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After the previous week's indications of labour market resilience in the US, this week saw inflation proving sticky. March’s  CPI increased by 0.4% vs. 0.3% expected, the third month in a row in which it had come in hotter than consensus expectations.

The macroeconomic environment appears favourable for emerging sovereign and corporate bonds, which display robust fundamentals. The Fed’s policy pivot and a weakening dollar expected in 2024 could prompt investors looking for yield to return to the asset class.

IDI takes a majority stake in EXSTO, a group specializing in high-performance elastomer solutions, alongside the management team led by Christophe Torres and the historical minority shareholders.

Yield curve inversion has been around for almost two years, Europe is the theatre of a serious war, China is mired in deflation, globalisation is still stuck in a US-China trade conflict, rampant inflation has given way to a monetary shock and yet, even without a recession, risk assets have soared in today’s Goldilocks¹ environment.