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: External Sovereign Debt EM: Resist!

  • Despite the recent episode of volatility, which reminds us of 2022, we are convinced that the global economic and financial environment remains buoyant for the asset class;
  • The global economy is showing extraordinary resilience and the cycle of Fed rate hikes is already well advanced;
  • The electoral calendar offers investment opportunities;
  • The main risk remains geopolitics, but emerging markets are focusing on their domestic demand to support their growth.

Market review: The never-ending story

  • Euro area inflation at 8.5% in February;
  • ECB’s Wunsch hints at 4% deposit rate;
  • Sharp upward move in bond yields and inflation breakevens;
  • Spreads resist tensions on Bund, T-note yields.

Stéphane Déo's podcast

  • When the market changes view.

Chart of the week


The energy balance of the United States continues to improve.

Net imports of crude oil and refined petroleum products are trending down thanks to the rise in US production and capacity investments in the refining sector, where margins have recovered since the conflict in Ukraine.

The United States is a net exporter of petroleum products for a total of 3 million barrels per day. This compares to net imports of 7 million barrels 10 years ago. Energy independence is crucial to understanding the extension of the growth cycle in the United States.

Figure of the week

41 million. This is the decline in the Chinese labor force in 2022, equivalent to the total labor force in Germany.

MyStratWeekly : Market views and strategy

Download MyStratWeekly – March 7th 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

Reading time : 5 min.
Ostrum AM’s one-stop shop adds value to institutional investors’ pre-trade, trading and post-trade activities
Reading time : 5 min.
Credit Suisse suffered repeated scandals and governance failures which resulted in a weaker business profile. They struggled for years to get the right management team during which time we saw the franchise weaken.
Reading time : 15 min.
As yields rebound, investors seek high credit quality and strong SRI credentials Money markets are in a good place, offering low volatility, near zero rate sensitivity and an interesting yield. Amid rising rates and high volatility, money market investments offer investors a sound temporary portfolio solution. Well-resourced teams and rigorous risk control are key to a good risk-return ratio. Active management of interest rates and credit selection increases returns and reduces volatility in net asset values. SRI should be a significant component of asset selection too. Even though money market assets are short-term, long-term SRI issues can impact returns.