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

Macroeconomic environment

• The resilience of services activities is delaying the onset of recession.
• Although inflation is slowing, the labour markets will need to deteriorate more significantly to reach the 2% target.
• The central banks seem set to continue their monetary tightening during the summer months.

Financial markets

• Stock market indices are increasingly driven upwards by a limited number of stocks that have become expensive.
• The outlook for the Japanese market is positive.
• Gold continues to resist rising real interest rates.

Perspectives n° 176