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• Risk assets declined amid concerns over technology and AI, as well as geopolitical tensions.

• Risk aversion supported government bonds, while PMIs confirmed the fragility of the European economy. In France, the OAT-Bund spread reached a record high of 172 basis points.

• Rising energy prices are increasing stagflation risks in Europe, while the price of gold fell by 3%.

In June 2025, Edmond de Rothschild Asset Management launched EdR SICAV Mission Europa, a European equity strategy aimed at supporting and strengthening European sovereignty.

Diversified across four complementary pillars (Security, Competitiveness, Innovation, and Finance), this strategy aims to support the continent’s structural transformation at the intersection of defense, the energy transition, and innovation.

Anthony Penel, the fund manager, discusses the challenges associated with this topic in this interview.

Multilateralism has never faced such challenges since the creation of the United Nations at the end of the Second World War. However, the COPs are the result of global agreements under the auspices of the United Nations. In this context, hopes for the next COP, scheduled to take place in Antalya, Turkey, from 9 to 20 November (a few days after the US "Midterms" elections on 3 November), may seem slim.

• US inflation is accelerating due to rising energy prices, whilst indicators of economic activity and confidence point to a gradual slowdown.

• Geopolitical tensions and uncertainties over energy supplies are keeping price pressures high, both in the US and in China.

• We remain positive on duration, favouring short and intermediate maturities, and have increased our exposure to equities.

• Trump refrains from attacking Iran ahead of the elections, but the conflict continues to provide lasting support for energy prices.

• Inflation remains elevated, while the Fed and the ECB are gradually adopting a slightly more accommodative tone.

• Short- and intermediate-term bonds remain preferred, while technology stocks benefit from strong earnings prospects.

By Nicolas Bickel, Group Head of Investment Private Banking & CIO

CACEIS and Edmond de Rothschild announce a strategic Asset Servicing partnership that deepens their cooperation in Luxembourg.

This year’s edition of Les Voiles de Saint-Tropez held a special significance for us.

Edmond de Rothschild AM announces the appointment of Arnaud d’Anterroches as Head of Sales – Switzerland, effective 1 October 2026.

• The strength of the U.S. economy is driving yields higher, despite a PCE reading that fell short of expectations. However, markets expect the Fed to maintain its current policy stance in October, with yield curves steepening.

• Long-term rates are rising, particularly in France, where the spread over Germany exceeds 140 basis points. Fiscal and political uncertainties are fuelling concerns about the sustainability of French debt.

• Oil prices are stabilizing at high levels, while tensions over diesel remain.

Born in Paris on 30 September 1926, Edmond de Rothschild would have turned 100 this year. 

To mark the 100th anniversary of Edmond de Rothschild’s birth, the Bank’s founder, Le Figaro publishes a “Figaro Légende” issue dedicated to the House