Asset management.

Europe is entering a new phase of massive investment supported by the historic rearming and infrastructure spending plans announced recently by Germany and the European commission. This major turnaround is part of broader efforts to support reindustrialisation, technological innovation, and economic sovereignty.
It also offers a highly attractive environment for Europe’s small and mid-sized companies, particularly as their cyclical and domestic profile should allow them to fully reap the benefits these investment plans will generate for the Eurozone’s economy.

•    A meeting scheduled for this weekend between US and Chinese delegations suggests that both countries are ready to negotiate. 
•    Divergences are appearing among central banks: the Bank of England has cautiously cut rates, while the Fed has chosen to maintain rates, navigating between signs of slowing growth and inflationary pressures.
•    In Germany, Friedrich Merz was elected Chancellor after two votes in Parliament, an unprecedented event, but his determination reassured investors of future political stability.

So far this year, market performances have been essentially driven by political factors. Although the S&P500 index is now returning to its pre-Liberation Day levels, all indicators suggest that CEO and consumer confidence has dived since Trump’s announcements. The market rebound seems fuelled by a notion conveyed by the Trump administration that from July 4th, the government would turn the page on protectionism and switch to its tax cut and deregulation programmes

The world is changing rapidly - and not always for the better. The geopolitical landscape is becoming increasingly tense, with extended conflicts, fragmentation of alliances, climate change, the resurgence of protectionism and the rise of populism. These dynamics are causing deep and lasting disruptions that challenge supply chains, economic stability, and population security.