Thought leadership.

The 5 arrows of Edmond de Rothschild, frosted glass by artist Gilles Chabrier, Paris
White Smoke over the Middle East

Market insights

White Smoke over the Middle East

17/06/2026

3 months and 17 days. That is how long it took for the United States and Iran to finally reach a preliminary agreement and put an end to the conflict that had pitted them against each other since February. The details of the agreement are not known, but in the eyes of investors, the only thing that matters is the reopening of the Strait of Hormuz, which is expected to take effect starting Friday, the day the agreement is officially signed in Geneva.

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Market Flash: The Dove of peace

Market insights

Market Flash: The Dove of peace

12/06/2026

•    Washington and Tehran have outlined a 14-point preliminary agreement, notably providing for a permanent ceasefire across all fronts and the reopening of the Strait of Hormuz.
•    Despite low energy stocks, Brent crude prices fell below $90 a barrel, whilst the cyclical and technology sectors rebounded.
•    The ECB delivered its first rate hike since 2023. Meanwhile, in the United States, no monetary policy move is expected next week during the first FOMC meeting chaired by Kevin Warsh.

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Market Flash: A pivotal moment

Market insights

Market Flash: A pivotal moment

05/06/2026

•    Last week’s hopes that a ceasefire would soon be signed were dashed by developments. 
•    Despite the uncertainty, the market is convinced that discussions will be successful, a situation reflected in Donald Trump’s statement that we are in “the middle of final negotiations” to end the Iran war. 
•    In the eurozone, inflation rose to 3.2% in May (up from 3.0% in April) and producer prices rebounded to 4.9%, reinforcing expectations that the ECB will raise interest rates on 11 June.

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Agentic AI opens a new chapter for Big Data

Thematic and product insights

Agentic AI opens a new chapter for Big Data

03/06/2026

The rise of agent-based artificial intelligence (AI) is opening a new chapter in the technology cycle. By enabling AI ‘agents’ to perform sequential tasks, connect to third-party systems and manage real-world processes, this wave is driving explosive data growth and redefining infrastructure requirements, to the benefit of certain key players, from edge cloud to industrial robotics.

At the same time, the anticipated arrival of mega-IPOs such as SpaceX, Anthropic and OpenAI is reviving memories of the dot-com bubble and raising questions about fair valuation in a market dominated by capital flows. In this context, how can we distinguish the long-term winners from mere market noise? Xiadong Bao, Senior Portfolio Manager of the EdR Fund Big Data, provides the answer.

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Market Flash: Hormuz calms down and AI runs riot

Market insights

Market Flash: Hormuz calms down and AI runs riot

29/05/2026

•    Diplomatic progress between the US and Iran has eased geopolitical concerns, pushing oil prices back below $100 a barrel and propelling the S&P 500 to a record high.
•    US GDP figures for the first quarter of 2026 have been revised downwards to +1.6% on an annualised basis (compared with +2% in the initial estimate).
•    US investment-grade bond issuance is expected to reach $2.5 trillion in 2026, with a significant portion coming from hyperscalers.

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Market Flash: Mild euphoria

Market insights

Market Flash: Mild euphoria

22/05/2026

•    In the absence of adecisive diplomatic progress, markets are swinging between worry and renewed optimism. The high volatility in interest rates reflects uncertainty over the trajectory of prices and central bank policy.
•    Despite contracting PMI, the prospect of less aggressive tightening by the ECB is supporting European equities, with defensive stocks, utilities, telecoms and IT outperforming.
•    Activity in the US remains solid, driven by the manufacturing sector. However, several sectors (industry, energy, consumer goods) are underperforming and the technology sector has seen profit-taking.

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Industrial and logistics at the centre of European sovereignty & reindustrialisation

Market insights

Industrial and logistics at the centre of European sovereignty & reindustrialisation

06/05/2026

Logistics has been one of the best performing sectors within European real estate in recent years, as the rise of e-commerce drives demand for distribution hubs and urban warehouse facilities.

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Staying disciplined to seize infrastructure debt opportunities

Market insights

Staying disciplined to seize infrastructure debt opportunities

01/05/2026

In a world economy defined by a rapidly progressing energy transition, decarbonisation, there are no shortage of opportunities to provide debt financing for infrastructure projects.

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Market Flash - The siege of Troy: taking the long view, a blind spot for markets

Market insights

Market Flash - The siege of Troy: taking the long view, a blind spot for markets

30/04/2026

•    US equity markets are once again banking on a scenario of sufficient growth and contained inflation, favouring technology and semiconductors, while defensive sectors are being shunned.
•    The record fall in crude oil stocks and the possibility of a prolonged blockade of the Strait of Hormuz show that the US is using up its safety margin without addressing the structural risk of a lasting energy shock.
•    In the eurozone, core inflation is falling but consumer confidence has dropped to its lowest level since the Covid crisis

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The SRI Chronicles: “Security, baby, security!”

SRI Chronicles

The SRI Chronicles: “Security, baby, security!”

24/04/2026

Following our previous editorials, “Cheaper, baby, cheaper” and “Jobs, baby, jobs,” the latest developments in the war in Iran have brought the urgent need for energy security in Europe and elsewhere to the forefront. In China, the initial announcements last March regarding the 15th Five-Year Plan (2026–2030) continue to emphasize renewable energy, electrification, and energy storage, but also look ahead to e-fuels and hydrogen. These Chinese programs have industrial, environmental, and security/sovereignty ambitions.

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Market Flash - The cyclops effect: Markets are tempted to view events from one angle only

Market insights

Market Flash - The cyclops effect: Markets are tempted to view events from one angle only

24/04/2026

•    The rebound in risk assets following tensions in the Middle East is more a case of technical repositioning, rather than an improvement in fundamentals. It illustrates a market reflex that has become almost Pavlovian: automatically rush to buy on weakness. 
•    Behind the façade of market rebounds, the energy shock is still acute and now spreading to the most dependent economies, particularly in Europe and Asia. This disconnect between buoyant financial markets and the real economy is the main weakness today.
•    Maintaining exposure to risk assets should not be a case of excessive optimism but simply recognition that the cycle is still in place. However, we need to be more vigilant and more selective, notably with more exposure to the US and China.

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Letter from the CIO AM: The Cyclopes, or the illusion of reality

Market insights

Letter from the CIO AM: The Cyclopes, or the illusion of reality

23/04/2026

The market movement observed in recent weeks fits into a rather classic mechanism, similar to a pendulum swinging from excess fear to relief. However, this time, the breadth of the movement reflects more than a simple technical adjustment. After a phase of brutal escalation in the Middle East, the intensity and speed of the rebound posted by risk assets was particularly surprising. Indeed, this upward move ranks within the 100th percentile of 10-day rallies recorded by the S&P since 1950, lifted by growth stocks – and notably tech-related sectors (hardware, semi-conductors and memories). As if investors, already hardened by the series of shocks in recent years – pandemic, Ukraine, trade tensions – had already factored in the idea that whatever the geopolitical crisis, it is followed by rapid normalisation.

Yet behind this rebound, the change in fundamentals has been more subtle, if not concerning. Far from having abated, the energy crisis has continued to spread across the most exposed economies, notably in Asia and Europe. 

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Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Welcome to Edmond de Rothschild Asset Management

Your Profile

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