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

Macroeconomic environment

• The possibility of recession in the United States is still in the balance.
• After the considerable slowdown in inflation over the past 18 months, a return to the 2% target looks more problematic.
• Despite the tenacity of inflation in the services sector, the US and European central banks are indicating interest rate cuts in the coming months.

Financial markets

• The gap between what equity markets are pricing in and what is happening in reality is growing.
• Notwithstanding the possibility of a more or less significant correction, equities of quality companies should be preferred to government bonds.
• Japan and gold remain among our strongest convictions.

Perspectives n° 179