Latest insights

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.

Despite rising geopolitical tensions, the global economy showed surprising resilience in early 2025, and inflation continued to normalise.

The global economy remains in a delicate state of balance. The US and China have agreed to a 90-day tariff rollback but uncertainty remains high, especially with the US still imposing significant duties.

Although navigating by the stars can seem brave and adventurous, we would not recommend it on financial markets. Better be equipped with a solid compass !

The global economic cycle is not ending yet – it is reshaping. Following a volatile first quarter and trade escalation at the start of April, May 2025 shows de-escalation amid numerous trade tariff headlines.

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?

April 2025 marks a turning point in the global economic narrative. In the wake of the United States’ sharp tariff escalation – dubbed “Liberation Day” – investors are confronting the ripple effects of a protectionist revival.

Since his return to the White House, Trump has announced a series of country or sectoral tariff increases. If we combine all the measures announced before 2 April (20% on China, 25% on Canada and Mexico with exemption for goods that comply with the USMCA , 25% on steel and aluminum and 25% on automobiles and parts), the average tariff rate on US imports was on course to reach 11% from 2.5% end of 2024.