Read our market review and find out all about our theme of the week in MyStratWeekly and its podcast with our experts Axel Botte, Aline Goupil-Raguénès and Zouhoure Bousbih.
Topic of the week: Access to finance of enterprises in the Eurozone and investment
- The bi-annual ECB survey on access to finance of Euro area enterprises reveals a significant gap between corporate financing needs and their availability – the highest since the sovereign debt crisis;
- Corporate financing conditions have deteriorated sharply;
- Faced with sharp increases in interest rates, companies are reducing their demand for loans, which will weigh on investment;
- Continued unprecedented monetary tightening by the ECB creates uncertainty about the scale of the adjustment.
Market review: A resilient US economy
- Markets are almost in line with the Fed’s rate guidance;
- US GDP growth revised up to 2% in 1Q 2023;
- T-note burst past 3.80%, Bunds held under 2.50%;
- Equities end the first half of 2023 on a positive note.
Axel Botte's and Aline Goupil-Raguénès' podcast
- Topic of the Week: Resilience of the U.S. Economy;
- Access to finance of enterprises in the Eurozone and investment.
Chart of the week
Central banks in developed countries are particularly sensitive to the risk of a price-wage spiral.
Developed economies are in fact dominated by the service sector where wage costs represent between 30% and 45% of costs depending on the sector. The manufacturing sector is more capital-intensive and the share of wages is lower by 3% to 14% depending on the sector considered.
In emerging countries, the share of wages is much lower.
![](/sites/default/files/styles/square_600x600/public/1-ostrum-mediatheque/mystratweekly/2023/juillet/Figure%20of%20the%20week%200.3%25.jpg?itok=1LWbvR61)
Figure of the week
The annual growth of the M2 monetary aggregate in the euro area. It is the lowest growth on record.