Mirovα, Creating Sustainable Value - October 2025
Published on 10/16/2025
In a nutshell
Highlights - September 2025
- Geopolitics: heightened tensions with Russia after drone incursions into European skies.
- Equities: US markets perform very well.
- Artificial intelligence: massive investment by companies in the sector in the United States.
$300bn.
The value of the contract signed between OpenAI and Oracle.
Source: Bloomberg, September 2025.
Macro outlook
- United States: the economy is developing heavy dependency on technology companies.
- Europe is still waiting to feel the effects of the German recovery plan. Positive effects in 2026?
- Despite record levels, gold still has potential, and central banks are backing it.
The Long View
Electric vehicles: free at last!
- Regulators abandon some of the incentives for electric vehicles.
- The reality of mobility needs and the onslaught of Chinese manufacturers meant that greater realism was needed.
- Consumers taking the lead: the electric vehicle market will finally develop at its own pace.
The information given reflects Mirova's opinion and the situation at the date of this document and is subject to change without notice. All securities mentioned in this document are for illustrative purposes only and do not constitute investment advice, a recommendation or a solicitation to buy or sell.
1 Source: Bloomberg, September 2025.
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