Market Flash - ENG

MARKET FLASH — JULY 7, 2026 Markets are entering a new phase of the AI race: after the infrastructure investment boom, investors are starting to ask who will actually be able to monetize it. Meanwhile, Europe is back in the spotlight, driven by a mix of reforms, geopolitics and cooling inflation. In this episode: AI enters its "second phase": after the race to build chips, memory and data centers,...

Global equity markets continue to navigate turbulent waters, as artificial intelligence reshapes economic fundamentals while new macro pressures force central banks and investors alike to rewrite the rulebook.   In this episode:   •          AI remains the dominant market driver, but breadth is finally expanding: roughly 75% of S&P 500 stocks have started to outperform the index itself — somet...

The rally over the past two months has been extraordinary but beneath the surface, imbalances are emerging that are worth understanding. In this episode:  The rally hides a record concentration: the ten largest S&P companies account for over 40% of the index, surpassing the levels of the internet bubble, Japan in the 1980s, and the Nifty Fifty in the 1970s. AI is the main driver: SK Hynix is ​...

In this episode: S&P 500, Nasdaq and Semiconductors have staged an extraordinary rally from their March lows (+17%, +27% and +65%), fueled by record systematic fund flows, gamma squeeze dynamics and buybacks, but the rally remains concentrated in a handful of tech names while the average stock is still 13% below its highs. Artificial intelligence remains the true market driver: hyperscalers ar...

EMAIL SUBJECT: Market Flash – April 28, 2026 — New US highs, but beneath the surface the system is fragile MARKET FLASH – APRIL 28, 2026 In this episode: The S&P 500 and Nasdaq hit new all-time highs, driven by positioning and better-than-expected earnings. The rally was fueled by the forced re-entry of systematic funds, retail flows, and hedge fund short covering, but the geopolitical backdro...

In this episode: The S&P 500 and Nasdaq posted seven consecutive up days while Europe recorded its strongest single-day rally since March 2022. The rebound has been rapid, almost V-shaped, but the backdrop remains far more fragile than prices suggest. The two-week truce looks more like a tactical pause than a solution: no strategic objective achieved, no nuclear deal, no return to energy norma...

In this episode: The past two weeks have marked a sharp acceleration: what was once a choppy sea has turned into a full-blown storm. March is closing with one of the worst combined performances for equities and bonds since 2022, with Brent firmly above $110, up more than 60% since the start of the conflict. Markets continue to tell themselves a reassuring story, but signals beneath the surface sug...

In this episode:Recent weeks have confirmed an increasingly complex market environment. Despite some signs of apparent geopolitical easing, macro markets continue to signal greater tension than what is reflected in equity indices. Oil remains close to $100 per barrel, U.S. Treasury yields have risen significantly, and inflation and credit indicators point to a gradual tightening of financial condi...

In this episode: The apparent stability of the S&P 500 is masking a far more complex reality. Since the start of the year, the index has been trapped in a relatively narrow 6,800–7,000 range, but beneath the surface dispersion has reached extreme levels: the gap between the 50 best- and 50 worst-performing stocks is the widest since 2005. Single-stock volatility is exceptionally high, while in...

In this episode: Six weeks into the year, markets have already gone through an extremely intense phase, marked by rapid rotations, frequent leadership changes, and strong volatility beneath the surface. Despite the S&P 500 remaining broadly unchanged, the average stock has experienced significant moves, highlighting a clear divergence between index stability and elevated dispersion across indi...

In this episode: After one of the strongest starts to the year on record, markets are showing the first signs of a pause, without undermining the underlying message: 2026 is shaping up to be the year of broader participation and the end of extreme concentration. The outperformance of small and mid caps, the improvement in market breadth, and the quiet underperformance of mega-caps point to a deep...

In this episode: The year opens with a strong start for markets after a challenging December: the historically positive signal from the first days of the S&P 500 reinforces the core message from the end of 2025, namely the transition into a new market phase that is less concentrated and increasingly driven by sector rotation. The political and geopolitical backdrop is already complex, as is ty...

