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Geopolitics

GEOPOLITICAL REPORT

EUROPEAN SUPPLY CHAIN RESILIENCE In January 2026, we published a geopolitical lookahead report covering the broad trends that may occur over the course of the year. In that report, we identified a number of drivers of instability in Europe, includ- ing supply chain vulnerability. This report explores in more detail the themes of supply chain […]

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DEBT CONCERN

Anyone who followed the economic news this August would have found it hard to miss this warning about debt. ‘Debt concerns’ would have been a more accurate way of putting it, as three specific concerns were coming to the fore at the same time: those regarding US public debt, those concerning the debts and liabilities […]

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NO PAIN, NO GAIN !

The Football World Cup, the heatwave in Europe, the resurgence of the Iran-US conflict, massive wildfires in France and Spain… News stories have come thick and fast this July at an unusual pace. News that is, sadly, often dramatic and anxiety-inducing. Meanwhile, the financial world was also focused on corporate earnings reports, which were outstanding: […]

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Quarterly Outlook

THE IRRATIONAL EXUBERANCE OF FINANCIAL MARKETS

The long-awaited IPO finally place: SpaceX is now a listed company. The buzz surrounding the listing was well orchestrated, the ‘storytelling’ euphoric. During the first two days of trading, SpaceX’s market capitalization soared, rising by as much as 50%, a figure to be put into context of an already quite generous IPO multiple (SpaceX is […]

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TO INFINITY AND BEYOND

May 2026 has been a month of superlatives, with records being broken one after another and countless new ‘all-time highs’ for stock market indices. This trend is being driven by technology stocks, and the market capitalisation of just a few companies is striking: 13 companies each now have market caps exceeding $1 trillion. Berkshire Hathaway […]

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THE COMEBACK!

About a month ago, oil prices broke the $100 mark, and the prospect of a resurgence in inflation sowed doubt among investors and put equity markets under heavy pressure. In just a few weeks punctuated by incessant and contradictory presidential comments, while the ceasefire appeared temporary and the Strait of Hormuz remained blocked, those doubts appear […]

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Quarterly Outlook

DID YOU SAY STAGFLATION?

One month after the start of the war in Iran, as the prospect of a lightning operation fades, the markets are beginning to envisage a protracted conflict, the consequence of which for the markets boils down to one inescapable implication: high oil prices = high interest rates and falling share values. All asset prices now depend […]

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Short-term vs. Long term, that is the question ?

Although the US President has been preoccupied by the Middle East situation and annoyed by the Supreme Court’s recent decision to invalidate most of his tariff policies, to us it seems that Donald Trump has been less focused on domestic economics, at least for the first part of the month. Instead, the spotlight has been largely […]

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SAME PLAYERS. ANOTHER ROUND?

After a first month of the year as eventful as 2025 was, one question often comes to mind for investors: will the trends continue? In short, will 2026 looks like 2025 in terms of stock market performance? The same leading assets are still in the lead, despite a tumultuous end to the month: despite a drop of […]

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