…the return of inflation due to tax cuts and the rise in oil, and a possible trade war with China that would challenge global growth. The US economy appears to…

…little later a rise in short rates, on the model of the FED which is 2 years in advance. German long-term rates (10 years) are currently at 0.6% and French OATs at 0.8% and have therefore a significant margin…

…The risks that are on the horizon are mainly related to inflation and the public deficit in a context of rising oil prices…

…which are expanding and threaten to break the symbolic 3% mark. This is explained by the rise in commodities, and oil in the first place. But also by the massive…

…are mainly linked to European growth, and in particular to Germany, their largest trading partner. However, these countries also have close relations with…

An arbitrage in our Active Euro Portfolio…

…and with a strong presence in the US, contributed significantly to the corrective movement of the beginning of the year. Moreover, the shock wave of…