In this episode: We are approaching the end of an extraordinary year, while looking ahead to a 2026 that is likely to be more volatile but potentially richer in opportunities, provided portfolios are managed with a more dynamic and flexible approach. After one of the worst starts on record, with the S&P 500 down nearly 15% by early April, the market staged an exceptional rebound: eight consecu...

In this episode: After weeks of warning signals, a sharp correction has arrived, concentrated in the most crowded trades: The Momentum factor is down 25% from its highs and Bitcoin has erased all year-to-date gains, while market liquidity dries up and investors are forced to cut exposure rapidly. Volatility is not driven by panic but by excess leverage: systematic funds were fully invested, retail...

In this episode: We’ve entered the final stretch of an exceptional year, but signs of change are multiplying. After six consecutive months of gains, the S&P 500 is showing its first cracks: extreme concentration in the “Magnificent 7” and recent weakness in the AI sector mark the start of a more selective phase. High valuations and early profit warnings in consumer companies reveal a polarized...

In this episode: The market remains solid but increasingly selective, with rising volatility forcing several funds to cut exposure through ETFs. In the United States, signs of stress are emerging in private credit and among regional banks, while retail investors continue to dominate with “buy the dip” strategies and spectacular short squeezes. The crypto sector is experiencing a shock in altcoins,...

In this episode: September surprised everyone with the strongest S&P 500 performance in fifteen years: six consecutive months of gains and a full-on melt-up phase, fueled by strong volumes, record flows into leveraged ETFs and call options. Even lagging sectors like biotech and unprofitable tech have come back to life. Meanwhile, the U.S. government shutdown is reigniting concerns over deficit...

In this episode: The MSCI World ends September up +35% from April lows, powered by the AI boom that lifted giants like Intel, Nvidia, Micron, and Alibaba. The “Magnificent 7” now account for over 40% of the S&P 500, but beneath the calm of the indices lies record volatility in individual stocks. The Fed remains in focus: after dovish signals, markets are watching closely to see whether the two...

In this episode: The S&P 500 keeps climbing, up more than 30% in just five months, driven by the AI boom and “mechanical” flows such as buybacks and systematic funds. Oracle shocked markets with a +36% move in a single day, while AI-related companies now account for 40% of the index’s market cap. On the macro side, U.S. labor data is showing cracks, with downward payroll revisions and rising u...

In this episode: August turned out to be anything but calm, with the S&P 500 rallying 30% from its April lows. Systematic funds, retail investors, and corporate buybacks fueled “forced” buying that supported the market in a typically illiquid month, while the long-awaited correction never arrived. AI remains at the center of the economic and financial narrative. Infrastructure investments in d...

In this episode: The Nasdaq continues to hit new all-time highs, with AI firmly established as the driving force behind the rally. Nvidia, Meta, and Microsoft are leading the tech sector, while alternative assets like gold and Bitcoin have also gained around 30% year-to-date. Meanwhile, stablecoins are officially entering the traditional financial system with backing from the Trump administration....

In this episode: Sector rotations are marking a new phase in the markets, with investors rebalancing portfolios in anticipation of possible rate cuts and fiscal benefits. After a semester dominated by momentum, the focus is now shifting towards greater diversification and broader participation. Trade tensions continue to weigh on the global outlook, with the U.S. tightening tariffs on Europe, Cana...

In this episode: Equity markets have surprised with their resilience, with the S&P 500 up nearly 30% from the April lows, driven by U.S. dominance in the Tech and AI sectors, which have offset narrow market breadth and elevated multiples. In contrast, oil and the dollar have delivered negative performances, with the latter down 11%—its worst half-year in 40 years. Macroeconomic dynamics are be...

In this episode: The equity market rally, driven by forced repositioning and buyback programs, clashes with technical and fundamental indicators that signal the exhaustion of the risk-on phase. These include a negative risk premium on the S&P 500, rising bond yields, and the gradual disengagement of U.S. investors—also penalized by exchange rate effects. Geopolitical tensions, reignited by Isr...

In this episode: The S&P 500 ended the month up more than 6%, marking its best May performance in over three decades. Since the April 8 lows, the index has risen 19%, largely driven by the “Magnificent Seven” and a record level of retail investor activity, which accounted for 36% of daily trading volumes. Trump’s “Big Beautiful Bill,” narrowly passed in the House by a single vote, includes sig...