Les bonnes nouvelles sont des bonnes nouvelles pour de vrai ! Ce qui semble aller de soi dans le langage courant est, en fait, et c’est le cas de le dire, une vraie bonne nouvelle pour les marchés financiers. Il ne s’agit pas d’un simple pléonasme. Comme dans toute industrie, le jargon financier a ses particularités.
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We all wondered where the sun went in May. It certainly shone on the equity markets, marking their recovery after a volatile month of April. Global equities rose by nearly 2,5% in euro, returning to or even exceeding the highs reached by the stock market indices at the end of March.
As March drew to a close in the first quarter of the year, investors continued to benefit from a very favourable environment.
January was a positive month for equity markets, whose upward trajectory continued in line with the last quarter of 2023. Global equities returned nearly 3% in euros, driven by the US markets (+3.5% in euros), which are still surfing the artificial intelligence wave. In Europe, the performance was positive, but remained more modest than that of the US, at 1.6%. Meanwhile, emerging markets are still struggling as they continue to bear the brunt of a Chinese economy in the midst of a real estate crisis.
The financial markets remained buoyant in February, with the strong performance of equities in particular continuing to set the tone. The global equity index rose by 4,7% in euros, posting a performance of more than 7% in 2024, thus enabling it to continue its momentum.
The financial markets ended 2023 on a very positive note: very favourable economic data pointed to a resilient economy, inflation stabilised and the US central bank (Fed) opened the door to rate cuts in 2024. In short, the markets are almost fully buying into the renowned soft landing scenario.
The scene observed in September in financial markets continued to play out over the month of October. Indeed, the period of volatility continued and equity markets lost nearly 3% in euro terms, while bond yields continued to rise.
The scene observed in September in financial markets continued to play out over the month of October. Indeed, the period of volatility continued and equity markets lost nearly 3% in euro terms, while bond yields continued to rise.
In September, the equity markets remained caught in the trap of the sluggish momentum that began in August: global equities lost nearly 2% in euros at the end of the month (i.e. 4% in dollars; we will return to the currency effect later). We are therefore immersed in a global environment that is rather hostile to risk-taking, for which there are many reasons: rising rates, a rise in oil prices and the dollar, not to mention the usual adverse seasonal effect on the markets.
