Carmignac's Note

The main stock-market indices are soaring to record highs despite the uncertain economic climate. Yet beyond the risk of euphoria, the fundamentals remain solid – and some regions could deliver favourable surprises.

We look at the respective periods of outperformance of US and German equities and what we can expect going forward.

By institutionalizing uncertainty and instability, Trump is forcing the Rest of the World to focus on its own strengths and sovereignty.

Two years after the explosion of mainstream Artificial Intelligence (AI), new players are redefining the possibilities and market narratives.

A year in review

Trump’s election will have major effects on the world economy, geopolitics, and global sociology.

Carmignac’s Note

It was an eventful summer, and one that gave rise to a promising outlook.

How can one reconcile expectations of a sharp rise in corporate profits with sluggish economic growth and a disinflationary environment?