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The year 2024 comes to a close as one marked by complex challenges and diverse dynamics, testing the resilience of global financial markets and the adaptability of economic operators. In an environment of growing uncertainty, investors have had to constantly recalibrate their strategies to navigate often conflicting economic, political, and social forces. Central banks have played a crucial role, while geopolitical factors—such as the ongoing war in Ukraine, tensions in the Middle East, and Donald Trump’s return to the U.S. presidency—have added further uncertainty, increasing the risk of renewed protectionist policies. However, certain assets and sectors have outperformed: U.S. [...]

Donald Trump is once again President of the United States after his defeat in 2020, despite challenges related to his political legacy and ongoing legal controversies. His campaign effectively capitalized on widespread dissatisfaction with the Biden administration, particularly on economic issues. His victory has not only strengthened his grip on the Republican Party but has also marked a realignment in U.S. politics. Trump’s election immediately triggered an average rise in U.S. stock prices, while major international markets experienced a contraction. European indices, in particular, showed a negative performance. Among the main beneficiaries of this trend were U.S. mid and [...]

October 2024 witnessed an overall positive performance in global financial markets, driven by accommodative monetary policies and a gradual improvement in investor sentiment. Recent decisions by major central banks, coupled with a stable geopolitical backdrop, contributed to a favorable environment for risk assets, despite lingering macroeconomic risks. Equity Markets Global equity markets continued their recovery trend initiated in September, buoyed by growing optimism around a potential "soft landing" for the U.S. economy and encouraging macroeconomic prospects. The MSCI World Index recorded a monthly increase of 2.4%, led by the technology, consumer discretionary, and industrial sectors. In the United States, [...]

In August 2024, global financial markets experienced high volatility, influenced by fears of a possible recession in the United States, an unexpected rise in interest rates in Japan, and mixed signals from major central banks. Although the end of the month saw a recovery, stocks performed erratically, with a sharp drop early on when investors feared an economic slowdown. However, more favorable economic data and statements by Federal Reserve Chairman Jerome Powell, in which he indicated the possibility of a future interest rate cut, encouraged a return of investors to the market. The S&P 500 index posted a significant [...]

In the second quarter of 2024, equity markets in developed countries showed more muted returns than in the first quarter, although many indices reached new all-time highs. The slowdown observed in April was not unexpected, considering the robust performance of the previous six months, during which the MSCI World Equity index rose more than 20%. The subsequent rebound suggests that there is still underlying support for equities, although we note a concentration of the rally on artificial intelligence-related stocks. Without these, the overall performance would have been less positive. Markets have been influenced by better economic data supporting corporate [...]

In May, financial markets performed positively, resuming the upward trajectory observed at the beginning of the year and reaching new all-time highs after the April pause. This recovery can be attributed to better-than-expected first quarter financial results, signs of easing inflation, a more stable geopolitical environment and solid economic growth. These factors have fueled optimism about the possibility of a soft landing for the global economy. As a result, equities rose and investors raised expectations of an imminent rate cut by major central banks. The month began with a positive outlook as investors are confident that the European Central [...]