La Française: Equity Markets continue on their upward trend

La Française: Equity Markets continue on their upward trend

April 16, 2021

Equity
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This is a commentary by the Equities team, La Française AM.

Markets continued their way up, with the US leading the way (and trading at all-time highs) and emerging markets lagging. Due to partial profit taking and some jitters due to the slow vaccine rollout outside the US and the UK, the value rotation partially reversed as the Technology sector outperformed while Energy lagged  (S&P +4.1%, Nasdaq +5.1%, MSCI ACWI +3.1%, Eurostoxx50 +1.2%, Stoxx600 + 1.4%, Nikkei +1.2%, MSCI China +0.3%).

Earnings season kicks off this week and companies have a lot to prove : Contrary to what we usually see, analysts have been continuously revising estimates up since the beginning of the year, highlighting an overall optimism on the recovery.

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