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In 2022 and 2023, The European economy has weathered the triple shock of the gas crisis, soaring consumer prices and an unprecedented rise in interest rates. At the start of this year, the pieces seemed to be falling into place for the eurozone to finally kick-start a recovery. Despite the ongoing war in Ukraine, the energy markets had largely returned to normal. As a result, inflation fears were receding.

Since the peak in January 2021, the performance of sustainable funds and investments linked to the ecological transition has been disappointing. However, the investment needs to meet the objectives of the Paris Agreement have not diminished, on the contrary. Capital requirements are estimated at 5,000 billion dollars per year in a 1.5°C scenario...

When the Covid pandemic shut down the global economy in Spring 2020, it ended the longest expansion phase in US history, which lasted 42 quarters. For more than ten years, there had been repeated warnings that the next recession was imminent. But the US economy remained on a growth trajectory

After a straight-line upward movement for most asset classes in Q1, Q2 has been more mixed. Entering H2, the big picture remains broadly supportive. However, beneath the surface, financial markets appear vulnerable to multiple threats, from stalling activity momentum and toppish technicals to faltering Tech leadership and election uncertainty.

Volatile stock markets, falling US Treasury yields and a weakening US dollar signal growing unease in the capital markets. Specifically, the US Federal Reserve (Fed) has come under intense scrutiny. While the European Central Bank (ECB), the Swiss National Bank (SNB) and the Bank of England (BoE) have already lowered their interest rates this year, the Fed has maintained its key interest rate at a consistently high level

"Cleopatra's nose: had it been shorter, the whole face of the world would have been changed". This thought by Blaise Pascal reminds us all how small events can have major consequences.

After a straight-line upward movement for most asset classes in Q1, Q2 has been more mixed. Entering H2, the big picture remains broadly supportive. However, beneath the surface, financial markets appear vulnerable to multiple threats, from stalling activity momentum and toppish technicals to faltering Tech leadership and election uncertainty.

ODDO BHF appoints Christian Zahn as Head of Investment Banking and member of the Group Management Committee (GMC) with effect from September 1, 2024. As a partner of the Group, Zahn will be responsible for all of the Group's investment banking activities as well as the Institutional Fund Platform.