Monthly conviction — May 2026
Between American resilience and European rotation
US markets continue their upward trajectory driven by tech and AI, while Europe benefits from a rotation towards cyclicals and banks. Our current reading and allocation convictions.
Featured
Recent analyses
Macroeconomics
Fed, 7 May 2026: rate pause confirmed
The Federal Reserve maintains rates at 4.25–4.50%. What are the implications for your wealth allocation?
Allocation
Allocation 2026: defensive or offensive?
Between residual inflation and sector rotation, how to adapt your portfolio to the new economic cycle?
Market data
Markets dashboard
Mise à jour : 8 May 2026, clôture
Equities
IndexLastWk.YTD
CAC 408 113-1,1%-0,5%
S&P 5007 376+0,8%+8,2%Nasdaq29 235+2,3%+15,8%
Stoxx 505 912-1,0%+4,2%
Nikkei62 714+1,4%+14,2%MSCI World4 280+0,5%+8,0%
Commodities
AssetPriceWk.YTD
Gold4 715 $+0,5%+9,5%
Brent101 $-5,8%+36,5%
Silver80,32 $+2,5%+13,3%
Copper6,23 $/lb+2,0%+35,7%
Crypto assets
AssetPriceWk.YTD
Bitcoin80 624 $+1,0%-9,1%
Ethereum2 320 $+1,5%-25,2%
Solana92,85 $+6,2%-51,1%
Dom. BTC65,2%+0,8pt+8,1pt
Currencies
PairPriceWk.YTD
EUR/USD1,1795-0,2%+0,7%
EUR/GBP0,8647+0,1%+0,8%
EUR/CHF0,9147—-3,6%USD/JPY156,62—+0,4%Rates & sovereigns
InstrumentLevelChg.Jan.
BCE2,00%—-100bpFed Funds4,25%—0bpUST 10Y4,36%-4bp-10bp
Bund 10Y3,00%—+45bpOAT 10Y3,63%-4bp+36bpRisk indicators
VIX
17,5
Moderate
VSTOXX
22,4
Moderatee
Spread IG
92bp
Neutral
Spread HY
342bp
Elevated
Key dates to watch
High
US Inflation (CPI)
14 May — Consensus 2,6% — 
High
ECB Meeting
5 June — Pause expected — 
Moderate
Fed Meeting (FOMC)
18 June — 35% cut probability —
Allocation
RWM model portfolios
5 bespoke profiles available
Conservative
Risque 2/7
+2,9%
YTD net
JanMarMai
Target allocation
Balanced
Risque 4/7
+5,5%
YTD net
JanMarMai
Target allocation
Dynamic
Risque 6/7
+7,6%
YTD net
JanMarMai
Target allocation
Performance estimée sur la base d’ETF représentatifs (iShares, Amundi, Invesco), nette de 1% de frais de gestion annuels. Rebalancing trimestriel. Les performances passées ne préjugent pas des performances futures.
Convictions
Our conviction — Mai 2026
Constructif
Positionnement global
ConservativeNeutralConstructifOffensif
Equities
Surpondération Europe, préférence cycliques et financières. US : sélectif sur valorisations élevées.
Surpondérer
Obligataire
Allonger la duration progressivement. Investment grade privilégié. Prudence high yield.
Neutral
Alternatifs
Gold maintenu en couverture. Exposition SCPI à l’étranger. Private equity sur millésimes récents.
Surpondérer
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Markets, économie & convictions
Retrouvez l’ensemble de nos analyses marchés, commentaires économiques et convictions d’investissement.