Assessment of the recent developments in France regarding the pension reform approval and the possible scenarios ahead with implications on French equities and bonds.

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Market measures of financial conditions suggest significant easing over the last three months, but borrowing costs for corporates and households have risen a lot, and are still rising.

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The energy crisis resulting from the war in Ukraine has altered profoundly Europe’s economic performance and prospects.

The US Congress’s August approval of the Inflation Reduction Act (IRA) came as a surprise to most observers. With the mid-term elections just months away and no majority in Congress, no one expected new legislation to be passed.

The origins of inflation are not always well understood. While some economists had warned of impending inflation as early as last year, few had anticipated the dramatic shift in spending from services to goods and the effects of such a shift.

July meeting: The ECB hiked its three key interest rates by 50bp for the first time in more than a decade, bringing its rates out of negative territory.

With the economic situation having deteriorated considerably since the beginning of the year, it is vital for the Conservative Party to agree on a new leader quickly.

A sharp economic slowdown seems to be looming in both Europe and the US, which would make bond markets attractive again, especially in the US. Conversely, the Chinese economy is expected to reaccelerate.

As crises unfold, structural and governance issues tend to become more and more important.