Macroeconomics, monetary policy, market phenomena: every week, Le Figaro Wealth and Stock Market offers the insights of a finance professional.
Despite the geopolitical shocks from Greenland, Venezuela, and then Iran, the overall rise in global stocks is around 6% since the beginning of 2026, calculated by the German bank Berenberg. This is a performance lower than that of gold (+10% approximately) and commodities in general (+25%).
Investing in a new political landscape
None of this calls into question the “new world order”: according to strategists Jonathan Stubbs and Ashley O’Malley, it is defined by a “geopolitical disruption” characterized by “the end of globalization and the hegemonic confrontation between the United States and China,” by “budgetary domination” (national power dominance, erosion of fiat currencies, financial repression), and finally by a sustainable higher inflation. As a result, global growth has become “soft and sluggish,” especially since the Iran war is shaping up to be “stagflationary.”
Exposure to equities, but not only
How to invest in such a context? Berenberg sticks to its January allocation when it had…
