ODDO BHF Experts' Insights
➡️ Prof. Dr. Jan Viebig examines the paradox of resilient markets in “3 theories on the global financial situation: debt, growth, and AI dynamics.” Despite rising debt levels and subdued growth, investors continue to place significant bets on AI-driven innovation, supported by lower interest rates.
➡️ In France, the budget deficit remains persistently high. In his article, Bruno Cavalier argues that structural reforms - rather than new taxes - are essential to restoring fiscal balance.
3 theories on the global financial situation: Debt, growth, and AI dynamics
by Prof. Dr. Jan Viebig
While industrialized countries are increasingly facing economic policy challenges, the stock markets seem to only be marginally interested in Germany’s weak growth or the debt crisis in the US and France. This is because another factor is driving the stock market: artificial intelligence and the prospect of falling interest rates.
Capital expenditures of Microsoft, Alphabet (Google), Amazon, Meta, Oracle in billions of US dollars
Taxation in France: Are the Gauls crazy?
by Bruno Cavalier
In the famous Astérix comic strip, which for decades has recounted the adventures of a village of Gauls resisting Caesar’s armies, the heroes often conclude their travels by exclaiming: They’re crazy, those Romans!
Nowadays, madness, at least fiscal madness, is not in Rome, nor in Berlin or Brussels. It is concentrated in the hemicycle of the French National Assembly, where for several weeks now, deputies have been competing to come up with new taxes or increase the many that already exist. The aim is to increase government revenues in order to reduce the public administration budget deficit.