Nubois (Natixis / Groupe BPCE) Research Hub

Research from Nubois indicates that global financial markets are undergoing a significant repricing phase driven primarily by a hotter-than-expected US Core CPI print of 0.38%, which has exerted upward pressure on sovereign yields globally. The analysis highlights a broader risk-off environment, noting that the 10-year Bund has risen to 3.10% amid heightened political volatility in the UK and subsequent contagion effects across Eurozone debt markets. Equity markets have responded negatively to these shifts, with the technology sector exhibiting particular weakness while the dollar maintains its strength. Concurrently, institutional performance remains steady, as seen in quarterly reports from banking entities like KBC and BMPS, which largely met expectations despite facing persistent headwinds from geopolitical tensions and ongoing integration challenges. Overall, the research emphasizes a defensive market stance characterized by sensitivity to inflationary data and macro-political instability.