ODDO BHF Experts’ Insights
"Bad policy makes bad economics."
Bruno Cavalier successively checks on the economics of the US and Europe, looking at the room for action of the central banks, examining the cracks on the US labour market and the turmoil caused by politics in France. Meanwhile, Laurent Denize offers investors advice on how to reach the summit in this context, drawing inspiration from alpinism.
Investment Strategy - Safety ropes recommended
Laurent Denize - Global Co-CIO ODDO BHF
While the Trump show — full of announcements, threats and internet memes — did not take a summer break, most investors were still able to enjoy a relaxing holiday. The stock markets have clearly learned to live with the chaos of the Trump era. Is this carelessness, or have investors now developed the ability to filter out irrelevant noise and focus on signals relevant to their investments? After all, the markets never take a break. [...]
Bad policy makes bad economics
Bruno Cavalier - Chief Economist
After more than six months of Trump’s presidency, marked by ruptures in areas such as international trade, geopolitics and the central bank’s independence, the world economy has not deviated from its trajectory. In the first half of the year, we estimate that real GDP grew by an annualised 3% globally, barely less than in 2023 and 2024. A 3% economic growth is also what the IMF is now forecasting for the next two years.
Merci ! Excellente source d' information !