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

Macroeconomic environment

The resilience of services activities is delaying the onset of recession

Although inflation is slowing, the labour markets will need to deteriorate more significantly to reach the 2% target

The central banks seem set to continue their monetary tightening during the summer months

Financial markets

Stock market indices are increasingly driven upwards by a limited number of stocks that have become expensive

The outlook for the Japanese market is positive

Gold continues to resist rising real interest rates

Read Perspectives for the third quarter 2023