Panorama 360° : September 2025

Summer resilience: when investor confidence outweighs uncertainties · 18 September 2025

Markets extended their positive summer momentum despite an unstable geopolitical context and limited macroeconomic outlook. August confirmed this, supported by a robust earnings season, particularly thanks to solid releases from tech giants benefiting from the rise of artificial intelligence. On the bond front, investor optimism was reflected in the continued tightening of credit spreads, confirming investor confidence.

In the equity market, investors appear unconcerned by macroeconomic uncertainties. Results from Nvidia, Microsoft, and other major AI players have exceeded expectations, confirming the sector's strength. However, valuations for these companies are becoming demanding, as evidenced by the measured reaction to Nvidia's results at the end of the month. At the same time, a rotation has begun toward more cyclical and interest-rate-sensitive segments, with US small caps in particular performing well in August. Sector-wise, materials led the rise, while the healthcare sector remains penalized by lingering uncertainties over the likely regulation of drug prices in the United States. In Asia, China continued its positive momentum, supported by the easing of trade tensions with Washington, expectations of new stimulus measures, and a marked resurgence of interest in technology.

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