The first half of the year was far from restful, and the second remains clouded by many uncertainties! Looking back at investor positioning at the beginning of the year, the U.S. dollar’s decline over the past six months must be considered a surprise. From our point of view, this movement is a source of satisfaction,…

D. Trump convinces markets he will always back down, perhaps too much? The month of May was anything but calm on the economic and financial development front. On the positive side, we note the agreement between China and the USA on tariffs and the (still to be confirmed) decision by a U.S. court to invalidate…

"Mister Market brings D. Trump to more reason, for now… However you look at the situation, from the perspective of the first hundred days of the Trump 2 administration or just from the month of April, one thing is clear: volatility has returned across all markets. Something we were expecting, although the extent of the…

The Time for Negotiations Begins in a World That Has Definitely Changed! The first quarter of 2025 will go down in history for several reasons, starting with the acceleration of the bullish momentum on the yellow metal. Gold has gained nearly 20% since the beginning of the year and almost 10% in the month of…

Doubts Arise About Growth in Uncle Sam’s Land. Equities Bear the Brunt A 30-basis-point drop in the U.S. 10-year yield over a few days is not a common occurrence. We must immediately acknowledge that we were not positioned to take advantage of such a development, given our reaffirmed decision at the end of January…

Has Donald Trump Broken the Spell? At first glance, everything seemed to be going well in the best of all possible worlds for financial markets—until the U.S. President "surprised" investors by introducing tariffs on Canadian, Mexican, and Chinese goods. This perception must be put into perspective! First, because the first weeks of 2025 were anything…

A Warning Shot from the Federal Reserve! December was marked by a return of volatility in international financial markets, which came as no surprise to us. In this context, the performance of major assets (stocks, bonds) declined, although this did not call into question their positive behavior in 2024, particularly stocks. Indeed, the final weeks…

A Warning Shot from the Federal Reserve! December was marked by a return of volatility in international financial markets, which came as no surprise to us. In this context, the performance of major assets (stocks, bonds) declined, although this did not call into question their positive behavior in 2024, particularly stocks. Indeed, the final weeks…

Heading into 2025, with an euphoric mood in the financial markets! For investors, the transition to the new year should be met with cheer, especially for those who favored stocks in their investments (with a more than 20% increase in the MSCI World Index). However, this does not mean that more conservative profiles haven't benefited…

Trump 2.0: a super powerful President! The victory of Donald Trump in the presidential election is much clearer than what market participants had anticipated. Furthermore, the Republicans also won both chambers of Congress. As a result, the President will have a free hand to implement his agenda once it is clearly defined. The coming weeks…