Two Different Worlds The information presented in this publication is communicated to you for informational purposes only and does not constitute investment advice, a sales offer, or a solicitation to buy, and should not in any way serve as a basis or be considered as an incitement to engage in any investment. The macro point {"content_1_fr":"For once, the eurozone is doing well. The PMI activity indicators for the manufacturing and services sectors have indicated that the momentum of economic recovery is continuing in the Monetary Union in May. These are preliminary estimates but are not usually subject to significant revision. Activity in the services sector reached 56.3 in May (a figure above 50 indicates expansion) while that in the manufacturing sector was at 54.4 over the same period. This is an achievement considering many factories face an accumulation of difficulties: supply issues due to the war in Ukraine and successive lockdowns in China, and a general increase in costs (both on inputs, labor cost, etc.). In addition, there has been a tightening of financial conditions since last February, which could logically have had a much more detrimental impact on activity. It is still too early to know if the good momentum will continue, but we can be pleased with this unexpected resilience. The PMI indicators that have been published are consistent with an increase in the eurozone GDP of about 0.6% in the second quarter (compared to the first quarter). This is quite honorable. A recession in the eurozone, which has been mentioned by analysts in recent weeks, is ruled out in view of these figures."}