It's an understatement to say that for markets, 2023 is ending more worryingly than it began. "At the end of the year, we are witnessing an accumulation of problems," says Emmanuel Auboyneau, managing partner at Amplegest, "which has €3 billion in assets under management: geopolitical, with the Middle East crisis on top of the war in Ukraine; political in the United States, with a shutdown still possible and an election campaign that promises to be ruthless; and finally microeconomic, with quarterly corporate results generally disappointing at this stage." This contrasts with the 1st semester, which was of good quality.
Many questions, few answers
All of this gives the stock market autumn a "gloomy, even pessimistic" colour. There are many questions that are as crucial as they are unanswered: Will US growth "crack" and bring inflation back to 2%? Will Europe's recession be worse than expected? After its recovery, will China finally restart? In the meantime, all...
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