News

Perhaps the best surprise of the past year and a half was the disinflation without increased unemployment (“immaculate disinflation”) seen in 2023. However, this trend seems to have stalled in the US in the first three months of 2024.

The scenario of a European economic recovery accompanied by an easing of the monetary environment is gradually taking shape. The small- and mid-cap segment could benefit from this.

As tensions between Israel and Iran raise oil prices and result in profits being taken on financial markets, one of the problems facing the world economy – European stagnation – finally appears to be improving. According to surveys published by S&P Global, the eurozone composite PMI rose back above 50 in March and is continuing to catch up with the rest of the world (cf. chart 1).

After crippling European stock markets from 2007 to 2020, financial stocks are now contributing strongly to the return to favour of European equities. This theme is making less noise than that of AI, but it is powerful and remains undervalued.

« After 15 years of close collaboration with Sophie, Gustavo and François-Xavier, it is with great serenity that I hand over the reins to them for good! »