KCS Insights contient votre dose hebdomadaire de macroéconomie et de stratégie Cross-asset ! Retrouvez chaque semaine l’analyse de l’équipe Economics & Cross-Asset Strategy de Kepler Cheuvreux.  Philippe FERREIRA est responsable adjoint de l’équipe Economics & Cross Asset Strategy chez Kepler Cheuvreux. Philippe est en charge de l'allocation Cross Asset de Kepler Cheuvreux Solutions. Après 16 ans à la Société Générale en tant qu'économiste puis stratège, il a rejoint Kepler Cheuvreux en 2022. Il est diplômé de l'Université de Paris 1 Panthéon Sorbonne.  This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux .. It does not constitute regulatory financial information and has a promotional nature.  This podcast show is a communication produced by a member of the Economics & Cross-Asset Strategy team, the Sales, Sales Trading and/ or Trading desk of Kepler Cheuvreux, or one of its affiliates, and does not constitute a product of the Kepler Cheuvreux Research Department. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales, Sales Trading and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Kepler Cheuvreux. Therefore, it has not been prepared in accordance with legal or regulatory requirements relating to independent investment research, as defined under Article 36 of the EU delegated regulation n°565/2017 and is not subject to any prohibition on dealing ahead of its dissemination.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service.  This podcast show is based on public information available and, although obtained from sources believed to be reliable, its accuracy and completeness is not guaranteed. The information is current as of the date appearing on This podcast show and Kepler Cheuvreux does not undertake any obligation to update such information. Any discussions of past performance should not be taken as an indication of future results, and no representation is made regarding future results. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Commissions and other costs relating to any dealing in any products or entering into any transactions referred to in this communication may not have been taken into consideration. Where information provided includes extracts or summary material derived from research reports published by Kepler Cheuvreux Research department, it is advised to obtain and review the original piece of research to consult the research analyst’s full analysis.  This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved   

KCS Insights contains your weekly dose of macroeconomics and cross-asset strategy! Listen every week to the analysis of the Economics & Cross-Asset Strategy team of Kepler Cheuvreux. Philippe FERREIRA is Deputy Head of the Economics & Cross Asset Strategy team at Kepler Cheuvreux. He is in charge of the Cross Asset allocation of Kepler Cheuvreux Solutions. After 16 years at Société Générale as an economist and then strategist, Philippe joined Kepler Cheuvreux in 2022. He is a graduate of the University of Paris 1 Panthéon Sorbonne.   This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux .. It does not constitute regulatory financial information and has a promotional nature.  This podcast show is a communication produced by a member of the Economics & Cross-Asset Strategy team, the Sales, Sales Trading and/ or Trading desk of Kepler Cheuvreux, or one of its affiliates, and does not constitute a product of the Kepler Cheuvreux Research Department. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales, Sales Trading and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Kepler Cheuvreux. Therefore, it has not been prepared in accordance with legal or regulatory requirements relating to independent investment research, as defined under Article 36 of the EU delegated regulation n°565/2017 and is not subject to any prohibition on dealing ahead of its dissemination.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service.  This podcast show is based on public information available and, although obtained from sources believed to be reliable, its accuracy and completeness is not guaranteed. The information is current as of the date appearing on This podcast show and Kepler Cheuvreux does not undertake any obligation to update such information. Any discussions of past performance should not be taken as an indication of future results, and no representation is made regarding future results. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Commissions and other costs relating to any dealing in any products or entering into any transactions referred to in this communication may not have been taken into consideration. Where information provided includes extracts or summary material derived from research reports published by Kepler Cheuvreux Research department, it is advised to obtain and review the original piece of research to consult the research analyst’s full analysis.  This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved    

KCS Insights contains your weekly dose of macroeconomics and cross-asset strategy! Listen every week to the analysis of the Economics & Cross-Asset Strategy team of Kepler Cheuvreux. Philippe FERREIRA is Deputy Head of the Economics & Cross Asset Strategy team at Kepler Cheuvreux. He is in charge of the Cross Asset allocation of Kepler Cheuvreux Solutions. After 16 years at Société Générale as an economist and then strategist, Philippe joined Kepler Cheuvreux in 2022. He is a graduate of the University of Paris 1 Panthéon Sorbonne.   This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux .. It does not constitute regulatory financial information and has a promotional nature.  This podcast show is a communication produced by a member of the Economics & Cross-Asset Strategy team, the Sales, Sales Trading and/ or Trading desk of Kepler Cheuvreux, or one of its affiliates, and does not constitute a product of the Kepler Cheuvreux Research Department. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales, Sales Trading and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Kepler Cheuvreux. Therefore, it has not been prepared in accordance with legal or regulatory requirements relating to independent investment research, as defined under Article 36 of the EU delegated regulation n°565/2017 and is not subject to any prohibition on dealing ahead of its dissemination.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service.  This podcast show is based on public information available and, although obtained from sources believed to be reliable, its accuracy and completeness is not guaranteed. The information is current as of the date appearing on This podcast show and Kepler Cheuvreux does not undertake any obligation to update such information. Any discussions of past performance should not be taken as an indication of future results, and no representation is made regarding future results. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Commissions and other costs relating to any dealing in any products or entering into any transactions referred to in this communication may not have been taken into consideration. Where information provided includes extracts or summary material derived from research reports published by Kepler Cheuvreux Research department, it is advised to obtain and review the original piece of research to consult the research analyst’s full analysis.  This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved    

