Christine Lagarde gave the outline of the strategic review that the ECB will carry out throughout the year 2020, starting in January. The ECB could therefore undergo profound changes under Christine Lagarde, especially with an increased consideration of the mega trends taking place in the economy...

It appears that a German fiscal stimulus is not imminent and that these effects would take time to materialize. Maintaining a budget surplus target while the Eurosystem will start buying German bonds again from November will maintain downward pressure on German long-term interest rates.

The monthly data published at the start of the second quarter are fairly mixed and show no tangible signs of growth momentum improving in China. The GDP published for the second quarter has recently confirmed this sentiment. The slowdown at work since the start of the decade is continuing, but not accelerating.

According to the European Space Agency, never a month of June had been as hot on the surface of the Earth as in 2019. It is now clear that climate disasters have intensified in recent years. This has been clear in the United States in recent months.

According to Bastien Drut, Senior Strategist at CPR AM, the context of the US economy in 2019 is not unlike that of 2007, that is to say, a period of economic slowdown that preceded the recession of 2008/2009.