“Those lazy-hazy-crazy days of summer sunshine”

Editorial After a very difficult first half-year marked by the COVID-19 related health crisis, the arrival of July is a great relief, especially in Europe where the lockdown measures have been completely lifted, so it is time to recover. But, like each year, we should also be aware of the potential risks that could affect the markets this summer when liquidity is lower. There are clearly still many risks, first and foremost the acceleration of the pandemic in the rest of the world (United States, Mexico, India, etc.) and its negative effects on the economic recovery, especially in the United States (W-scenario), with a risk that the markets will be disappointed. In the coming weeks, we also have the quarterly earnings season, which will be a source of volatility, the Brexit negotiations, the US/China trade tensions, etc. But what’s the point of worrying; central banks are keeping a close eye on things, so be serene and leave with peace of mind.