Every quarter, BLI – Banque de Luxembourg Investment’s fund managers analyze trends in the global economy and financial markets.

Macroeconomic environment

Turbulence in the banking sector has increased the risk of recession.

Services inflation, still stubborn, will slow down during the year as the situation on the labour markets deteriorates.

The central banks’ monetary tightening is coming to an end.

Financial markets

The outperformance of the US market seems to be behind us, unless one thinks that the large technology stocks will maintain their leadership.

The structural trend towards a better allocation of corporate capital remains the main argument in favour of the Japanese market.

Gold prices are approaching their 2020 highs.

Read Perspectives for the second quarter 2023