Panorama 360° : November 2025

Between shadows and light · 11 November 2025

October began against a backdrop of renewed tensions in the US credit market, particularly among regional banks, and heightened trade frictions between the United States and China. Recent defaults by Tricolor, a specialist in auto loans, and First Brands, active in automotive equipment, reignited concerns about the strength of the private credit sector. However, the solid results of major US banks quickly reassured investors, allowing markets to regain momentum. At the end of the month, the Federal Reserve’s announcement of an interest rate cut, coupled with a more conciliatory tone between Washington and Beijing, further boosted investor optimism. The earnings season turned out to be better than expected, a positive finding even if the comparison should be put into perspective, as analysts have significantly reduced their estimates in recent weeks.

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