The war in the Middle East has led to a slight deterioration in the global macroeconomic context, but has not derailed it entirely. We are in a situation similar to that which followed the introduction of unilateral US tariffs, namely a gradual recovery in confidence that should provide support for risky assets. Right now, however, there is a key difference compared to the previous year that makes us less optimistic: less reduced monetary support from central banks... Read more >>
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