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Climate and the Global South: Why European Savings Struggle to Finance the Transition
Artificial Intelligence: The New Quiet Driver of American Growth
Stuck for several weeks in a corridor between 8,000 and 8,200 points, the CAC 40 presents the image of a market without direction. A deceptive stability that reflects less of an absence of stakes and more of a fragile balance between contradictory macroeconomic forces.
Once reserved for institutional investors, private markets have gradually become accessible to individual wealth. By 2026, investing in private equity will require more than ever a methodical approach, discipline, and guidance, as emphasized by the teams at Private Corner.
After a decade characterized by American exceptionalism and the dominance of equity markets, 2026 could signal a turning point. HSBC Asset Management anticipates a phase of "role reversal."
The debate on "unproductive wealth," which emerged and was then withdrawn during the review of the 2026 finance bill, highlighted a key question: how can we steer households' long-term savings towards the needs of the real economy? Real estate investment trusts (SCPI), already central to this type of funding, paradoxically find themselves being driven out of the national territory due to a significant tax differential. This paradox raises questions about the coherence of public policies.
Far from being mere fads, megatrends are rooted in structural, technological, energy, or societal shifts that permanently alter practices. They require a long-term outlook, strong conviction, and the ability to withstand periods of instability. Leading asset managers emphasize that volatility is not a sign of weakness, but a normal phase in the development of a fundamental trend.
Long considered a risky and cyclical segment, the European High Yield market has nonetheless delivered a cumulative performance almost equivalent to that of the stock market over the past twenty years. With more moderate volatility and proven resilience during stress periods, this asset class is regaining interest in an environment where central banks are moving towards gradual easing.
Despite geopolitical volatility, interest rate tensions, and economic uncertainty, private credit navigated through 2025 with remarkable strength. For 2026, managers surveyed by Invesco identify a rare environment: high returns, contained risk, and improving fundamentals. A window of opportunity is opening—particularly in syndicated loans, direct lending, and special situations—provided that this market is approached methodically.
Once viewed merely as a stock market theme driven by tech giants, artificial intelligence is now transforming in nature. In the United States, it is establishing itself as a foundational factor for economic growth.
