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For a change, the summer period was very calm on the markets, as is exemplified by the total subsidence of volatility on the main asset classes. Ultimately, the economic environment has changed very little over the course of the summer. The result of the Brexit referendum did not lead to a collapse of the UK's economic indicators, and there are no signs of dramatic change in the economic trends of Eurozone.Download
The British, under the eyes of the whole world, have made their choice: it is a massive victory for "Leave". While this vote certainly expresses a rejection of membership of the European Union, it is even more an expression of a rejection of a social model that populations no longer feel reflects their own aspirations. That is why a number of events over the next few months (such as the Spanish elections this weekend, the Italian referendum on reform of the Senate and the American elections) must be followed with particular vigilance. After years of financial and economic crisis, the political and social risks are beginning to materialize.Download