With the Christmas holidays behind us, it is a good idea to take stock of the main global economic, stock market, geopolitical, and technological trends observed in December and so far in January, because they have been changing, material and impactful. You should also bear in mind our future positioning in terms of growth, inflation, and interest rates, especially in view of possible turning points. It is also advisable to see everything from a geopolitical standpoint — marked by events such as the possible re-election of Trump, for example — and bear in mind the economic impacts of the technological advances underway, without forgetting the main risks.