Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Stéphane Déo, Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.

Topic of the week: Overheating?

  • It is now extremely unlikely that Europe will experience two negative quarters, fears of a difficult winter due to the energy crisis are no longer justified;
  • On the other hand, the very ambitious fiscal stimulus has pushed activity above its potential on both sides of the Atlantic. Paradoxically, the risks of overheating are increasing;
  • The risk could be that central banks would be forced to do even more and there would be a recession at the end of the year;
  • Markets were overly pessimistic a few months ago, being almost certain of a recession that never happened. Are they now too complacent, when the second half of the year could prove difficult?

Market review: Disinflation or disillusion?

  • Powell takes note of job market strength;
  • T-note yields rebounds to 3.70% area, profit taking in equities;
  • BoJ: Kazuo Ueda nominated as next governor after Kuroda;
  • Stability in spreads despite protection buying on iTraxx Crossover.

Stéphane Déo's podcast

  • An on the spot comment on US inflation figures?
  • What about French unemployment figures?

Chart of the week

Factors-limiting-production

The European Commission’s latest quarterly industry survey shows signs of supply problems. 

Only 30% of businesses say there are no production-limiting factors. That’s one of the lowest in history.

26% who have problems recruiting, one of the highest historical and far above previous cyclical peaks.

37% who still have problems with supply chains, this is the main problem. We had never exceeded 15% before 2020! This is on a totally unusual level, even though it has fallen a bit since the peak of last quarter.

Figure of the week

The European Commission expects growth of 0.9% in the Eurozone this year, without a single quarter of negative growth. That’s plausible, although it sounds a tad optimistic.

MyStratWeekly : Market views and strategy

Download Download MyStratWeekly – February 14th 2023
  • Stéphane Déo
    Stéphane Déo

    Head of markets strategy

  • Axel Botte
    Axel Botte

    Global strategist

  • Zouhoure Bousbih
    Zouhoure Bousbih

    Emerging countries strategist

  • Aline Goupil-Raguénès
    Aline Goupil-Raguénès

    Developed countries strategist

MyStratWeekly – July 1st 2025
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Reading time : 30 min.
NEWS MARKETS
Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
07/01/2025
Reserved for pros
Transitions – Equity markets
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Reading time : 15 min.
INSIGHTS MARKETS
For the fourth episode of Transitions, we discussed the fundamentals of equity portfolio management in the midst of an uncertain world facing multiple transitions with Frédéric Leguay, Head of Fundamental Equities, and Juan Sebastian Caicedo, International Equities portfolio manager.
06/27/2025
Reserved for pros