G E ORG E V A S S E T M A N A G E M EN T
2013 September 3rd
MANAGEMENT VIEW
Improving US economy and employment has fuelled the oil price. Yet this is weighting on the consumption recovery. Syria crisis has exacerbated the oil price increase. This pressure could evaporate if the occidentals who are facing reluctant public opinion (keeping in memory the Iraqi affair) adopt a more pragmatic view. The slow US economic recovery enables China to maintain a decent economic growth and Yuan to resist. Whereas Indian, South African and Brazilian currencies, that are strongly dependent on industrialized countries, decreased by 25%. Paradoxically, the situation is improving in China because of wages increases. The Internal consumption should become more balanced. This situation could generate some blips. That why we have to accelerate the revamping of our competitiveness. We should take example on German, Spanish or English. It is becoming urgent that the oil price decrease in order to strengthen the recovery. We are cautious on short term on equities, we still favor gold equities and are ready to act in the event of a rate increase.
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