Market update

The war in Iran is putting the global economy to the test, yet emerging market stock markets are proving resilient. A look at the factors driving this stability – from growing independence from the dollar to major political power shifts in Budapest.

The new chapter that Hungary opened on Sunday with Peter Magyar (TISZA) securing a two-thirds majority in the parliamentary election brings not only great relief to the EU and NATO, but is also creating a positive mood on the capital markets.

After two exceptionally strong years on the capital markets, most capital market participants are again expecting constructive developments in 2026. Therefore, the focus in 2026 will be less on the question of "if" and more on the question of "how" further developments will unfold.

Les infrastructures sont le fondement même du fonctionnement d'une société, mais elles sont également soumises à des changements importants. Il y a cinquante ans, nos infrastructures étaient totalement différentes de celles d'aujourd'hui. Sous l'effet des mégatendances mondiales, elles continueront d'évoluer rapidement.