Market Strategy Video October 2014

Although, global economic growth is on the decline, inflation remains stable, albeit very low. This loss of economic momentum and the risk of deflation underpin the ECB's latest decisions. While, they have yet to go so far as to put into place a quantitative easing program as in the US, pressure could grow for the ECB to do more to help the economy. And as the greenback continues to appreciate, it becomes all the more clear that monetary policies are out of sync on the two sides of the Atlantic. That said, the euro's weakness could have a positive impact on economic growth, inflation and corporate profits in 2015/2016.

1. Changes in our economic scenario
2. Slightly more prudence in the face of various short-term risks
3. The US dollar continues to rise