16 Boulevard Royal – L-2449 Luxembourg
Monday to Friday
8 am to 5 pm

Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the second quarter of 2023.

Macroeconomic environment

  • Turbulence in the banking sector has increased the risk of recession.
  • Services inflation, still stubborn, will slow down during the year as the situation on the labour markets deteriorates.
  • The central banks’ monetary tightening is coming to an end.

Financial markets

  • The outperformance of the US market seems to be behind us, unless one thinks that the large technology stocks will maintain their leadership.
  • The structural trend towards a better allocation of corporate capital remains the main argument in favour of the Japanese market.
  • Gold prices are approaching their 2020 highs.

Subscribe to
our newsletter