Key points. The first quarter results confirm continued double-digit profit growth, despite the energy shock that is fueling inflation fears and making the trajectory of key interest rates more difficult to predict. Strong US results remain the main driver of global growth: margins are...

Conflicts, trade tensions, and political uncertainty are accelerating the structural transformations underway in the global economy. Thematic stock market exposures allow investors to escape the noise and invest in long-term trends. Alongside demographic and technological changes, a multipolar world order is forcing countries...

Key points. The widespread perception of a deeply unequal, K-shaped American economy overestimates the role of the wealthiest households. Broader data suggest that consumption growth has been more evenly distributed across different income brackets. They thus challenge the idea that the American economy has...

Key points. Every industrial revolution has sparked fears of mass unemployment, yet history shows that new technologies create more jobs than they destroy. AI should reshape tasks rather than eliminate jobs, as the state of the labor market is determined as much by public...

Key points. While the European economy was performing relatively well before the conflict in the Middle East, the energy shock will lead to higher inflation, slower growth, and a more restrictive monetary policy. The European Central Bank is concerned about intervening too late and...

Artificial intelligence (AI) remains a key theme in the market, but currently, the debate surrounding the AI ​​cycle has become more demanding. After an initial exuberant phase, fueled by ChatGPT and the resurgence of leaders in semiconductors and platforms, more difficult questions are emerging. Do...