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• Date de création 09/10/2024
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In September 2024, the global economy continued a moderate yet stable growth trajectory, supported by structural factors and resilience in key sectors. The ongoing deceleration of year-on-year global inflation, coupled with a mitigating of underlying inflation, signals a gradual easing of inflationary pressures, which has strengthened the relaxation of price expectations across all time horizons. However, downside risks to the global growth trajectory remain, exacerbated by uncertainties surrounding restrictive monetary policy and the persistence of geopolitical conflicts, particularly in Ukraine and the Middle East, whose repercussions could be more severe than anticipated.

In the commodities market, copper prices benefited from a combination of bullish factors: an emerging economic recovery, supply disruptions, and a market sentiment favoring further interest rate cuts by the U.S. Federal Reserve. Conversely, cobalt saw a slight increase, with a rise of 0.6% month-on-month. Meanwhile, crude oil prices declined due to growing concerns over global demand prospects, exacerbated by improved compliance with production quotas imposed by OPEC+. At the same time, gold recorded an appreciation, supported by the weakening of the U.S. dollar in foreign exchange markets.

Regarding financial markets, global stock indices displayed synchronized gains, primarily driven by the Federal Reserve's interest rate cuts in September 2024 and expectations of future monetary policy easing by central banks. This trend reflects a reallocation of portfolios towards riskier assets in a context of increased liquidity.