The medium-term economic outlook is weakening


The economic data published in April illustrated the contradictions of the current environment, which remains buoyant in the short term, but whose medium-term outlook is becoming more clouded.

While the war in Ukraine is gradually turning into a confrontation between Russia and the West, in which hydrocarbon deliveries are becoming a strategic issue, the leading indicators showed solid optimism on the pace of activity, at around 55 in Europe and the US, largely in expansionary territory.

An analysis of the macroeconomic context by Nicolas Blanc, Head of Allocation at Ellipsis AM, relayed by the Swiss news website,