News

Divergence between the US and Europe should continue to shape the narrative in 2025, and in particular the one trend that has persisted in recent quarters and that investors shouldn’t resist: US exceptionalism. In terms of absolute performance, in late November the S&P 500 registered its 60th record closing high this year.

Political risks have dramatically increased worldwide over this year. Looking ahead, the geopolitical and geoeconomic uncertainties seem unlikely to subside in the coming year.

The new elections in Germany and a possible political reorientation are unlikely to fundamentally change the difficult situation of the German economy overnight. Structural changes take time.

As the world’s second-largest economy, China has much to offer and should be included in any globally diversified portfolio. Short-term complexities do not rule out building positions in Chinese quality stocks with strong potential.

It makes no doubt that Donald Trump plans to implement his program. He has the means to do so. What might lead him to certain compromises is that his policy, though aimed at stimulating growth, risks rekindling inflation.

The US election is leaning towards a clean Republican Sweep (Republican control of the Presidency, Senate and House of Representatives).

In 2022 and 2023, The European economy has weathered the triple shock of the gas crisis, soaring consumer prices and an unprecedented rise in interest rates. At the start of this year, the pieces seemed to be falling into place for the eurozone to finally kick-start a recovery. Despite the ongoing war in Ukraine, the energy markets had largely returned to normal. As a result, inflation fears were receding.

Since the peak in January 2021, the performance of sustainable funds and investments linked to the ecological transition has been disappointing. However, the investment needs to meet the objectives of the Paris Agreement have not diminished, on the contrary. Capital requirements are estimated at 5,000 billion dollars per year in a 1.5°C scenario...