Guy Ertz, Deputy Global CIO, et Hiba Mouallem, investment strategist chez BNP Paribas Wealth Management, reviennent sur le risque de stagflation, exacerbé par la guerre en Iran.

• Qu’est-ce que la stagflation, et pourquoi constitue-t-elle un risque ?

• Notre scénario central pour la croissance et l’inflation

• Comment les gouvernements peuvent-ils maîtriser l’augmentation de la dette publique sans sacrifier la croissance ?

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In this podcast, Guy Ertz, Deputy Global Chief Investment Officer, and Hiba Mouallem, Investment Strategist, discuss stagflation, the primary risk associated with the Iran War.

• What is stagflation and why is it a risk today?

• Our base-case scenario for growth and inflation

• How can governments stem the rise in public debt without jeopardising growth?

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In the uncertain geopolitical context, Edmund Shing, Global Chief Investment Officer, answers three questions submitted by clients.  

• Has the German sovereign bond yield peaked? Is now a buying opportunity? 

• Is the evaporation of the Tech valuation premium, leading to multi-year lows, a good entry point today? 

• What is the impact of disruptions in oil products, aluminium, or helium on corporate earnings? 

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Dans le contexte géopolitique incertain, Isabelle Enos, Responsable Stratégie Marchés chez BNP Paribas Banque Privée France, répond à trois questions fréquemment posées par nos clients.  

• Le rendement de l'obligation d'État allemande (Bund allemand) a-t-il atteint un pic ? Est-ce maintenant une opportunité d'achat? 

• Les niveaux de valorisation du secteur technologique sont‑ils redevenus attractifs ?

• Quel est l'impact des perturbations touchant les produits pétroliers, l'aluminium ou l'hélium sur les bénéfices des entreprises?

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Dans ce podcast, Isabelle Enos, Responsable Stratégie Marchés chez BNP Paribas Banque Privée France, répond aux différentes questions des clients après l'annonce du cessez-le-feu.

• Croyez-vous que les marchés pétroliers sous-estiment les effets à long terme de la perturbation de l'approvisionnement qui a eu lieu jusque-là ?

• Devons-nous penser au-delà d'une allocation d'actifs 60/40 entre les actions et les obligations ?

• Les prix actuels élevés du pétrole et du gaz vont-ils stimuler la demande accrue pour les solutions de production et de stockage d'énergie renouvelable ?

• La force actuelle du dollar est-elle durable, doit-on s’attendre à un dollar plus faible?

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In this podcast, Edmund Shing, Global Chief Investment Officer, answers several topical questions from clients.

• Do oil markets underestimate longer-term effects of supply disruption?

• Are stock & bond markets more correlated during crises, and if so, what does mean for the 60-40 stock-bond asset allocation portfolio?

• Will current high oil & gas prices drive increased demand for renewable energy generation and storage solutions?

• Is the current strength of the US dollar sustainable, or should we expect a weaker dollar over time?

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Dans ce podcast, Patrick Casselman, Commodity Strategist chez BNP Paribas Wealth Management, analyse la récente correction sur les marchés des métaux précieux, en se concentrant tout particulièrement sur l'or et ses perspectives à long terme.

• Les prix des métaux précieux ont récemment connu une correction importante, reflétant l'évolution des conditions de marché.

• Cette correction a été principalement due à la hausse des taux d'intérêt, à l'appréciation du dollar américain et aux prises de bénéfices des investisseurs.

• De tels replis ne sont pas inhabituels pour l'or pendant les périodes de chocs géopolitiques ou de marché et doivent être considérés dans un contexte historique plus large.

• En regardant vers l'avenir, les moteurs à long terme de l'or restent intacts, soutenus par la demande structurelle et son rôle de couverture contre l'inflation et les incertitudes macroéconomiques.

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In this podcast, Edmund Shing, Global Chief Investment Officer and Philipp Gijsels, Chief Investment Strategist, discuss the recent correction in precious metals markets, with a particular focus on gold and its long‑term outlook.

• Precious metals prices have recently experienced a significant correction, reflecting changing market conditions.

• This correction has been driven mainly by higher interest rates, a stronger US dollar and investor profit‑taking.

• Such pullbacks are not unusual for gold during periods of market or geopolitical shocks and should be seen in a broader historical context.

• Looking ahead, the long‑term drivers for gold remain intact, supported by structural demand and its role as a hedge against inflation and macroeconomic uncertainty.

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In this podcast,Edmund Shing, Global Chief Investment Officer, examines the value stock resurgence: their strong comeback against growth stocks, driven by geopolitical tensions and inflation.

• The “Value factor” defined

• Performance of Value vs. Growth stocks

• What has triggered the comeback of Value stocks?

• To invest in Value, which regions and sectors are attractive today?

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In this podcast, Edmund Shing, Global Chief Investment Officer, and Jeremy Fasquelle discuss our investment strategy for March 2026.

Following a 2025 marked by sharp sectoral performance divergence, AI continues to reshape investment trends, creating clear winners (semiconductors, energy infrastructure) and struggling sectors (software, insurance). Yet, despite these contrasts, investors are struggling to adopt a balanced strategy to capitalize on this transformation.

• Which sectors benefit most from the AI revolution, and why?

• Why do investors overreact to tech announcements ?

• Which "picks and shovels" assets (infrastructure, metals, energy) provide indirect, less volatile exposure to AI?

• How are banks and insurers impacted differently by AI, and what opportunities arise from this?

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