Asset management.

•    Energy prices fell and markets rose after the US and Iran signed a memorandum of understanding.
•    In the US, new Fed chairman Kevin Warsh left rates unchanged but had to withdraw mention of a “dovish bias” in the communique and China's economy is split between upbeat exports and a soft domestic picture.
•    we have gone back to neutral on US Treasuries and European government debt after this rate-easing movement (with long rates under vigilance). We are still keen on equities, a position we adopted after the sell-off at the beginning of the month.

3 months and 17 days. That is how long it took for the United States and Iran to finally reach a preliminary agreement and put an end to the conflict that had pitted them against each other since February. The details of the agreement are not known, but in the eyes of investors, the only thing that matters is the reopening of the Strait of Hormuz, which is expected to take effect starting Friday, the day the agreement is officially signed in Geneva.

•    Washington and Tehran have outlined a 14-point preliminary agreement, notably providing for a permanent ceasefire across all fronts and the reopening of the Strait of Hormuz.
•    Despite low energy stocks, Brent crude prices fell below $90 a barrel, whilst the cyclical and technology sectors rebounded.
•    The ECB delivered its first rate hike since 2023. Meanwhile, in the United States, no monetary policy move is expected next week during the first FOMC meeting chaired by Kevin Warsh.

—    The three new funds are Core US, Core EMU and Defensive Global Equities strategies
—    They are the first products in a range named Quartz, which will initially comprise seven funds by the end of 2026
—    The quantitative management team is being strengthened by the arrival of Yu Sun and Juan Sebastian Caicedo, both quantitative analysts and portfolio managers.