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Despite Nvidia’s stronger-than-expected results and upbeat guidance, investor sentiment remained fragile. A mixture of fatigue and doubts about AI, shifting expectations for a potential Federal Reserve rate cut in December, and a rise in long-term Japanese yields fuelled sharp swings across equity markets. This week, investors will closely monitor the continuing Russia–Ukraine discussions for signs of an end to the conflict.

Doubts over a December interest rate cut by the Federal Reserve and concerns over the scale and timing of AI-related capex weighed on sentiment, underscoring the fragile market landscape. Now that the US government’s 43-day shutdown has ended, investors are awaiting the delayed September non-farm payrolls report this week. The publication of the minutes from the Federal Reserve’s meeting and Nvidia’s earning report, both on Wednesday, will be also closely scrutinised.

Nombre de baby-boomers sont entrés dans une phase de «décumulation». Pour eux, la priorité n’est plus à l’appréciation du capital mais à la stabilité des revenus. Dans ce contexte, la diversification et le «portage» (à savoir les revenus provenant des coupons) apparaissent essentiels. Les investisseurs apprécient en effet les rendements stables offerts par les obligations, et en particulier, s’ils s’accompagnent d’une volatilité maîtrisée. En cela, la dette des marchés émergents permet également une excellente diversification.