The Rear-View Mirror – EME markets: EME indices mostly in the green in May

EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.

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Oddo’s 2 Weeks Ahead_Friday 06 June 2025

US: surveys point towards risk of stagflation

Economic policy choices in the United States are inconsistent. Some find reassurance in saying that Trump always backtracks (or chickens out) when the consequences of his actions are too negative. It's all just noise. In reality, what we observe is that to get out of a difficult situation, the US president often just opens another equally uncertain front (for example, seeking reconciliation with China on trade while intensifying the pressure on Europe). As the latest confidence surveys attest, this is prompting a “wait-and-see” stance amongst economic agents: pushing back of investments, postp...