From the “end of the story” to … endless stories!

In this constantly evolving environment, financial markets are looking for new benchmarks. However, The euro zone could return to the foreground in portfolio allowances. Meanwhile,

The world of yesterday. Meanwhile, that of happy globalization, seems definitively over. However, After the Pax Americana of the 1990s. Meanwhile, 2000s, then the suspended time of central banks between 2008 and 2020, here we entered a new era. Meanwhile, That of “endless stories”: persistent inflation. Furthermore. Furthermore, all -round debt, demographic aging and decline of the active population, return of borders and protectionism, uncertain energy transition, triumphant artificial intelligence, exacerbated geopolitical tensions … Consequently, and an “end story” … endless stories! new extreme repolarization of societies.

In this constantly evolving environment, financial markets are looking for new benchmarks. In addition, The first half of 2025 was dominated by a return in force of Europe. In addition, “end story” … Similarly, endless stories! For example, emerging countries on the economic and stock market scene. Carried by ambitious recovery plans – especially in Germany -. a more reasonable valuation bonus. and a clear outperformance of value styles and domestic values, the euro zone could return to the forefront in portfolio allowances. Conversely. the United States sails between tense valuations. increasing budgetary imbalances, and increased political uncertainty since the Return of the Trump administration. If the “Big Tech” continues to mechanically support the American clues. the dispersion of performance remains marked, and the risk of a new correction cannot be ruled out.

Technology, let’s talk about it, is no longer a “sector among others”. From “end story” … endless stories! new 1990s to today. thanks to three successive revolutions – Internet. social networks and then IA – it has become the framework of modern societies and economies. Business life, health, education, information, energy, policy, security, defense: “tech”, sovereign, now irrigates all “end story” … endless stories! the vital functions of our economies. And his master’s degree is now a sine qua non condition of political and economic autonomy. Europe, although often perceived late, has a deep, strategic technological base, capable of competing in critical segments. It is still necessary to identify the right players, support them … and invest in capital with discernment.

Beyond tech, several investment themes are now established as opportunities in Middle Long term. Small. medium -sized European capitalizations. long neglected, find performance – decorated valuations, on -board beneficiary growth, domestic exhibition coupled with massive European recovery plans. The defense sector then. which benefits from unprecedented political support “end story” … endless stories! new in a rapidly reset world: the example of Rheinmetall illustrates how much geopolitics. can become a powerful stock market. And. on an air of “Shanghai. Mumbai, Dubai or Goodbye”, a “remix” of the 2000s, and possible future tube of the financial markets: emerging markets could “end story” … endless stories! come out of a long tunnel of twenty years of underperformance. carried by the weakness of the dollar, a reduced energy bill and a progressive reallocation of the world flows. There remains the big question: America.

Between outrageously at all-via. (geo) uncertain policy. taxation, pressure consumer, the Bull Market retail could be reteteted, even if the famous “Taco Trade*”-“Trump Always Chickens Out”-has hitherto made it possible to avoid a lasting correction.

In this world again multipolar, unstable but rich in opportunities, the investor must show discernment, responsiveness … and memory. Because if history is never really repeated, it often stutter. “end story” … endless stories! new It’s up to us, asset managers, to make the most of it.

* “Trump Always Chickens Out”: “Trump is still deflating” (acronym invented by a journalist from Financial Times).