KCS Insights contient votre dose hebdomadaire de macroéconomie et de stratégie Cross-asset ! Retrouvez chaque semaine l’analyse de l’équipe Economics & Cross-Asset Strategy de Kepler Cheuvreux.  Philippe FERREIRA est Responsable Adjoint de l’équipe Economics & Cross Asset Strategy chez Kepler Cheuvreux. Philippe est en charge de l'allocation Cross Asset de Kepler Cheuvreux Solutions. Après 16 ans à la Société Générale en tant qu'économiste puis stratège, il a rejoint Kepler Cheuvreux en 2022. Il est diplômé de l'Université de Paris 1 Panthéon Sorbonne.  This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux .. It does not constitute regulatory financial information and has a promotional nature.  This podcast show is a communication produced by a member of the Economics & Cross-Asset Strategy team, the Sales, Sales Trading and/ or Trading desk of Kepler Cheuvreux, or one of its affiliates, and does not constitute a product of the Kepler Cheuvreux Research Department. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales, Sales Trading and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Kepler Cheuvreux. Therefore, it has not been prepared in accordance with legal or regulatory requirements relating to independent investment research, as defined under Article 36 of the EU delegated regulation n°565/2017 and is not subject to any prohibition on dealing ahead of its dissemination.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service.  This podcast show is based on public information available and, although obtained from sources believed to be reliable, its accuracy and completeness is not guaranteed. The information is current as of the date appearing on This podcast show and Kepler Cheuvreux does not undertake any obligation to update such information. Any discussions of past performance should not be taken as an indication of future results, and no representation is made regarding future results. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Commissions and other costs relating to any dealing in any products or entering into any transactions referred to in this communication may not have been taken into consideration. Where information provided includes extracts or summary material derived from research reports published by Kepler Cheuvreux Research department, it is advised to obtain and review the original piece of research to consult the research analyst’s full analysis.  This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved 

KCS Insights contains your weekly dose of macroeconomics and cross-asset strategy! Listen every week to the analysis of the Economics & Cross-Asset Strategy team of Kepler Cheuvreux. Philippe FERREIRA is Deputy Head of the Economics & Cross Asset Strategy team at Kepler Cheuvreux. He is in charge of the Cross Asset allocation of Kepler Cheuvreux Solutions. After 16 years at Société Générale as an economist and then strategist, Philippe joined Kepler Cheuvreux in 2022. He is a graduate of the University of Paris 1 Panthéon Sorbonne.  - This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux. It does not constitute regulatory financial information and has a promotional nature. This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service. More information here: https://www.keplercheuvreux.com/en/kcs-insights-disclaimer/  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved     Hébergé par Ausha. Visitez ausha.co/fr/politique-de-confidentialite pour plus d'informations.

KCS Insights contient votre dose hebdomadaire de macroéconomie et de stratégie Cross-asset ! Retrouvez chaque semaine l’analyse de l’équipe Economics & Cross-Asset Strategy de Kepler Cheuvreux.  Philippe FERREIRA est Responsable Adjoint de l’équipe Economics & Cross Asset Strategy chez Kepler Cheuvreux. Philippe est en charge de l'allocation Cross Asset de Kepler Cheuvreux Solutions. Après 16 ans à la Société Générale en tant qu'économiste puis stratège, il a rejoint Kepler Cheuvreux en 2022. Il est diplômé de l'Université de Paris 1 Panthéon Sorbonne. - This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux. It does not constitute regulatory financial information and has a promotional nature. This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service. More information here: https://www.keplercheuvreux.com/en/kcs-insights-disclaimer/  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved      Hébergé par Ausha. Visitez ausha.co/fr/politique-de-confidentialite pour plus d'informations.

