Market Outlook

Changes in US tariff policy, risks in the Middle East: what are the consequences for the markets?

Key points. The announcement of new universal 15% US tariffs on imports is expected to have only a limited impact on markets. US...

Strong profits and increased focus on AI

Key points. Figures published by American companies show solid profit growth and profitability. However, given the high valuations, investors are becoming more selective about...

Growth exceeding expectations suggests a stable outlook in the United States and Europe.

Key points. The stronger-than-expected economic momentum in 2025 leads us to anticipate global and US growth close to its potential in 2026, and broadly...

Sovereign bonds revisited

Key points. The changing correlations between asset classes are altering the role of sovereign bonds in multi-asset portfolios, and they are no longer as...

China’s stability supports emerging market assets

Key points. Given the strong export momentum, coupled with new fiscal stimulus measures, the Chinese economy is expected to grow by 4.3% this year,...

AI’s promises in terms of productivity and the rivalry between China and the United States

Key points. In the absence of exogenous shocks, AI-related productivity gains are expected to help boost potential US growth to an average of 2.1%...

US tariffs related to Greenland are expected to have more of a political than an economic impact.

Key points. The proposed US tariffs on eight NATO allies for their support of Greenland are expected to have only a marginal economic impact,...

The American intervention in Venezuela brings spheres of influence back to the forefront of geopolitics

Key points. The American intervention in Venezuela signals a geopolitical shift towards regional spheres of influence. Given the modest size of the Venezuelan economy,...

What gold reveals about the new world order

Key points. The surge in gold prices is driven by strong demand from private investors and central banks, demonstrating a fundamental shift among emerging...

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