An unsettled autumn

Indeed, there was no shortage of upheaval this summer. Once again, the bond markets defied consensus forecasts and the dollar had the last straw, sliding 7% against the euro.

Global performance was rescued by emerging markets, but neither cyclical stocks nor European markets lived up to expectations, at least in euro terms. The situation looks very different in dollar terms, with European indexes solidly outperforming global ones.


  • Global overview
  • Update of activity and inflation forecasts
  • Update of interest rate and exchange rate forecasts
  • Recommendations and assets allocation

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