News

The quarter as a mirror image

The second quarter of 2026 was the mirror image of the first. Where March had been dominated by the war around Iran, surging oil prices and the return of inflation fears, spring was a season of easing. The truce announced on 8 April held, the geopolitical risk premium gradually deflated, and markets did what they do best when fear recedes: they looked ahead once again. As a result, most of the first quarter’s losses were erased, then largely surpassed.

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

ising Markets. Hotter Tempers. The Widening Disconnect.

On the street, the narrative is bleak—ongoing wars, inflation receding only gradually, fatigued public finances, squeezed purchasing power, rising social anger. Read more

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