Noticias y Perspectivas.

In June 2025, Edmond de Rothschild Asset Management launched EdR SICAV Mission Europa, a European equity strategy aimed at supporting and strengthening European sovereignty.

Diversified across four complementary pillars (Security, Competitiveness, Innovation, and Finance), this strategy aims to support the continent’s structural transformation at the intersection of defense, the energy transition, and innovation.

Anthony Penel, the fund manager, discusses the challenges associated with this topic in this interview.

Multilateralism has never faced such challenges since the creation of the United Nations at the end of the Second World War. However, the COPs are the result of global agreements under the auspices of the United Nations. In this context, hopes for the next COP, scheduled to take place in Antalya, Turkey, from 9 to 20 November (a few days after the US "Midterms" elections on 3 November), may seem slim.

• US inflation is accelerating due to rising energy prices, whilst indicators of economic activity and confidence point to a gradual slowdown.

• Geopolitical tensions and uncertainties over energy supplies are keeping price pressures high, both in the US and in China.

• We remain positive on duration, favouring short and intermediate maturities, and have increased our exposure to equities.

• Trump refrains from attacking Iran ahead of the elections, but the conflict continues to provide lasting support for energy prices.

• Inflation remains elevated, while the Fed and the ECB are gradually adopting a slightly more accommodative tone.

• Short- and intermediate-term bonds remain preferred, while technology stocks benefit from strong earnings prospects.

CACEIS and Edmond de Rothschild announce a strategic Asset Servicing partnership that deepens their cooperation in Luxembourg.

Edmond de Rothschild AM announces the appointment of Arnaud d’Anterroches as Head of Sales – Switzerland, effective 1 October 2026.

• The strength of the U.S. economy is driving yields higher, despite a PCE reading that fell short of expectations. However, markets expect the Fed to maintain its current policy stance in October, with yield curves steepening.

• Long-term rates are rising, particularly in France, where the spread over Germany exceeds 140 basis points. Fiscal and political uncertainties are fuelling concerns about the sustainability of French debt.

• Oil prices are stabilizing at high levels, while tensions over diesel remain.

Just a few months ago, the outlook seemed relatively clear: the slowdown in inflation was expected to allow central banks to gradually support the economic cycle through rate cuts. That outlook has now faded into the past.

In both the United States and Europe, the resilience of the economy and the return of inflationary pressures have led central banks to resume their monetary tightening policies. The Fed raised rates by 25 basis points in September, while the ECB had taken the same step a few days earlier. But beyond these decisions, it is above all the shift in the direction of monetary policy that, in our view, is of particular importance.

Growth is not just holding steady. It is robust, particularly in the United States, and the rise of artificial intelligence is driving growth across many sectors. Furthermore, inflation remains a clear concern. Central banks must remain vigilant, and markets must learn to adapt without the ongoing support of accommodative monetary policy. Against this backdrop, we look ahead to the months to come.

• Persistently high interest rates are dominating the markets: rising U.S. yields are increasing pressure on growth stocks and risky assets.

• Europe remains vulnerable due to energy risks and rising tensions over French debt, for which borrowing costs are increasing significantly.

• We are continuing to focus our portfolio allocation on short- to intermediate-term bonds and remain positive on stocks, particularly U.S. stocks, while we have begun to take some profits.

-    Edmond de Rothschild REIM launches a new value-add strategy dedicated to European light industrial and logistics assets, further strengthening its Industrial & Logistics platform. 
-    To support this growth, the firm announces the appointment of Niek van Genugten as Fund Manager.

• The “neither war, nor peace” scenario in the Middle East is fueling volatility, while tensions surrounding oil infrastructure and the Strait of Hormuz are exacerbating supply risks and global inflation.

• Faced with persistent inflation, central banks are maintaining a restrictive stance, leading to a broad-based rise in interest rates in the United States, the eurozone, and Japan.

• Despite rising interest rates and concerns surrounding certain issues related to artificial intelligence, equity markets have seen only a modest decline.