Panorama 360° : February 2026

Geopolitics in turmoil, markets under observation · 12 February 2026

The start of the year has been marked by geopolitical tensions and rapid adjustments in monetary policy expectations.

The beginning of the year was turbulent on the geopolitical front. Military intervention in Venezuela and threats against Iran and Greenland reignited investor concerns. These factors contributed to some market nervousness and a reassessment of risk premiums, without, however, changing the overall trajectory of the main asset classes.

Equity markets demonstrate resilience in this environment. Strong results from semiconductor companies eased concerns about the profitability of artificial intelligence investments. Conversely, some technology stocks, particularly large-cap companies exposed to infrastructure spending, were penalized by questions about the continuation of the investment cycle. Regionally, emerging markets benefited from the weak dollar, while the Swiss market underperformed, weighed down by Nestlé’s poor performance related to baby product issue and by the weak contribution of technology and financial stocks.

In the bond market, attention focused on the appointment of Kevin Warsh as head of the Federal Reserve, leading to a rise in long-term US interest rates despite expectations of short-term rate cuts. In China, long-term rates continued to decline, as the country struggled to break free from its deflationary spiral. The credit segment remained robust, characterized by ultra-tight spreads and high issuance activity, reflecting investors’ continued confidence in this premium. Against this backdrop, convertible bonds performed solidly, benefiting from their exposure to the equity premium in promising industries.

In this turbulent environment, our approach prioritizes rigorous diversification across asset classes and performance sources. The construction of balanced and resilient portfolios remains central to our strategies, in order to optimize the risk-return trade-off and preserve the portfolios’ ability to withstand various macroeconomic scenarios.

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PANORAMA 360° - February 2026 - EN PANORAMA 360° - February 2026 - FR