EFI

Anthony Bailly, Head of European Equity Rothschild & Co Asset Management. Over the course of the quarter, the indecisiveness of the new Trump administration weighed on the confidence of both US consumers and businesses. The latest decisions on tariffs heightened these concerns, leading observers to…

Context We live in extraordinary times. President Trump’s sweeping trade tariffs, announced on 2 April, have dealt a major shock to the global economy, challenging the international trade system as we know it. While followed by a stunning U-turn on 9 April, uncertainty is likely…

Will he change his mind again? César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. The US/China trade war ramped up with China halting Boeing orders and Liquid Natural Gas purchases from the US. Meanwhile, America threatened port fees of USD50 per ton of cargo to…

Prof. Dr. Jan Viebig, Global Co-CIO ODDO BHF AM. "That said, Germany’s reliance on American consumers remains limited—what matters far more is the free movement of goods within the European Union." Boosted by the adoption of a historic financial package that promises large-scale public investment,…

“The allure of passive asset management is retreating alongside the era of unfettered free trade and ‘globalisation’. This shifts the spotlight onto active management, thematic investing and multi-asset strategies." Pictet Research Institute, Pictet Group’s resource dedicated to researching the topics with long-term implications for investment,…

By Laurent Denize Global Co-CIO ODDO BHF. "Last days have shown that dislocations in the US bond market are perhaps the only lever to exert influence and pressure on the Trump administration." Equities down, credit down, dollar down…and yields up, an odd combination recently experienced…

Tariff zig zag César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. The US and China entered a full-on trade war, imposing tariffs of over 100% on each other’s goods in a conflict that raises both the risk of a US recession and the prospect of sharply…

Brice Prunas, Artificial Intelligence thematic manager, ODDO BHF Asset Management. "It’s now a race — not just between tech giants but also between nations. In my view, this race won’t slow down. It’s a kind of "prisoner's dilemma": no one trusts the other side to…

By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. The magnitude of the tariff increases announced by President Trump on 2 April 2025 came as a nasty surprise. Market participants expected tariffs on goods imported to the US to be hiked from just…

Frederik Ducrozet, Head of Macroeconomic Research, and Xiao Cui, Senior Economist, Pictet Wealth Management. The Mar-a-Lago Accord is a misguided plan to reshape global trade and finance The swift and aggressive implementation of tariffs by the Trump administration is challenging the dollar’s global role. Aggressive…