BNP Paribas Wealth Management
Each week, discover our views on the latest market developments, economic trends and key investment themes shaping the global outlook. Stay informed and explore the ideas that matter for investors. Discover more on https://wealthmanagement.bnpparibas/. Hosted on Ausha. See ausha.co/privacy-policy for more information.
To infinity and beyond: the economics of space
Edmund Shing, Global Chief Investment Officer, and Stephan Kemper, Chief Investment Officer, Germany discuss the space economy.
This podcast explores the evolving economics of the space industry and the private sector's role, from specialised electronics and integrated value chains to the operations of downstream satellite operators. The discussion examines the role of space in defence, the reality of space tourism, and practical ways to invest in the sector. Finally, it distinguishes between viable future achievements or real investments and science fiction to provide a realistic outlook on the space economy.
H...
Perspectives économiques du FMI : la résilience au premier plan
Dans ce podcast, Jeremy Fasquelle et Guy Ertz reviennent sur les dernières perspectives économiques mondiales du FMI et analysent les principales forces qui façonnent l’économie mondiale et les marchés financiers :
Une croissance mondiale résiliente, soutenue par les investissements dans l’IA, les infrastructures et la défense.Les perspectives d’inflation, alors que l’IA alimente les tensions sur les prix à court terme mais pourrait avoir des effets désinflationnistes à plus long terme.Les principaux risques, des tensions géopolitiques et énergétiques à un possible retournement du cycle...IMF Global Outlook: Resilience in Focus
IMF Global Outlook: Resilience in Focus
In this podcast, Jeremy Fasquelle and Guy Ertz discuss the latest IMF Global Economic Outlook and look at the key forces shaping the global economy and financial markets:
Resilient global growth, supported by investment in AI, infrastructure and defence.Inflation dynamics, as AI adds to price pressures in the short term but could prove disinflationary over the longer term.Key risks, from geopolitical and energy-market tensions to a potential AI bust and debt sustainability concerns.Central banks and bond markets, with a focus on interest rates...Investment Strategy October 2026: Entering the Bond Buy Zone
Edmund Shing, Global Chief Investment Officer discuss our investment strategy for October 2026
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Why UK Stocks are Defying the Odds?
In this podcast Edmund Shing, Global Chief Investment Officer, and Charlotte de Kerpoisson, Content Editor, discusses the UK stocks.
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Reaping the benefits of the Agribusiness
In this podcast Edmund Shing, Global Chief Investment Officer, and Charlotte de Kerpoisson, Content Editor, discusses the agribusiness, look at why it’s important, and outline the reasons for investing in this hot sector today.
Agribusiness is emerging as one of the most compelling long-term investment themes within the real economy. Spanning the entire agricultural value chain, from crop production and farming inputs to food processing and distribution, the sector is benefiting from a combination of structural demand growth and tighter global supply conditions.
Geopolitical tensions have disrupted agricultural markets in recent years, pushing up...
Outlook update on policy rates and bond yields
In this podcast, Edmund Shing and Guy Ertz discuss the recent surge in central bank rate expectations and long-term bond yields, and assess the implications for investors.
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Our Investment Strategy for September 2026
Edmund Shing, Global Chief Investment Officer, and Charlotte de Kerpoisson discuss our investment strategy for September 2026.
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Le retour des préoccupations budgétaires et politiques en France
Dans ce podcast, Isabelle Enos, Responsable Stratégie Marchés analyse la situation française, son paysage politique, l'augmentation de la dette publique ainsi que les conséquences pour les marchés financiers et les investisseurs.
· Quels sont les principaux facteurs qui alimentent ces inquiétudes et contribuent à la hausse des rendements obligataires français ?
· Comment les marchés financiers réagissent-ils à ce ralentissement économique ?
· Les marchés sur-réagissent-ils à ces sondages d'opinion ?
La France peut-elle préserver ses notations de crédit ?Hosted on Ausha. See ausha.co/privacy-policy for mor
French budget and political concerns return
French bond yields are rising due to escalating concerns over France’s economic growth and its debt sustainability.
In this podcast, Edmund Shing, Global Chief Investment Officer spotlights France, its political scene, mounting debt and the impact on financial markets and investors.
What are the main factors fuelling these concerns and driving up French bond yields?How are financial markets reacting to this economic slowdown?Are the markets overreacting to these opinion polls?Can France preserve its credit ratings?Hosted on Ausha. See ausha.co/privacy-policy for more information.
Why investors should not ignore commodities
In this podcast, Edmund Shing, Global Chief Investment Officer, and Charlotte de Kerpoisson discuss why investors should reconsider commodities.
Why are most investors still underexposed to commodities?Will the commodity supercycle continue?How are energy-importing regions investing to become more self-sufficient in energy?Main reasons for investing in this spaceRisks to this theme
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Why should the Yen rebound?
