Report
Monthly review - September 2025 - The awakening of Jerome “too late” Powell and the comeback of AI
US equities continued to catch up with Europe in September, buoyed by newsflow in generative AI and the Fed's first rate cut. In Europe, German equities are lagging behind, having benefited too much at the start of the year from expectations of stimulus plans that are being implemented too slowly and too partially. French political risk has diminished but not disappeared: two paths are possible depending on the casting of the government. We remain cautious on European equities, buoyed solely by the YTD re-rating as we look ahead to a second year of flat EPS growth (0% in 2025, 0% in 2024), an unfavourable currency effect and the tangible impact of tariffs.
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Thomas Zlowodzki
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