Time to question US exceptionalism?
This political theme, inspired by the theory of manifest destiny, starts from the premise that the United States, because of its history and its democracy, has a special role to play in the Concert of Nations. Rarely has this set of ideas seemed so topical either from a geopolitical, economical or market standpoints. We are coming back on these subjects in greater detail in our latest quarterly outlook and for the first subject in the geopolitical report recently issued in partnership with an intelligence and advisory firm. As far as financial markets are concerned, March has proved rather encouraging, with the market’s performance broadening : Gold, Japanese equities, S&P500 Equal Weighted, European cyclicals and even industrial metals... These factors are all reasons to hope for a slightly more balanced macroeconomic scenario and broader participation across asset classes, geographical zones and styles.
