Quarterly Bulletin Q2 - 2023

Far From a Smooth Ride

In the financial markets, there are certain events that can grab all the attention, but in the process they may hide a somewhat different reality. On equity markets, for example, last quarter’s sudden infatuation with artificial intelligence drove up all stocks closely or even remotely related to this industry. As a result, the second quarter produced major gains in some of the stock market indexes. But this masked a tenser situation in many sectors, as the March banking crisis continued to fuel fears among investors. As for the convertible securities market, it hit a rough patch, for no apparent reason.