This CIO letter from Edmond de Rothschild Asset Management provides a market outlook following the 2024 U.S. elections, focusing on the "Trump trade" and global economic divergences.
• U.S. Market Trends: The "Trump trade" (bullish equities and rising yields) is nearing its end; corporate tax cuts may boost profits by 5%, but tariffs and immigration policies pose risks to GDP.
• European Prospects: Investor pessimism appears overstated, with potential fiscal reforms in Germany and resilience in sectors tied to U.S. demand.
• Emerging Markets: Tariff threats and uncertain rate cuts challenge growth and currency stability.
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