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Perspectives 2/2025
Twice a year, our fund managers analyse trends in the global economy and financial markets. Read the Perspectives issue for the second half of 2025.
The global economy is bumping along
The global economy is bumping along, awaiting the impact of recent fiscal support measures announced in the USA and Germany, note Guy Wagner and his team in their latest monthly market report "Highlights".
A major weakening in global growth is still absent
The US administration's tariff policy is generating the first signs of an economic slowdown, although a major weakening in global growth is still absent, note Guy Wagner and his team in their latest monthly market report "Highlights".
The global economy appears to be holding up
The to-and-fro of Donald Trump's tariff policy maintains a general climate of uncertainty, reducing visibility for all economic players, note Guy Wagner and his team in their latest monthly market report "Highlights".
A few words about gold
The price of gold is determined by the interaction between supply and demand for the metal. It is therefore worth briefly reviewing the sources of demand and supply, which are:
Return of mercantilism: what are the impacts for the debt markets?
Mercantilism, an economic doctrine that reached its apogee in 19th-century United States, is returning to the forefront as the new Trump administration rapidly rolls out protectionist economic and industrial policies.
Widespread climate of uncertainty is likely to impact global economic growth
The Trump administration's announcement in early April of much higher-than-expected tariffs has created a widespread climate of uncertainty that is likely to impact global economic growth in the months ahead.
US economy starts the new year slightly weaker
The US economy seems to have started the year on a slightly less vigorous note, compared with the robust growth posted throughout 2024, note Guy Wagner and his team in their latest monthly market report "Highlights".
To invest or to speculate?
On the stock markets, the obsession with relative performance has taken on worrying proportions.
USA remains the locomotive of the global economy
Although US GDP grew at an annualised rate of just 2.3% over the last three months of last year, domestic consumption once again stood out, posting a 4.2% increase, note Guy Wagner and his team in their latest monthly market report "Highlights".