The attractiveness of the United States will certainly increase

The attractiveness of the United States for companies and investors will certainly increase, especially as a result of the war in Ukraine, for several reasons: The war in Ukraine is affecting the European economy, but is having a limited impact on the US economy; Investors and companies are concerned about the risk of operating or investing in countries that may be in conflict with OECD countries, which may be affected by sanctions; this pushes them back to OECD countries; Energy prices will be significantly higher in the euro zone than in the United States; The outlook is for weak growth in domestic demand in China in the medium term, which reduces China’s attractiveness, whereas in the United States the outlook is for quite strong growth in domestic demand in the medium term. We should therefore see a shift in investors' and companies' strategies from China and Europe to the United States.