Global focus: first-half learnings, challenges for the summer
› In the US, the economic activity has strengthened and GDP growth could reach 2.3% for the first half of the year. During the summer, the Fed could release further information on its forthcoming moves
› In the eurozone, the economic activity has been dynamic, but the ECB remained accommodative. This summer, comments from ECB officials regarding a tapering will be key for the euro and yields
› The Swiss and Japanese economies have been supported by their exports, but monetary conditions should remain accommodative due to the low inflation environment
› In China, the growth environment has continued to show positive trends despite tighter financing conditions. In Brazil, the political risk is still present. In India, VAT has just been introduced
