Les prix à la consommation ont augmenté de 0,7% en mars en France, sous l’effet de la poursuite du rebond des produits manufacturés après la fin des soldes et de la hausse traditionnelle de certains services liés aux vacances d’hiver, selon l’Insee. L’indice des prix harmonisé IPCH a progressé aussi de 0,7% et reste stable sur un an. L’inflation sous-jacente (hors tarifs publics et produits à prix volatils) a progressé de 0,1% en mars (+0,2% sur un an).

Standard & Poor’s a dégradé hier la note souveraine à long terme de la Grèce, qui passe de B- à CCC+, ainsi que sa perspective, de «sous surveillance avec implication négative» à «négative». L’agence de notation évoque le risque d’une nouvelle aggravation de la situation de liquidité du pays, de ses banques et de son économie. «Sans réforme économique profonde ou nouvel allègement [de sa dette], la situation deviendra intenable [...]», explique S&P. En écho, le ministre allemand des finances Wolfgang Schäuble a déclaré que personne ne s’attendait à un accord lors de la réunion de Riga le 24 avril, ni au cours des semaines suivantes. «Personne ne dispose du moindre indice laissant espérer que nous parviendrons à un accord sur un programme ambitieux», a-t-il déclaré devant le Council of Foreign Relations à New York, ajoutant que le gouvernement Tsipras, aux manettes depuis fin janvier, avait «détruit» tous les progrès économiques réalisées par la Grèce depuis 2011.

Les dépenses de construction aux Etats-Unis ont diminué de 0,1% en février en taux annualisé, à 967,2 milliards de dollars, selon le département du Commerce. Pour janvier, les dépenses de construction ont été révisées en baisse et affichent désormais un repli de 1,7% (au lieu d’un recul initial de 1,1%). En revanche, le sentiment des promoteurs immobiliers est reparti en hausse en avril, après trois mois de baisse, a annoncé la National Association of Home Builders.

Les groupes de cosmétiques Henkel, Revlon et Coty préparent des offres pour les actifs de produits de beauté mis en vente par Procter & Gamble, affirme Reuters de sources concordantes. Ces candidats vont déposer leurs propositions avant la date limite du premier tour de l’appel d’offres, fixée à la semaine prochaine. Henkel serait intéressé par les produits de soins capillaires, Revlon les cosmétiques, tandis que Coty privilégierait les parfums.

Les deux gérants sont associés respectivement à Oddo AM et Financière de l'Echiquier, qui se consacreront à la poche actions cotées des nouveaux fonds PME.

Le portefeuille, composé de cinq hôtels à Paris situés dans le triangle d'or et d'un autre à Nice, aurait été acquis pour 350 millions d'euros.

Le rythme de la demande placée en Ile-de-France s'est replié de 6,3% fin mars pour revenir à un niveau proche du seuil des 2 millions de m²

Le recul de la croissance à 7% au premier trimestre est marqué par la poursuite de la correction immobilière et l'érosion du commerce extérieur.

Une remontée mal maîtrisée constitue un «risque évident» à la stabilité financière, exacerbé par l'évaporation de la liquidité des marchés.

Fort du respect des objectifs de réduction du déficit nominal, le gouvernement se permet de prévoir un effort structurel relativement réduit.

Dans un entretien au quotidien de la City, le gouverneur de la Banque centrale du Nigeria Godwin Emefiele recommande au gouvernement du président nouvellement élu Muhammadu Buhari de céder les participations majoritaires que l’Etat détient dans les sociétés communes pétrolières. Le Nigeria contrôle notamment 55% du capital des joint-ventures formées avec les compagnies Eni, Royal Dutch Shell, Chevron, ExxonMobil et Total. Ces sociétés extraient environ la moitié du pétrole nigérian. L’Etat pourrait en retirer jusqu'à 75 milliards de dollars, estime le gouverneur, qui pourraient être investis dans les infrastructures et pour restaurer les finances publiques.

Dans le Beige Book publié hier, la Fed brosse le tableau d'une situation plutôt positive, malgré le dollar fort et la chute du prix du pétrole.

