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.

Perspectives n° 175