The Art of Appeal: Tariff Power on Trial at the Supreme Court

The Trum p administration has appealed lower court rulings that limit the president’s ability to unilaterally apply tariffs. The case will be heard by the Supreme Court this week with a ruling expected by the end of the year. Regardless of the outcome of the case, we expect trade threats and tariff drama to continue throughout the Trump presidency. There are several other tools at the disposal of a president, and we would expect Trump, given his decades long advocacy of protectionist policies, w...

Central banks golden positioning

Gold prices have surged to historic highs, both in nominal and real terms , driven by concerns about deglobalization, geopolitical risks, the potential loss of independence by the U.S. Federal Reserve Board, rising concerns about the economic impacts of tariffs, which were highlighted by the Liberation Day, rising fiscal concerns, and rising inflation expectations in developed markets. In response, central banks in the Western Hemisphere have employed various strategies. Some, such as Mexico...

Financial Forecasts November 2025: Europe resists, the ECB stops here.

Europe is performing better than expected with a growth of 0.2% in Q3, driven by Spain at +0.7% (again) and France at +0.5% (a pleasant surprise). Meanwhile, the IFO index is at its highest since 2022, PMI figures are up for the first time in 17 months, and car sales have risen for the third consecutive quarter by over 11% (+30% for electric vehicles). We are witnessing a strong rebound in industrial orders, and there are 79,000 fewer young people unemployed compared to last year in Europe.Franc...

Prévisions Financières Novembre 2025 : L'Europe résiste, la BCE s'arrê...

L'Europe résiste mieux que prévu avec une croissance de 0,2% au T3,  portée par l'Espagne +0,7% (encore) et la France +0,5% (une bonne surprise) alors que l'Italie et l'Allemagne stagnent. Parallèlement, l'IFO est au plus haut depuis 2022, les PMI également depuis 17 mois, les ventes de voitures en hausse pour le 3ème trimestre consécutif de plus de 11% (+30% pour les électriques), on assiste à un fort rebond des commandes industrielles et 79K jeunes en moins sont au chômage par rapport à l'anné...

2026 年のユーロ圏国債（EGB）の供給見通し