Fixed Income, Monthly Coffee Break
Improving economic surprises
We move our view on US duration from neutral to a modest positive grade, implemented through the front end of the curve.
Monthly Coffee Break
Asset Allocation, Monthly Coffee Break
Insatiable
Growth is slowing. Consumers are becoming more selective. Yet demand for strategic assets continues to accelerate.
Equities, Monthly Coffee Break
Resilient earnings and support from AI
European equities have risen since our last Equity Committee in May, driven by fading Middle East geopolitical risks.
Alternative Investments, Monthly Coffee Break
Strong markets, uncertain horizons
May was defined by resilient global activity but rising macro uncertainty.
Fixed Income
Growth momentum has been more resilient than expected
US Rates: Neutral nominal duration - we prefer inflation protection while monitoring the Fed transition closely
Equities
Strong start to the earnings season rewarded by investors
European equities have experienced a slight contraction since the last Equity Committee in April, amid several macroeconomic headwinds. The collapse of Middle East ceasefire talks renewed geopolitical concerns and disrupted supply chains.