Asset management.

•    The US administration is ready to talk to China about lowering tariffs to 50-65%, in exchange for concessions.
•    Uncertainty and trade tensions have weighed on macroeconomic data, with a slight deterioration in US and European PMI indices, and US companies now considering passing on higher costs in sales prices.
•    In the US, several members of the Federal Reserve are supporting a cautious approach to rate cuts, because of inflationary risks linked to the trade war. In Europe, the ECB's chief economist is not ruling out a rate cut in the near future.

At the LSEG Lipper Fund Awards 2025 , the Edmond de Rothschild Fund Emerging Credit, a bond fund dedicated to emerging corporate debt, was recognized for its consistent and regular performance over 10 years  in the "Bond Emerging Markets Global Corporates" category, both on European scale and within four countries: Switzerland, Germany, Austria, and France. In addition, the two fund managers of Edmond de Rothschild Fund Emerging Credit, Stéphane Mayor and Lisa Turk , received an AAA rating in the "Global Corporate Emerging Markets Bonds" category by Citywire .

• Despite contradictory announcements from the Trump administration, markets reacted positively to the temporary tariff exemptions on Chinese technology imports and progress in trade talks with Japan.
• The Fed is taking a wait-and-see approach to avoid inflation expectations becoming unhinged, as the economic outlook worsens, despite solid US retail sales due to pre-tariff advance purchases. 
• The ECB is benefiting from the euro's appreciation, which gives it room for manoeuvre to ease monetary policy without worrying about the Fed's immobility.

•    China, being the only country not benefiting from the 90-day truce, faces extremely high tariffs, thereby intensifying trade tensions.
•    Uncertainties surrounding inflation and growth continue to rise, especially in the United States, heightening fears of a recession.
•    European retail sales were up in Q1 2025, confirming that business in Europe is holding up well.