Mirovα, Creating Sustainable Value - June 2026
Key events - May 2026
Iran : Procrastination continues over the draft resolution to the conflict between the US and Iran.
Markets: Semiconductors, AI and technology drove the indices, following strong performances in the US and Asia.
Central banks: On both sides of the Atlantic, the stance remains firm, with a determination to limit the rise in inflation and prevent the rise in energy prices from spreading to the rest of the economy.
Number of the month
Macro outlook
• IA: Capital expenditure continues to underpin economic activity and stock market indices. The massive IPOs planned for the coming months are worth keeping a close eye on. Will there be any disappointments?
• United States: The economy remains robust, even though growth is increasingly dependent on the digital sector and the positive wealth effects for the most affluent households.
• Eurozone: The ECB is set to implement a 25bp rate hike as early as June to curb inflation expectations. Beware of adverse effects in the event of a prolonged upward cycle.
The Long View
Ukraine: Russia is stalling; will it escalate?
• The “drone de guerre”
• The armed forces are stalling, the economy is stagnating
• Escalation: a prelude to de-escalation?
• Anatomy of an escalation
