Category: Daily Instagraph

At the ECB’s annual retreat in Sintra, Portugal, Christine Lagarde argued that Europe has become more resilient to external shocks thanks to a stronger financial framework and progress on the green transition. That resilience is important. But it should also change the monetary reaction function. If external shocks have a more contained impact on the … Continued

The first half of 2026 has brought a new record in sovereign bond issuance. More than 500 billion dollars of government debt has come to market, with Italy and the UK among the largest contributors. The key message is not about one country. It is about the trend. Public finances remain under pressure, even though … Continued

An interesting observation from BCA Research. It is well known that during the bursting of the dot-com bubble, between March 2000 and May 2001, the S&P 500 Information Technology sector lost 55%, while the S&P 500 declined by 13%. What is less often remembered is that, over the same period, the S&P 500 excluding Information … Continued

The benefit of hindsight is one of the most dangerous luxuries in investing. Looking at a return table after the fact, everything looks obvious. This table shows the total returns of major asset classes in USD since 2011. What is striking this year so far is how broad the rally has been: around 90% of … Continued

L’un des signaux les plus importants sur les marchés n’est pas seulement ce que les investisseurs sont prêts à payer, mais aussi le moment choisi par les actionnaires pour vendre. Le graphique ci-dessous met en évidence un point intéressant. Les valorisations des actions américaines, mesurées par le Shiller P/E, sont proches de leurs niveaux historiques … Continued

“If you torture the numbers long enough, they will eventually confess,” goes a famous quote often used in statistics. It is frequently argued that every individual valuation metric has its flaws and that no single measure can properly tell us how expensive the stock market really is. That is a fair point. Taken in isolation, … Continued

One of the key questions around the AI boom is no longer whether revenues are growing, but how much cash is left after the investment cycle. This chart shows the projected next 12-month free cash flow of the major hyperscalers — Amazon, Microsoft, Google, Meta and Oracle. After years of strong growth, free cash flow … Continued

US households have rarely been this exposed to equities. According to the chart, equities and mutual funds now represent around 47% of total US household financial assets, the highest level in 75 years. This does not mean that a correction is imminent. Markets can remain expensive, concentrated and widely owned for a long time. But … Continued

The ECB has raised interest rates again, from 2.0% to 2.25%, after headline inflation moved above 3%. The explanation is a familiar one: inflation is too high and the ECB needs to act. This time, however, the inflation shock is largely imported, linked to energy and geopolitical tensions, while growth is already slowing. That makes … Continued

SpaceX is now being valued less like a rocket company and more like an entire aerospace index. At around $1.75 trillion, its valuation is roughly comparable to the combined market value of several global aerospace and defence leaders, including GE Aerospace, RTX, Boeing, Airbus, Safran and Honeywell. The comparison is not perfect: these are mature … Continued