Le projet de mise en vente d’un portefeuille immobilier du ministère de la Défense, prévu à l’origine dans le budget, a finalement été annulé en raison de la complexité de la transaction, affirme le principal quotidien de l'île, qui cite des sources non identifiées. Le montant total de ce portefeuille atteignait 10 milliards de dollars australiens (7,2 milliards d’euros).

Le président de la BCE, Mario Draghi, a assuré qu'il n'était pas inquiet du manque de titres éligibles à son programme d'achat de titres publics.

Une réforme du marché du travail français est «fondamentale» et serait une bonne réforme structurelle, estime le chef économiste du FMI Olivier Blanchard, dans un entretien au Figaro. Il juge le marché français «coûteux pour tous». Selon l'économiste, la difficulté de le réformer vient du fait que la France n’a jamais connu de crise très grave. En outre, «il y a très peu de confiance entre les partenaires sociaux».

...

La faible liquidité des marchés obligataires et les prises de risques accrues liées à la quête de rendement des investisseurs compliquent la stratégie de resserrement monétaire de la Fed, avec des risques «évidents» pour la stabilité financière, souligne le FMI dans son dernier rapport.

Idinvest et Tikehau décrochent la gestion des fonds Novi. Les deux gérants sont associés respectivement à Oddo AM et Financière de l'Echiquier, qui se consacreront à la poche actions cotées des nouveaux fonds PME.

Les dépenses de construction aux Etats-Unis ont diminué de 0,1% en février en taux annualisé, à 967,2 milliards de dollars, alors que les économistes prévoyaient en moyenne un chiffre inchangé, montrent les données publiées par le département du Commerce. Pour le mois de janvier, les dépenses de construction ont été révisées en baisse pour afficher un repli de 1,7% au lieu d’un recul initial de 1,1%. En revanche, le sentiment des promoteurs immobiliers s’est retourné à la hausse en avril, après trois mois de baisse d’affilée, a annoncé mercredi l’Association nationale des constructeurs de maisons (National Association of Home Builders, NAHB).

Le marché automobile russe devrait baisser d’au moins 24% cette année, à 1,98 million d’immatriculations, a déclaré un responsable du ministère de l’Industrie cité par l’agence Interfax. Il s’agit d’un «scénario optimiste» qui prend en compte les mesures de soutien décidées par le gouvernement, a-t-il noté. Selon le comité des constructeurs automobiles de la fédération industrielle européenne AEB, l’effondrement du marché automobile russe s’est accéléré en mars avec une chute des ventes de voitures neuves de 42,5% sur un an, après 38% le mois précédent.

La Banque centrale européenne a mis mercredi à jour la liste des agences supranationales et parapubliques dont elle pourra acheter la dette dans le cadre de son programme d’assouplissement quantitatif de 60 milliards d’euros par mois. Du côté des émetteurs français, Bpifrance Financement et la Caisse des dépôts et consignations (CDC) font leur entrée dans la liste, de même que l’Agence française de développement et l’Acoss, l’organisme qui gère la trésorerie de la Sécurité sociale. Jusqu'à présent, seule la Caisse d’amortissement de la dette sociale et l’Unedic figuraient en France parmi les agences éligibles au QE de la BCE. Au niveau européen, plusieurs émetteurs hollandais et la Caisse des dépôts italienne (CDP) deviennent aussi «QE-compatible»<

p { margin-bottom: 0.25cm; line-height: 120%; } The Financial Conduct Authority in the United Kingdom has issued a warning against individuals using the name of the asset management firm BlackRock to defraud investors. The British regulator emphasizes that the firm uses the name BlackRock, BlackRock Advisors (UK) Limited, and the address and FCA referenc number of the asset manaegment firm. The “clone” company also identifies itself with the name Black Rock Ltd. The authority points out that “fraudsters are using the details of companies we license to try to convince people that they work for a genuine and licensed company. … The fraudsters generally use this tactic whenever they contact people unannounced. It is therefore necessary to be very prudent if you are cold called.”

p { margin-bottom: 0.25cm; line-height: 120%; } Multrees Investor Servies has gained a big name. The British independent company specialised in custody and reporting services for wealth management firms and family offices has recruited Hugh Mullan, former CEO of the United Kingdom at Fidelity Worldwide Investment, as its non-executive director. Mullan, who left Fidelity in April 2014, joined the asset management firm at the end of 2008, after serving at Barclays Wealth in the positions of chief operating officer in the investment and products division, and as global chief operating officer. Over his career, Mullan has also served in management positions at Schroders and Citibank.

