MACRO Update - AVRIL 2026

New Macro Outlook: What are the prospects for European markets this quarter?

Discover our latest quarterly Macro update (as of March 31st) through our 4 analytical pillars:

🔹 Economic Momentum: The supportive cycle of the past 3 years is losing steam, with an imminent shift toward a counter-cyclical environment.

🔹 Monetary Policy: The expectations for ECB rate hikes seem exaggerated to us.

🔹 Valuations: Return to historical fair value in Europe, with a still attractive discount (15%) on the small and mid-cap segment.

🔹 Behavioral Aspect: End of the powerful stock market rally; the technical setup rather points to an upcoming horizontal consolidation.

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