Perspectivas
y actualidad.

Contractual revenue arrangements, ESG criteria and location are all critical for lenders in the data centre space.

•    Donald Trump and the candidates to succeed Jerome Powell are arguing for an urgent rate cut by the Fed in response to the slowdown in activity and inflation.
•    Powell's camp is urging the Fed to keep its current rates, as tariffs are expected to push inflation above 3% by the end of the year. 
•    In France, prime minister François Bayrou unveiled his proposed budget cuts. He hopes to reduce the government deficit to €43.5bn in 2026, but political consensus remains uncertain.

"Veritas" - Science and research, present and future allies of sustainable development

"Fortis est Veritas. “Strong is truth” is Oxford's motto, which you will read on many a pediment as you stroll through this magical place of knowledge and learning. 

“Veritas” is the motto of Harvard University.

•    Washington sent letters to several countries announcing between 20-50% in tariffs and additional levies on products and goods that are re-exported to third countries as a way of sidestepping the increases.
•    France set an ambitious target of 4.6% for the government deficit in 2026. Meanwhile, the UK is struggling with a weak economy but that will allow the Bank of England to cut rates.
•    In China, consumer prices rose slightly but production prices continued to suffer from deflation.

Europe is going through a period of profound change - industrial, energy and geopolitical - which is redefining the conditions for its long-term economic development. Against this backdrop, the question of savings allocation takes on a strategic dimension.

We offer you an in-depth analysis of this central issue:
“Re-engaging European savings: a strategic imperative for sustainable growth”.

This document explores the concrete levers for redirecting private savings towards the real economy, with a view to sovereignty, innovation and sustainable transition.

Translated with DeepL.com (free version)

We are proud to be ranked among the Top 200 Asset Managers in Europe by Funds Europe

•    A trade agreement with Vietnam has been reached, while negotiations with the EU, Japan, India, and Korea are proceeding with difficulty.
•    So far the tariff war appears to be leaving little trace on the US economy, as illustrated by mixed labor market indicators. 
•    Both houses of Congress passed the “One Big Beautiful Bill” in an even more expansive version than its initial draft.

•    H1 2025: major political issues, but no significant impact on market performance, apart from occasional volatility.
•    Points to watch for investors in the second half of the year: geopolitical risk, trade tensions and the US public deficit. 
•    Allocation point: slight underweighting of equities - particularly US equities - and of the dollar. On the bond side, avoid long-dated bonds, as the risk of recession remains moderate.
•    Positive views on Europe: the implementation of the Draghi plan could enable the continent to catch up, by boosting competitiveness and supporting industry and technology.

Asset allocation : Undaunted markets in a changing world
Benjamin Melman, Global CIO AM
 
The credit market, a new safe haven for investors! 
Alain Krief, Head of Fixed Income
 
European equities, a powerful new narrative
Caroline Gauthier, Co-Head of Equities 
 
International equities: The world's largest casino 
Jacques-Aurélien Marcireau, Co-Head of Equities

Management philosophy: Mission sovereignty : resilience in action
Aymeric Gastaldi, International Equities Manager & Anthony Penel, European Equities Manager

The Pan-European office market is transforming, driven by evolving work models, a flight to quality and sustainable ambitions. Stabilizing values present opportunities for investors to achieve above average returns on both the short- and longer-term strategies, especially for mid-size offices on high quality locations in the city centres.

By Sébastien Cavernes, CIO Edmond de Rothschild Gestion (Monaco).

•    The US Secretary of commerce said around 10 trade deals had been signed, and progress is being made in discussions with China.
•    In Europe, the NATO countries, except Spain, agreed to increase defence spending to 5% of GDP.
•    Japan's PMI composite is expanding, contrasting with Europe’s PMI, particularly in France, where the political situation is fragile following the failed pensions working party.