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.

Listen to Axel Botte’s podcast (in French only)

Topic of the week: The thematic piece will resume on May 19.

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Market review: Glimmers of Hope Amid Trade Tensions

  • De-escalation hopes key for risk asset markets;
  • Fed holds steady at 4.50% on rates amid persistent pressure from Trump;
  • Long-term rates resuming uptrend, particularly in Japan;
  • Sovereign and credit spreads tightening, European equities slightly higher.

(Listen to) Axel Botte’s podcast:

  • Review of the week – Apparent relaxation in spreads and rebound in long-term interest rates;
  • Theme – Core elements of recent trade agreements.

Chart of the week

USA container price

Implied volatility is a measure of the market expected future volatility of a currency exchange rate from now until the maturity date.

The outbreak of a conflict between Pakistan and India appears to have revived volatility in the USD-INR exchange rate after a prolonged period of subpar volatility. The 1-month implied volatility has reverted to 6 %, close to the 2020-2022 average.

Figure of the week

324

Global debt increased by $7.5 trillion in Q1 2025 reaching $324.3 trillion, a new record high, driven primarily by increased government borrowing in China, France, and Germany. However, debt grew less than global GDP, resulting in a decrease in the debt-to-GDP ratio to 325%, the lowest since late 2019.

MyStratWeekly : Market views and strategy

Download MyStratWeekly – May 13th 2025
  • Axel Botte
    Axel Botte

    Head of markets strategy

  • Zouhoure Bousbih
    Zouhoure Bousbih

    Emerging countries strategist

  • Aline Goupil-Raguénès
    Aline Goupil-Raguénès

    Developed countries strategist

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
MyStratWeekly – June 24th 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.
06/24/2025
Reserved for pros