Analysis: Must Read

A rate cut, yes! But at what cost?

Just as investors were beginning to show serious signs of anxiety about the AI narrative, the Fed put has given them fresh hope. While Wall Street is clinging to rate cuts, they are not of course...

The Best Articles of the Week: the art of bluff, al dente pasta and crypto barons on steroids

In this week's press review, the line between reality and fiction gets blurred, whether it's investment turning into a video game, a secret plan in case of a world war, or the scientific cooking of...

The UK budget reassures, but the saga continues

It was a keenly awaited moment for the financial markets: the presentation of the 2026 budget in the UK. A largely successful test, judging by market reactions on Gilts and the pound. The day will...

Kevin Hassett is the favorite. But not the best choice

Treasury Secretary Scott Bessent said Tuesday that there is a strong chance Donald Trump will announce the nomination of a new Federal Reserve chair before Christmas. Amongst the five finalists, Kevin...

ABC of financial analysis: the six pillars of asset valuation

Whether one is acquiring equity stakes in a company, debt securities, real estate, forestry or agricultural assets or infrastructure, these are the six key parameters which, barring speculative...

The Advent Calendar of US Macro Data

The shutdown has thrown the American statistical apparatus into disarray, depriving investors of data for a month and a half. During that time, data collection was suspended. It will therefore take...

Rachel Reeves' impossible budget equation in the UK

One year after an initial fiscal shock of £40bn, Rachel Reeves is preparing new tax hikes to restore the public finances. But weak growth, doubts over the OBR's forecasts and jittery markets make the...

National security or technological dominance: the dilemma over exporting Nvidia chips to China

Commerce Secretary Howard Lutnick yesterday confirmed that the Trump administration is considering allowing the export of Nvidia's H200 chips to China. The final decision will rest with President...

War in Ukraine: a new flurry of diplomacy and little progress

Last week, the United States put a new peace plan for Ukraine on the table, one that is highly favorable to Russia. Since then, talks have once again accelerated. Substantively, Russian and Ukrainian...

Understanding geographic dynamics in luxury

Business remains complex in the luxury world, but signs of a rebound are beginning to show. Nothing is being called into question, provided that the big groups remain agile.

The most unpredictable year in G20 history is about to begin

The weekend summit in South Africa marks the end of four years of Global South leadership at the G20. For the year ahead, it is the United States' turn to push its agenda and lead the discussions. The...

Can we invest in China again?

China has repeatedly been considered an uninvestable land in recent years. It is true that stock investment in autocracies does not seem the wisest of choices, although foreign investors have...

In Japan, inflation accelerates… and the pace of rate hikes?

Inflation rose to 3% in October, increasing the likelihood of a further Bank of Japan rate hike. Consumer prices in the archipelago have now topped the central bank's 2% target for the 43rd...

Employment: Mixed signals ahead of the Fed's decision

In September, the US economy added 119,000 jobs, well above the consensus of 51,000. The December Fed rate hold remains the central scenario.

Investors comfortable in their bubble

Bank of America published the latest edition of its fund manager survey yesterday. The findings are somewhat paradoxical: positioning is clearly bullish, but there are high fears of an AI bubble.

French debt: a national burden and a source of income for investors

From we are at war to whatever it takes, the French president, Emmanuel Macron's words marked the health crisis. While the pandemic is now a thing of the past, its budgetary consequences linger. Above...

Between fiscal stimulus and monetary tightening, Japan is walking on a tightrope

The prospect of a new fiscal stimulus plan has reignited pressure on long-term rates and weakened the yen. Against a backdrop of already high inflation, the new prime minister's desire to revive the...

Tokyo is wavering under pressure from Beijing

Over the weekend, Beijing advised its citizens to avoid traveling to Japan in the near future due to significant risks to their safety. This rare warning to Chinese travelers sent shockwaves through...

Understanding the comeback of the Spanish economy

For the second year in a row, Spain is the advanced economy that will record the strongest economic growth. The Spanish index is also in good shape, finally returning to its pre-crisis level. This...