In this podcast, Guy Ertz, Deputy Global CIO, and Gurminder Singh, Investment Strategist, Forex, discuss the outlook for the Japanese yen and the catalysts that could support a recovery.
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Defence back on the radar
In this podcast, Edmund Shing, Global Chief Investment Officer, argues the case for investing in the defence sector.
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La défense revient au premier plan
Dans ce podcast, Isabelle Enos, Responsable Stratégie Marchés chez BNP Paribas Banque Privée, revient sur les raisons qui soutiennent aujourd’hui l’attrait du secteur de la défense et analyse les perspectives de cette thématique d’investissement.
Ho...
Our Investment Strategy for July 2026
In this podcast, Edmund Shing, Global Chief Investment Officer, discusses our investment strategy for July 2026.
Oil prices rose from $70 per barrel to peak at nearly $120 in May. Recently, they have collapsed back down to nearly $70. What impact could this have on growth, inflation, and stocks and bonds if this level is maintained?
We are well into the fourth year of the current stock bull market. What are the key factors that will determine whether this bull market can continue for much longer?
Stock market leadership changes regularly. Are...
Notre stratégie d'investissement pour juillet 2026
Dans ce podcast, Edmund Shing, Global Chief Investment Officer, discute de notre stratégie d'investissement pour juillet 2026.
Les prix du pétrole sont récemment retombés autour des 70 dollars. Un aller-retour. Quel impact durable cette baisse aura au niveau macroéconomique ?
Après la récente une hausse des taux directeurs de la BCE, est-ce que vous anticipez d'ici la fin de l'année une hausse des taux de la Fed ?
La tendance actuelle des marchés actions dure désormais depuis 45 mois et les marchés actions aff...
AI fundamental revolution or overhyped bubble?
In this podcast, Edmund Shing, Global Chief Investment Officer, examines whether the rapid rise of Artificial Intelligence represents the beginning of a long-term technology revolution or the emergence of an investment bubble, discussing how investors can position their portfolios to benefit from the AI megatrend while maintaining adequate diversification.
Is artificial intelligence set to transform the way we live and work?
Can hyperscalers sustain their massive investments in AI?
AI semiconductors: lasting opportunity or signs of an earnings bubble?
How can investors g...
L'importance de l’allocation stratégique d’actifs
Hiba Mouallem (Investment Strategist)et Sophie de La Chapelle (Global Head of Strategic Asset Allocation) abordent toutes les clés pour une allocation d'actifs optimale.
Comment l’allocation stratégique d’actifs peut-elle optimiser votre parcours financier à long terme tout en s’alignant sur votre tolérance au risque et vos objectifs ?
Pourquoi une véritable diversification nécessite-t-elle d’équilibrer des actifs qui se comportent différemment selon les conditions de marché ?
Saviez-vous que plus de 75 % du risque d’un portefeuille est déterminé par son allocation stratégique d’actifs plutôt que par de...
Hawkish Fed pivot: Implications for rates and long-term yields
In this podcast, Edmund Shing, Global Chief Investment Officer, and Guy Ertz, Deputy CIO, discuss the implications of the first FOMC meeting under Kevin Warsh for monetary policy and bond markets.
A shift towards a more hawkish Fed stance, with policymakers now considering rate hikes instead of cuts, alongside changes in Fed communication such as reduced forward guidance.
An uncertain rate outlook, where the Fed may remain on hold in the near term but could introduce a rate hike later in the year—potentially in December depending on economic data an...
Notre stratégie d'investissement pour juin 2026
Dans ce podcast, Edmund Shing, Global Chief Investment Office, discute de notre stratégie d'investissement pour juin 2026.
La trajectoire des valeurs liées au matériel informatique peut-elle se prolonger ? Le risque de correction est-il désormais sous-estimé par les marchés ?
Quel équilibre se dessine pour les hyperscalers et plus largement pour l’écosystèmes tech ?
Quelle stratégie adopter pour les investisseurs exposés au S&P 500, au Nasdaq, au marché émergent ou aux valeurs technologiques ?
Où subsistent encore des opportunités de valorisation attractives ?
...Our Investment Strategy for June 2026
In this podcast, Edmund Shing, Global Chief Investment Officer discusses our investment strategy for June 2026.
Can this almost parabolic move in IT hardware companies continue? How high is the risk of a market correction?
What implications for the Hyperscalers and for the broader tech sector after Google recently announced a USD 80bn stock offering to fund AI investment plans?
What should investors holding S&P 500, Nasdaq, Emerging Markets or tech stocks do now?
The European tech sector has also caught AI fever, up 28% this year. Where c...
The Nasdaq is not the only game in town
In today’s podcast, Edmund Shing, Global Chief Investment Officer, discusses the technology sector and gives some investment ideas.
What factors have fuelled the Nasdaq’s stunning 21% YTD performance?
How are S&P500 ex-technology stocks faring?
