Entre appétit pour le risque et craintes de surchauffe
Comprendre le positionnement de nos analystes, leurs anticipations et leurs vues sur l’environnement de marché. La situation économique est résumée en trois points, le niveau de cycle économique, de valorisation et de sentiment des investisseurs.
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Les graphiques du mois
Amélioration des PMI manufacturiers aux Etats-Unis, en zone Euro, au Royaume-Uni et au Japon. La mesure en zone euro a atteint un niveau record à 62,4, stimulée par une forte hausse des exportations.
Source : Bloomberg au 31/03/2021
Augmentation des rendements des bons du Trésor américain à 10 ans de 83 points de base, clôturant le trimestre à 1,75, son plus haut niveau depuis janvier 2020.
Source: Bloomberg au 31/03/2021