Natixis - Precious moments

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Natixis

Emilie TETARD ...

Florent Pochon

Precious moments

Investors took a more cautious stance this week amid an US shutdown, and a political crisis in France (and now in Japan). However, anomalies and discrepancies are rising: the gold rally has been joined by silver, but other asset classes - US dollar, inflation B/E, and term premiums – refused to join the now famous “debasement trade”.This hesitation may be linked to the other strong market theme: American exceptionalism and the AI race are playing at full speed. Caught between increasing bubble-like characteristics and the demonstrated ability of the Magnificent 7 to deliver, market vulnerabilities are rising ahead of the Q3 earnings season, which begins next week.Are we about to enter more dangerous times, or will the prevailing non-recession outlook continue to support risk assets?

10/10/2025 1 EN

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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

Emilie TETARD

Florent Pochon

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Precious moments

Rates Weekly: France, light at the end of the tunnel?

China's Fiscal Problem Will Persist Under the Current Growth Model

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