Outlook | 2026

Outlook | 2026

In a Nutshell Economic Outlook Macro risk shifts from “no growth engine” to “one over‑crowded engine”: policy, regulation, and capital‑allocation decisions around AI will shape both regional performance and the balance between real‑economy gains and financial‑market...
Newsletter | August 2025

Newsletter | August 2025

The US Federal Reserve held interest rates steady; speculation persisted regarding potential rate cuts in the fall. 5.8% PERFORMANCE OF THE MAGNIFICENT SEVEN INDEX IN JULY Investment perspective Last month was characterised by fragile global economic resilience,...
Outlook | 2H 2025

Outlook | 2H 2025

Executive summary The first half of 2025 was marked by significant market volatility, driven by heightened policy uncertainty and geopolitical tensions. The fear index reached its third-highest level on record! During this period, European and emerging market (EM)...
Newsletter | June 2025

Newsletter | June 2025

The US Congress has passed a tax bill that will boost the budget deficit. 7.2% PERFORMANCE OF THE EUROPEAN MID-CAP INDEX IN MAY Investment perspective Geopolitical and economic factors persisted in May, most notably the ongoing impact of punitive tariffs introduced by...