p { margin-bottom: 0.25cm; line-height: 120%; } Ashmore Group, a specialist in emerging markets, has posted net outflows of USD2bn in the third quarter of its tax year, ending on 31 March 2015. In the reference period, the asset management firm also suffered from a negative market effect of about USD600m. As a result, assets under management have fallen 4.1% in the past three months, to a total of USD61.1bn as of the end of March 2015, compared with USD63.7bn as of the end of December 2014.

Investors see growing overvaluations in both bonds and equities and have signaled concern about a valuation bubble forming, according to the BofA Merrill Lynch Fund Manager Survey made from 2 to 9 April with an overall total of 177 panelists with USD 494bn of assets Under management. The proportion of global investors saying equity markets are overvalued has reached its highest level since 2000. A net 25 percent of respondents to the global survey say that global equities are currently overvalued, up from a net 23 percent in March and a net 8 percent in February. This is still, however, short of the record-high level of a net 42 percent in 1999. At the same time, the proportion of respondents saying that bond markets are overvalued has reached a new high in the survey’s history. A net 84 percent of the global panel says that bonds are overvalued, up from a net 75 percent in March. At the same time, 13 percent believe that “equity bubbles” are the biggest tail risk markets are facing, up from 2 percent in February. Global respondents believe that the focus of overvaluation is on the U.S. – a net 68 percent of the panel says that the U.S. is the most overvalued region globally. Global panelists believe that all other regions, including Europe and Japan remain undervalued. These assessments come as investors increasingly accept that U.S. rates will rise at a time when the European Central Bank and the Bank of Japan are engaged in monetary stimulus. Although a majority of investors expect no Fed hike before the third quarter, 85 percent expect a rate rise to take place this year. “April’s survey offers further proof that global investors are front-running global monetary policy,” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Research. “We are seeing a form of rational exuberance in Europe where a positive view on stocks is supported by fundamentals – but investors no longer believe valuations are cheap,” said Manish Kabra, European equity and quantitative strategist. Faced with the prospect of the Fed starting to tighten monetary policy, investors believe that currencies face higher volatility. Eighteen percent of the global panel says that currencies is the asset class most vulnerable to volatility, a rise of 5 percentage points since March. More investors say the dollar is overvalued against the euro and the yen. The proportion of respondents saying the U.S. dollar is overvalued has risen to a net 13 percent – a big swing from February when a net 12 percent took the view the dollar is undervalued. A net 8 percent believe the euro is undervalued this month, compared with a net 24 percent saying it was overvalued two months ago. Despite their view on valuations, however, a majority of investors still expect the dollar to appreciate, and the euro to depreciate, in the coming year. The highs of euro-mania seen in March have eased, but European equities retain much of their allure in April’s survey. A net 46 percent of asset allocators remain overweigh eurozone equities, down from a record net 60 percent in March. A net 37 percent of investors say the eurozone is the region they most want to overweight in the coming 12 months, though this too is down from a net 63 percent in March. The regional survey shows that Europeans have changed their perspective on valuation. A net 10 percent say that European equities are overvalued this month, up from a net 3 percent taking the view they were undervalued in March. However, a net 73 percent expect better corporate profits in the next year, up from a net 69 percent last month.

p { margin-bottom: 0.25cm; line-height: 120%; } Carmignac is modifying the organization of its team in Spain. Following the appointment of Yon Elosegui as managing director in charge of marketing strategy, based in Luxembourg, since 1 February 2015, the French asset management firm has announced the promotion of two members of the Spanish team and one recruitment. Ignacio Lana will take over Elosegui’s position, and is promoted to country head for Spain. In this position, “he will continue to reinforce our presence serving our distributors and our local partners,” Carmignac says in a statement. Lana, who has 17 years of experience in finance, joined the Spanish distribution team at Carmignac 7 years ago. Before that, he served in positions at Banif and Banco Popular in fund management. Meanwhile, David Tavares is appointed as head of US offshore & Latam, in charge of developing the presence of Carmignac in Latin America and Miami, serving distributors, including private banks, family offices and brokers. Tavares has 11 years of experience in finance, including 9 years on the Spanich team at Carmignac, where he handled institutional clients. Before that, he served at State Street in Luxembourg and at Banco Sabadell Atlantico in Barcelona. Lana and Tavares will both report to Davide Fregonese, director of sales at Carmignac. Lastly, Carmignac has recruited Alfonso Sánchez Carreto, who joined the Spanish team at the firm at the end of March, with 17 years of experience on financial markets. He has previously worked at Banco Santander as head of liquidity management, as well as at Banesto and Banco Popular.

