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The Law of the Strongest

Asset Allocation, Nadège Dufossé, Macro
As we write these lines, the US market is approaching its historical peak, last reached in February 2025, and most asset classes have posted positive returns in local currency since the start of the year.
  • Research Paper, Fixed Income, Bob Maes, Philippe Dehoux

    Euro Swap Spreads : Unpacking Asset Classes

    You want to talk about euro swap spreads versus US swap spreads? We watch that, too. But to be honest, that graph is one of the last things we look at when managing euro fixed income aggregate portfolios. So if you want to see it, you’ll have to read all the rest of this page first.
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  • Florence Pisani
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  • Florence Pisani
Asset Allocation, Macro, Emile Gagna, Florence Pisani

Slowdown on the Horizon…

Despite rising geopolitical tensions, the global economy showed surprising resilience in early 2025, and inflation continued to normalise.
US elections, Asset Allocation, Macro, Florence Pisani, Emile Gagna, Lauren Goodwin

Trump’s Economic Policy

The election of Donald Trump, coupled with the Republican Party's control of both houses of Congress, has resulted in a new political landscape in the United States. What key decisions must the new administration make? What impact will these decisions have on the macroeconomic environment, financial markets and investors?
Florence Pisani, Stefan Keller, Outlook 2025

The German economic model in question

Between 2005 and 2017, when most Eurozone economies saw declines in both the weight of their industries and their export market shares, Germany stood out for its powerful industry, strong market shares... and its fiscal rigor. Over this period, German GDP grew 10% faster than the rest of the zone. Germany and its social co-management model (Mitbestimmung) have long been held up as the example.
Nadège Dufossé, Florence Pisani, Asset Allocation, US elections

Update on US elections

Donald Trump heads back to the White House as the 47th President, with an increased likelihood of a Republican sweep. Yesterday (6 November), market reactions were strong, with US stocks hitting all-time highs, 10Y bond yields jumping to 4.5%, and the dollar surging against most currencies.
Nicolas Forest, Florence Pisani, US elections

Should we be afraid of the US elections ?

With the partisan divide hardening in the run-up to November 5, the presidential race was revived with the withdrawal of Joe Biden at the end of July. In just a few weeks, Kamala Harris has breathed new energy into the Democratic campaign.
Florence Pisani, Emile Gagna, Outlook

Central banks remain cautious

At the start of summer 2024, growth continues, but its pace remains uneven across countries and regions. China is still facing deflationary pressures, the eurozone is making slow progress, while growth in the United States, still close to 2% , seems to be slowing a little. Wherever inflationary pressures have been felt, they have continued to abate over the months, paving the way for a cautious easing of monetary policy.

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