The " soft landing " scenario is confirmed...

Our allocation strategy for the second half of the year is based on an economic environment that remains favorable for equities, and is improving for bonds.

We anticipate a slowdown in US activity, in line with a " soft landing " scenario (activity decelerating below 2 % annualized from the second half of 2024), a very gradual economic recovery in Europe, and still robust growth in Asia. Global economic growth is expected to be around 3.5% annualized. At the same time, disinflation should continue, with core CPI around 3 % at the end of the year in the United States. This context is positive overall for equities and bonds.

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