   📄 𝗦𝘁𝘂𝗱𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: In our analysis, we compare the mean performance of each industry portfolio over the past 10 or 15 years with the subsequent mean performance for the same duration. By varying the stepsize between 1Y, 5Y, and 10/15Y, we ensure robustness in our results. A 1-year stepsize provides the most performance pairs but with significant data overlap, while a 5-year stepsize reduces this issue. A 10/15-year stepsize offers non-overlapping data but fewer performance pairs.   🔑 𝗞𝗲𝘆 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀: ➡️ 𝙎𝙩𝙖𝙩𝙞𝙨𝙩𝙞𝙘𝙖𝙡𝙡𝙮 𝙎𝙞𝙜𝙣𝙞𝙛𝙞𝙘𝙖𝙣𝙩 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝙍𝙚𝙫𝙚𝙧𝙨𝙞𝙤𝙣: Across all configurations, R² is clearly above 0, indicating significant performance reversion. ➡️ 𝙀𝙘𝙤𝙣𝙤𝙢𝙞𝙘 𝙎𝙞𝙜𝙣𝙞𝙛𝙞𝙘𝙖𝙣𝙘𝙚 𝙖𝙩 𝙀𝙭𝙩𝙧𝙚𝙢𝙚𝙨:   - Sectors with very subpar past mean returns (below 5%, marked red) tend to recover strongly in the following period.   - Sectors with strong past mean returns (above 25%, marked green) typically experience a performance slowdown subsequently. ➡️ 𝙉𝙤 𝘾𝙡𝙚𝙖𝙧 𝙈𝙚𝙖𝙣 𝙍𝙚𝙫𝙚𝙧𝙨𝙞𝙤𝙣 𝙊𝙪𝙩𝙨𝙞𝙙𝙚 𝙀𝙭𝙩𝙧𝙚𝙢𝙚𝙨: Excluding the extreme tails, mean reversion patterns are not evident.   📊 𝗧𝗵𝗲 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 𝗮𝗿𝗲 𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱 𝗶𝗻 𝘁𝗵𝗲 𝗮𝘁𝘁𝗮𝗰𝗵𝗲𝗱 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁. 📈   #Finance #Investing #StockMarket #MeanReversion #DataAnalysis #InvestmentStrategy #IndustryPortfolios #Research #PerformancePatterns

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#TheWeekAhead : "No magic dwells in this beginning" The euro put in a somewhat weaker performance one day after the European parliament elections, with local equity markets following suit. After an EU parliament election that turned out more of less as expected, the snap elections in France are a genuine surprise. While the economic environment has lost some of its magic, disinflation has come to a standstill in recent months. Monetary policymakers have no easy task ahead of them. While technical indicators point to a relatively calm picture, there are plenty of reasons for greater volatility in view of divergent monetary policy and heightened uncertainty in Europe. Read more in our latest “The Week Ahead” by Allianz Global Investors

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Mediobanca Research on Financial Times LEX on the probability scenarios of the French elections going into the 2nd round. The next 24h are crucial in determining the map and the dynamics with half the constituencies qualifying to go with more than 2 candidates. Withdrawing the #3 candidates to favor the "all vs 1" dynamic is more plausible when left-wing voters converge on the centrist candidate to keep the right-wing one out. Not as simple to ask centrist voters to vote far left candidates instead so today's market's enthusiasm seems premature. More clarity tomorrow, final outcome in a week!

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