p { margin-bottom: 0.25cm; line-height: 120%; } Amundi has awarded new responsibilities to several of its equity managers. The reports, released by Citywire Global, have been confirmed to NEWSManagers by a spokesperson for the French group. The redistribution of responsibilities follows the departures of Eric Turjeman, Olivier Baduel, Beryl Bouvier di Nota, Corinne Martin and Jean-Charles Naudin, all five of whom moved to OFI AM at the beginning of April. In detail, the European equity specialist Lionel Parisot, who currently manages the SG Actions Europe Expansion and SG Actions Europe Selection funds, will manage the two European equity funds managed previously by Olivier Baduel: the Amundi Actions Europe fund, domiciled in France, and its Luxembourg-domiciled equivalent, Amundi Funds Equity Europe. Meanwhile, Philippe Mahé replaces Olivier Baduel for the management of the two equity funds centered on the euro zone: Medi-Actions Euro and Medi-Actions. Lastly, Beryl Bouvier Di Nota, who had provided the management of the Amundi Funds Equity Euroland Small Cap fund since its launch in September 2014, has been replaced by Caroline Gauthier for the management of this product.

At the conclusion of first quarter 2015, the asset management unit of JPMorgan Chase & Co (which includes asset management and wealth management activities) has seen its assets reach a record USD1.759trn, up by 7% compared with first quarter 2014, and 1% compared with 31 December 2014. This increase was driven by net inflows of USD15bn. In detail, asset management activities posted USD16bn in net inflows to long-term products, and net outflows of USD1bn from liquidity products.In this context, earnings for the unit totalled USD3bn as of 31 March 2015, up 7% compared with first quarter 2014. Net income totalled USD502bn as of the end of March 2015, compared with USD454bn as of the end of March 2014, an increase of 11% year on year.

p { margin-bottom: 0.25cm; line-height: 120%; } AXA Investment Managers has appointed Dani Saurymper as manager of the AXA WF Framlington Health and AXA Framlington Health funds. Saurymper, who joins AXA IM from Barclays Capital, will begin on 27 April this year. Saurymper, who was an equity analyst specialised in the European health care sector, will be based in London, and will report to the head of international equities, Mark Hargreaves, who has served as interim manager of the two funds since the departure of Gemma Game in July 2014.

AllianceBernstein, Franklin Templeton, Invesco and Legg Mason have had a complicated end to first quarter, with a decline in their asstes.AllianceBernstein had USD486bn in assets under management as of the end of March 2015, compared with USD488bn as of the end of February 2015, a decline of 0.4% month on month. The firm explains that the decline is the result of “a negative market effect, including a negative currency effect, offset in particular by positive monthly net inflows.”Franklin Templeton has posted a decline of 1.5% in its assets in March: USD880.6bn as of the end of March 2015, comapred with UUSD894.1bn as of the end of February. As of the end of March 2014, assets under management at the firm totalled USD886.9bn.Invesco has seen a decline in its assets of 1.4%. As of the end of March 2015, its assets under management totalled USD798.3bn, compared with USD809.4bn as of the end of February 2015. “This decline is the result of outflows from money markets, negative currency effects, and returns from unfavourable markets,” the firm explains. “Negative currency effects drove down assets by USD5.3bn over the month. Net inflows to long-term products is positive.”Legg Mason has done little better, with a delcine in its assets as of the end of March of 1.16%, to USD702.7bn, compared with USD711bn as of the end of February 2015. In March, net inflows to long-term products totalled USD2.6bn, which was not enough to compensate for outflows of USD6.5bn from liquidity products.