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Beneath the surface

After a straight-line upward movement for most asset classes in Q1, Q2 has been more mixed. Entering H2, the big picture remains broadly supportive. However, beneath the surface, financial markets appear vulnerable to multiple threats, from stalling activity momentum and toppish technicals to faltering Tech leadership and election uncertainty.

US election – What to expect from Trump Season 2

Even if the protagonists are already known, the rematch between Joe Biden and Donald Trump will once again captivate the world until 5 November. The two candidates are neck-and-neck in the opinion polls and there is no clear favorite now. In geopolitical terms, such as support for Ukraine or the future of NATO, a second Trump presidency could have some consequences.

The end of the American dream?

We must confess that we have a strategic "bias" in favor of the US market. The past 15 years proves us quite right. Since the end of the 2007-2008 Financial Crisis, Europe has outperformed for only 27 months, or just over 2 years. This structural outperformance of the US vs. Europe is mainly explained by a more robust EPS dynamic in the US.