KCS Insights contains your weekly dose of macroeconomics and cross-asset strategy! Listen every week to the analysis of the Economics & Cross-Asset Strategy team of Kepler Cheuvreux. Philippe FERREIRA is Deputy Head of the Economics & Cross Asset Strategy team at Kepler Cheuvreux. He is in charge of the Cross Asset allocation of Kepler Cheuvreux Solutions. After 16 years at Société Générale as an economist and then strategist, Philippe joined Kepler Cheuvreux in 2022. He is a graduate of the University of Paris 1 Panthéon Sorbonne.  - This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux. It does not constitute regulatory financial information and has a promotional nature. This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service. More information here: https://www.keplercheuvreux.com/en/kcs-insights-disclaimer/  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved Hébergé par Ausha. Visitez ausha.co/fr/politique-de-confidentialite pour plus d'informations.

KCS Insights contient votre dose hebdomadaire de macroéconomie et de stratégie Cross-asset ! Retrouvez chaque semaine l’analyse de l’équipe Economics & Cross-Asset Strategy de Kepler Cheuvreux.  Philippe FERREIRA est Responsable Adjoint de l’équipe Economics & Cross Asset Strategy chez Kepler Cheuvreux. Philippe est en charge de l'allocation Cross Asset de Kepler Cheuvreux Solutions. Après 16 ans à la Société Générale en tant qu'économiste puis stratège, il a rejoint Kepler Cheuvreux en 2022. Il est diplômé de l'Université de Paris 1 Panthéon Sorbonne. - This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux. It does not constitute regulatory financial information and has a promotional nature. This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service. More information here: https://www.keplercheuvreux.com/en/kcs-insights-disclaimer/  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved      Hébergé par Ausha. Visitez ausha.co/fr/politique-de-confidentialite pour plus d'informations.

KCS Insights contains your weekly dose of macroeconomics and cross-asset strategy! Listen every week to the analysis of the Economics & Cross-Asset Strategy team of Kepler Cheuvreux. Philippe FERREIRA is Deputy Head of the Economics & Cross Asset Strategy team at Kepler Cheuvreux. He is in charge of the Cross Asset allocation of Kepler Cheuvreux Solutions. After 16 years at Société Générale as an economist and then strategist, Philippe joined Kepler Cheuvreux in 2022. He is a graduate of the University of Paris 1 Panthéon Sorbonne.  - This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux. It does not constitute regulatory financial information and has a promotional nature. This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service. More information here: https://www.keplercheuvreux.com/en/kcs-insights-disclaimer/  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock  Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved  Hébergé par Ausha. Visitez ausha.co/fr/politique-de-confidentialite pour plus d'informations.

KCS Insights contient votre dose hebdomadaire de macroéconomie et de stratégie Cross-asset ! Retrouvez chaque semaine l’analyse de l’équipe Economics & Cross-Asset Strategy de Kepler Cheuvreux.  Philippe FERREIRA est Responsable Adjoint de l’équipe Economics & Cross Asset Strategy chez Kepler Cheuvreux. Philippe est en charge de l'allocation Cross Asset de Kepler Cheuvreux Solutions. Après 16 ans à la Société Générale en tant qu'économiste puis stratège, il a rejoint Kepler Cheuvreux en 2022. Il est diplômé de l'Université de Paris 1 Panthéon Sorbonne. - This podcast show is being furnished to you solely for your information on a confidential basis. This podcast show and its contents are proprietary to Kepler Cheuvreux, and no part of this podcast may be reproduced, disseminated or distributed ton any other person without the prior written approval of Kepler Cheuvreux. It does not constitute regulatory financial information and has a promotional nature. This podcast show should not be regarded as legal advice, an invitation to subscribe to Kepler Cheuvreux investment services or an offer to sell or buy any financial product. The investments and services referred to in this publication may not be suitable for all recipients, it has been prepared for institutional and professional investors only, with the meaning of the relevant jurisdiction, and, not for retail use. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the recipient and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.  This podcast show is provided for information and discussion purposes only. Sales, Sales Trading and Trading commentaries do not contain a personal recommendation and do not take into account the individual financial situation, needs or objectives of the recipients. Therefore, the provision of information contained in this communication should not be relied upon as an assessment of suitability of a particular product, transaction or service. More information here: https://www.keplercheuvreux.com/en/kcs-insights-disclaimer/  Kepler Cheuvreux may have interests in the securities and other investment products referred to in this podcast show, or may act as banking advisor, underwriter, market maker and may receive fees, or buy or sell those securities and other investment products as principal or agent and, as such, may effect transactions which are not consistent with this communication. Effective internal organizational and administrative arrangements have been set up for the prevention and avoidance of conflict of interests. For more information, please consult the list detailing disclosures of potential conflict of interests relating to securities mentioned herein and more generally important disclosures at: https://research.keplercheuvreux.com/app/disclosure/stock Please find our Research ratings and important disclosure here: https://research.keplercheuvreux.com/disclosure/stock/  © 2022 Kepler Cheuvreux All rights reserved       Hébergé par Ausha. Visitez ausha.co/fr/politique-de-confidentialite pour plus d'informations.