Edmond de Rothschild warns that markets are clinging to a soft-landing narrative while underpricing the structural risks of a prolonged energy shock and tightening financial conditions.
- Equity markets favour AI, semiconductors, and energy, while ignoring broader economic deterioration and weak end-demand sectors.
- A sharp drawdown in inventories and potential Hormuz disruption signal rising structural supply risk.
- Eurozone inflation is easing, but consumer confidence has fallen to post-Covid lows, highlighting fragility beneath the surface.
Markets are pricing stability. The report suggests the real story is the slow erosion of it.
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