Perspectieven en actualiteiten.

•    In the US, this week’s data tended to reinforce the idea of knock-on inflation, both from Donald Trump’s tariffs and from services, even though the US Treasury said that tariffs deemed illegal in court would be replaced in July.•    France’s GDP growth in the first quarter came in at a resilient 0.3% while Germany revised down its growth forecasts for 2026 to 0.5% from 1% and for 2027 to 0.9% vs. 1.7%.•    China’s first quarter GDP rose 5%, or more than the 4.8% expected, thanks to industrial production growing 5.7%.

At the LSEG Lipper Fund Awards, announced on 16 April 2026 , Edmond de Rothschild Asset Management was named “Best Asset Management Company of the Year in France over 3 Years” in the “Overall Large Company” category. This award recognises the quality of our equity, fixed income and multi-asset ranges marketed in France. Edmond de Rothschild Asset Management was also awarded the prize for “Best Multi-Assets Range over 3 Years” in France, confirming the excellence of its expertise in asset allocation.

The first quarter of 2026 was marked by intense geopolitical instability, culminating in the conflict in Iran in early March. Despite this highly volatile environment, our European equity strategy “Mission Europa” successfully navigated market turbulence while maintaining its core objectives. With a fragile ceasefire signed on April 8, we discuss the portfolio’s strategy with Anthony Penel, European equities portfolio manager.

A massive market rally despite uncertainties surrounding the conflict

We are pleased to share that Jacques-Aurélien Marcireau  and Victoire Dubrujeaud have been included in the latest Citywire Selector ranking of PMs under 40 managing more than €1bn.

•    De-escalation in the Middle East led to a fall in government bond yields and a rebound in risk assets. Monetary policy expectations were also revised lower.•    The IEA’s chairman said oil supply constraints could worsen markedly in April. 12 million barrels a day will be lost once tankers already at sea when hostilities broke out have delivered their cargoes.•    March business surveys show that the eurozone was more affected by the conflict than the US. In the eurozone, PMIs look more fragile in countries like Italy which are heavily exposed to exports to the Gulf and surveys are now in contraction territory.

Within the space of a few hours, the US strategy towards Iran has undergone a dramatic U-turn. Under the threat of a US ultimatum, Tehran has agreed to reopen the Strait, whilst imposing conditions on this reopening. The Iranian authorities stated that it would be possible to pass through the strait in coordination with the armed forces and in compliance with ‘technical constraints’. On the US side, strikes have been suspended for two weeks to allow for peace talks to begin, whilst Israel has emphasised that the conflict in southern Lebanon is not part of the ceasefire agreement.

Edmond de Rothschild’s perspective on embedding private markets in diversified portfolios

•    The markets initially welcomed every sign of de-escalation: Government bond yields eased, equity markets rebounded and Brent crude fluctuated between $100-110.•    Donald Trump’s address on Wednesday evening soured the mood. He said the war would be short, just another two to three weeks, but threatened to destroy Iran's energy infrastructure if Washington's demands were not accepted. •    In China, March PMI hit a high not seen since March 2025, providing confirmation that manufacturing was resilient, while in Japan, the Tankan manufacturing index trended higher in the first quarter.

•    The week was dominated by escalating tensions between the United States and Iran over the Strait of Hormuz, followed by a relative lull with the postponement of the US ultimatum.•    Negotiations with Iran remain highly complicated, as Tehran’s demands are largely incompatible with those of the United States and Israel, despite indirect contacts via intermediaries.•    Several central banks have adopted a more hawkish tone in response to inflationary fears linked to rising energy prices, particularly the ECB, which now expects more than three rate hikes by the end of 2026.

Edmond de Rothschild Corporate Finance acted as financial advisor to Swiss Life Asset Managers France, alongside Clearwater Italy, on the acquisition of a real estate portfolio comprising selected premium resorts in Emilia‑Romagna (Italy). 

Strong business growth