Natixis - Consolidation après l’euphorie ?

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Natixis

Cyril Regnat

Consolidation après l’euphorie ?

La désescalade entre la Chine et les Etats-Unis a marqué la semaine, propulsant un peu plus haut les actifs risqués. Le S&P a gagné 4,5% sur la semaine et affiche désormais un niveau 4% supérieur à celui observé juste avant le Liberation Day et surtout similaire à celui que nous avions en tout début d’année. Paradoxal compte tenu de l’augmentation de 10% des droits de douane moyens sur les importations américaines (de 3% à 13%) cette année mais compréhensible en l’absence d’effet notable sur l’économie US. Est-ce que cette embellie va durer ? Probablement pas dans la mesure ou le flux de bonnes nouvelles est maintenant bien pricé . Il faudra donc se montrer plus prudent sur les prochaines semaines.

16/05/2025 1 FR

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Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

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Analysts

Cyril Regnat

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Consolidation after the euphoria?

The de-escalation between China and the United States dominated the week, pushing risky assets a little higher. The S&P gained 4.5% over the week and is now 4% higher than it was just before Liberation Day and, more importantly, close to where it was at the beginning of the year. This is paradoxical given the 10% increase in average tariffs on US imports (from 3% to 13%) this year, but understandable given the lack of any significant impact on the US economy. Will this upturn last? Probably not, as the flow of good news is now well priced in. We will therefore need to be more cautious over the...

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Consolidation après l’euphorie ?

Long Bono 01/41 vs. Short Bund 05/41

Overview of the Asian covered bond market

Consolidation after the euphoria?

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