Which regional markets are outperforming US tech?
A few investment ideas
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Is now a good time to invest in bonds?
In this podcast, Edmund discusses how oil-driven inflation and geopolitical risks are reshaping bond markets and creating opportunities for investors.
Oil prices surge due to Strait of Hormuz closure and conflict impacts
Inflation rises globally, with CPI and PPI readings in the US exceeding expectations
Bond yields climb as real yields increase, pressuring equity markets
Bonds offer attractive yields, making them a potential investment opportunity
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Notre stratégie d'investissement pour mai 2026
Dans ce podcast, Edmund Shing, Global Chief Investment Officer, discute de notre stratégie d'investissement pour mai 2026.
Pourquoi les marchés actions sont-ils revenus sur leurs plus hauts alors que les prix du pétrole restent aussi élevés ?
Quelle est l'ampleur réelle de la destruction de la demande pétrolière et quel impact pour l'économie mondiale ?
Dans un contexte de folie autour de l'intelligence artificielle, comment investir dans cette thématique aujourd’hui ?
Les banques centrales vont-elles relever leur taux d'intérêt à court term...
Our Investment Strategy for May 2026
In this podcast, Edmund Shing, Global Chief Investment Officer, discusses our investment strategy for May 2026.
Why are stocks back at their highs while oil prices remain elevated?
How bad is oil demand destruction, Edmund, and how is this impacting the global economy?
Amidst AI investment euphoria, how can we participate in the AI theme?
Will we see higher central bank interest rates soon?
What are three high-conviction investment ideas currently?
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Matières premières : à la recherche d’un point d’entrée
Dans ce podcast, Hiba Mouallem, Investment Strategist, partage sa vision à long terme des matières premières.
Pourquoi les matières premières restent-elles une classe d'actifs singulière ?
Pourquoi les matières premières ne sont-elles pas un investissement à long terme de type "buy and hold" ?
Les moteurs des supercycles des matières premières
Quatre événements ayant soutenu la tendance haussière actuelle
Quelles matières premières offrent un potentiel de hausse supplémentaire, et pourquoi ?
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Look for an entry point in commodities
In this podcast, Edmund Shing, Global Chief Investment Officer, shares his long view of commodities.
Why do commodities remain a very attractive asset class?
Why are commodities not a long-term buy and hold investment?
Drivers of the commodity supercycles
Four events that have supported the current uptrend
Which commodities offer further upside potential, and why?
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Le conflit en Iran ravive les risques sur l’inflation et la dette
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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Iran conflict reignites debt and inflation risks
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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The Midlle East conflict - We answer more of your questions
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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Conflit au Moyen-Orient Les questions posées par nos clients
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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Conflit au Moyen-Orient - Réponses à vos questions après le récent cessez-le-feu
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 reno...
The Middle East Conflict - Answers to more client questions following the recent ceasefire
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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Or et métaux précieux : analyse après la récente correction
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 so...
Gold and precious metals: update after recent correction
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.
The value stock revolution
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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Our Investment Strategy for March 2026
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...
Notre stratégie d'investissement pour mars 2026
Dans ce podcast, Edmund Shing, Global Chief Investment Officer, et Jeremy Fasquelle discutent de notre stratégie d'investissement pour mars 2026.
Après une année 2025 marquée par une forte dispersion des performances sectorielles, l’IA continue de redessiner les tendances d’investissement, créant des gagnants clairs (semi-conducteurs, infrastructures énergétiques) et des secteurs en difficulté (logiciels, assurances). Pourtant, malgré ces contrastes, les investisseurs peinent à adopter une stratégie équilibrée pour capitaliser sur cette transformation.
Quels secteurs profitent le plus de la révolution de l’IA, et pourquoi...
A wind of Change in Latin America
In this podcast, Hiba Mouallem, Investment Strategist, and Stephan Kemper, Chief Investment Strategist in Germany, explore Latin America’s economic and political shifts, growth drivers and investment opportunities.
Latin America benefits from strong US growth, high commodity prices and a weaker dollar.
Political shifts towards market-friendly policies in Argentina, Chile, and upcoming elections in Peru and Colombia.
Mexico has a competitive edge with low USMCA tariffs, economic ties with the US, and undervalued stocks.
The LatAm region offers diversification with cyclical sectors like banks and commodities.
...European Banks: further to go
In this podcast, Edmund Shing, Global Chief Investment Officer, discusses the potential of European banking stocks.
European banks delivered a 67% return in 2025, yet remain undervalued with 15% upside potential and a 5% dividend yield for 2026.
Rising interest rates, a steepening yield curve, and 4% loan growth are boosting earnings, supported by strong balance sheets.
New EU regulatory reforms and AI-driven digital transformation are unlocking revenue streams and cutting costs.
Trading at 10x forward earnings, a 33% discount to US peers, with higher profitability and potential M&A opportunities.
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