| Videos | Channels | Search |
Jakobsen: We should all be worried about France
Industrial output has surprisingly fallen again in France and Steen Jakobsen, Saxo Bank's Chief Investment Officer says it could be downgraded once more next year. He says France is the "elephant in the room" and it's now trailing its other core partners not just in growth and productivity but also on its ability to create a mandate for change,.
Steen says the country desperately needs to adjust its fiscal policy and that means austerity but he says there's neither the political will or ability to administer such harsh medicine. He suggests being short the CAC 40 index against a long position in Germany or the US.
Steen is also concerned about France's dominance of the luxury goods market. He says with global growth "under attack", it could be even more vulnerable by a slowdown in emerging markets.
01:53 minutes
Tags: cac, cac40, change, chief, downgrade, downgraded, economist, economy, elephant, emerging markets, emg, fiscal, fr, fr economy, francais, france, france economy, francois, french economy, french luxury, french shares, gdp, germany, hollande, industrial, jakobsen, luxury, markets, news, output, output france, policy, politics, productivity, room, saxo, saxo bank, saxo tv, saxotv, socialist, steen, steenjakobsen, tradingfloor.com, video