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CIO Flash Notes · Michel Schiffelholz
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4 August 2026
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Article31 March 2026369 views
Preliminary signs of de-escalation at the start of last week ultimately proved misleading, and the conflict in the Middle East continues to intensify. Our base case still assumes a near-term resolution, as it remains in the interest of all…
Article23 March 2026464 views
Attacks on energy infrastructure last week marked a serious escalation in the Middle East conflict. Meanwhile, memories of 2022, when inflation climbed to multiple-decade highs, have forced central banks to communicate on the possibility…
Article17 March 2026429 views
A wave of optimism fueled a rebound in both equities and bonds yesterday, as WTI fell toward $95/b. However, it remains to be seen whether this momentum can be sustained. For now, there are no concrete signs of conflict de-escalation in…
Article9 March 2026440 views
The war between the US/Israel and Iran is entering its second week. Markets are increasingly concerned about the risk of oil and gas supply disruptions, as an extended closure of the Strait of Hormuz would have major repercussions for the…
Article6 March 2026996 views
Security and defense issues have become one of the strategic pillars for the long term in a context where geopolitical risks are multiplying. The international environment, marked by persistent instability, reinforces the importance of a…
Article26 February 20261056 views
The rapid rise of artificial intelligence, cloud computing and data centers is generating a structural increase in electricity demand. This new demand places energy companies and grid operators at the very core of this transformation.…
Article25 February 2026507 views
Recent days have been marked by renewed geopolitical tension with Iran and a fresh wave of trade uncertainty following the US Supreme Court’s decision on Trump’s tariffs. This adds to the ongoing “AI scare trade,” which continues to weigh…
Article18 February 2026545 views
Emerging markets are making a remarkable comeback, both in the minds and portfolios of investors. After a remarkable 2025 (+34%), the iShares MSCI Emerging Markets Index is accelerating even further, rising by nearly 12% in the first six…
Article16 February 2026512 views
Amid continued weakness in US large caps and sharp rotations both across and within sectors driven by the AI scare trade, several positive signals are being overlooked by markets: Earnings season remains strong in the US (but weak in…
Article9 February 2026656 views
Market moves continue to be intense, with heightened volatility in technology, precious metals, cryptocurrencies, and energy, amid ongoing talks between the US and Iran. On the macro front, last week’s data on job openings continued to…
Article2 February 2026640 views
Before delving into Europe’s better-than-expected macro backdrop and its significance for small caps, we thought it would be relevant to share our views on the long-overdue nomination of the next Fed chair and the associated market…
Article26 January 2026617 views
Amid renewed geopolitical tensions at the start of 2026, gold and silver entered another leg higher. Notably, prices have continued to advance even as tensions surrounding Greenland have eased in recent days. The “America First” agenda,…
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