News

One quarter, two readings

The third quarter of 2026 brought neither a resolution nor a fresh flare-up. Geopolitically, the situation remains fluid: no lasting settlement, but no new front either. More informations

A two-stage start to the year: momentum, then a reality check

The quarter began in a constructive mood, before a geopolitical shock reshuffled the deck. In January and February, markets were mainly encouraged by the continuation of disinflation, resilient earnings, and the idea that the major central banks could remain, if not accommodative, then at least less restrictive than in 2024–2025. More info

2025, a year of risks and opportunities

In many ways, 2025 will be remembered as a paradoxical year. Rarely have investors navigated an environment so noisy, uncertain, and at times unsettling from a political, economic, and social standpoint. And yet, rarely has the overall market outcome been so broadly consistent and constructive. More info

At the end of the first quarter, uncertainty had already intensified around a recurring theme: American protectionism. On April 2nd, President Trump made good on what had previously been only a threat, introducing across-the-board 10% tariffs, with the possibility of additional surcharges. Read more