Our macroeconomic scenario

Three questions to Raphaël Gallardo

Gepubliceerd
3 oktober 2025

Geopolitical tensions, economic uncertainties, trade frictions… Today’s macroeconomic environment raises three pressing questions:

  • Geopolitical risk: Are we heading toward renewed escalation or a lasting truce between Washington and Beijing?
  • United States: Is a recession looming, or are we witnessing a return of reflation?
  • Europe: Can the recovery withstand US tariffs and Chinese dumping?

Watch Raphaël Gallardo, Chief Economist at Carmignac, share his answers.

The fourth TACO will be on Ukraine with US disengagement.
[Management Team] [Author] Gallardo Raphaël

Raphaël Gallardo

Chief Economist

Carmignac’s Note

The world according to Trump
Read dedicated article

Recente analyses

Marktanalyse30 september 2025Engels

Carmignac: Insights and Perspectives

3 minuten leestijd
Meer informatie
Marktanalyse13 juni 2025Nederlands

Carmignac – Vooruitzichten 2e halfjaar 2025

Meer informatie

Video created on 18/09/2025.

In Belgium, this video has not been submited for FSMA validation.
This video may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. This document does not constitute advice on any investment or arbitrage of transferable securities or any other asset management or investment product or service. The information and opinions contained in this document do not take into account investors’ specific individual circumstances and must never be interpreted as legal, tax or investment advice. The information contained in this video may be partial information and may be modified without prior notice. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication.

UK: This video was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed in the UK by Carmignac Gestion Luxembourg.

CARMIGNAC GESTION 24, place Vendôme - F-75001 Paris - Tél : (+33) 01 42 86 53 35.
Investment management company approved by the AMF.
Public limited company with share capital of € 13,500,000 - RCS Paris B 349 501 676.

CARMIGNAC GESTION Luxembourg - City Link - 7, rue de la Chapelle - L-1325 Luxembourg - Tel : (+352) 46 70 60 1.
Subsidiary of Carmignac Gestion - Investment fund management company approved by the CSSF.
Public limited company with share capital of € 23,000,000 - RC Luxembourg B 67 549.