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: Greening of the ECB’s balance sheet

  • As part of its mandate, the ECB integrates climatic conditions into the conduct of its monetary policy;
  • Since October, it has redirected its purchases of corporate bonds towards issuers with better climate performance;
  • To be in line with the objectives of the Paris agreement, the ECB must accelerate the pace of greening its portfolio while its room for maneuver is reduced with the QT;
  • It will have to expand and strengthen its action to other assets such as ABS, covered bonds, the collateral system and sovereign bonds;
  • This will benefit less polluting issuers and green bonds, particularly those of supranationals and agencies.

Market review: Desire vs. reality

  • The equilibrium of the financial markets requires rate cuts;
  • Bunds ignore pickup in service activity, high inflation;
  • US job market cools at the margin;
  • Swap spreads still elevated despite lower volatility.

Stéphane Déo's and Aline Goupil-Raguénès' podcast

  • Back to the NFPs, public deficits rise again, world trade is struggling;
  • Greening the ECB’s balance sheet.

Chart of the week

gold-prices-dollar-per-ounce

Gold prices have passed the $2,000 threshold which reflects a variety of risks.

Bond market volatility has fostered flows into alternative safe havens. Risk aversion is always a support for gold. Inflation is still elevated given sticky core measures, which historically fans demand for gold.

A weaker dollar also played a role in the run-up in gold prices.

Figure of the week

In March, the world food price index have fallen by 20.5% year on year according to FAO, but this was not seen in the food price index of the Euro area.

MyStratWeekly : Market views and strategy

Download MyStratWeekly – April 11th 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
Podcast
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
Podcast
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