Monthly Video by CIO Florent Bronès: In 2018, Equities Will Continue Their Bullish Trend

We remain positive on risky assets in the medium term for three main reasons: the expected rise in corporate profits in 2018 and 2019, small rate increases on the cards, and finally moderate stock market valuations, with the exception of the US market which is expensive compared with historical standards.

We remain neutral on the stock market in the short term because volatility is too low. Without a doubt, a lull began in the European markets several months ago, but global indices are now at new record highs thanks to the weaker dollar. Optimism is dominating 2018 consensus forecasts a lot (or possibly too much).