2026 Outlook: Under the Influence of the “K”! A year ago, the approach of 2025 was influenced by the recent re-election of D. Trump and the questions it raised regarding tariffs, inflation, and risks to global economic growth. The return of volatility to financial markets in the first quarter of 2025 highlighted the extent of…

Gold consolidation from mid-October – it had to happen eventually! October saw gold continue its dizzying ascent at first, before undergoing a marked “drop” in the second half of the month. The reason for this decline lies mainly in the excessive rise of the previous six weeks, fueled by strong inflows in gold ETFs. Let…

Precious metals are in vogue and this could last The month of September offered satisfaction to investors who maintained their positions in the stock markets, even if the progression of indices came to a halt at the end of the period. Stock markets thus defied the traditional negative seasonal effect of September, with an increase…

After a Summer Rally, Equity Markets Face Less Favorable Signs The summer period allowed equities to accelerate the upward trend initiated in May. Beyond the adoption of the US budget law, the fact that the “new deal” in trade desired by D. Trump did not trigger a chain of countermeasures was a more relevant factor…

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…