World stock exchanges are regaining their breath in recent weeks thanks to the relaxation of long-term interest rates. The American S&P 500 and the Paris CAC 40 are back by 8%.

Relaxing long-term interest rates is making equities look better. Since their recent lows, reached on June 16 on Wall Street and July 5 in Paris, the major European and American stock indexes have rebounded by around 7%, and by more than 9% for the tech-intensive Nasdaq. This great climb is far from being a sign of confidence in the future. Numerous risks encourage professionals to remain in doubt. Among other risks, energy supply is under strong pressure on production prices, and the health situation in China. Also, the IMF has once again lowered its global growth forecasts.