Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the first quarter of 2024.

Macroeconomic environment

• The resilience of the US economy in 2023 does not mean there will be no recession in 2024.
• In countries other than the United States, economic conditions are weak, with the eurozone close to recession and China on the brink of deflation.
• Now that inflation is slowing, the US Federal Reserve has already signalled its intention to cut interest rates in 2024, despite the absence of any marked deterioration in the labour market.

Financial markets

• The degree of concentration in the major stock market indices argues in favour of active management.
• The upward trend in the Japanese market seems well established.
• Gold should benefit from central banks' return to more expansive monetary policies.

Perspectives n° 178