Summary
While the Trump administration executes its plan to impose prices on certain countries and specific industries and goods, the financial markets responded by volatility. Among uncertainty, and with other factors also having an impact on stock market indices, the S&P 500 is down 4% over a year. The longer -term impact on American companies, consumers and the overall economy is not yet clear. The markets have proven over time that they do not like uncertainty. Companies that report at the end of the current profits cycle have had more time to assess the potential impact of prices, and some have added line elements to take into account the pressure linked to possible benefits. As we can see, an investment strategy is to avoid the entire front wind by turning to industries which, in our view, are relatively immune to the risk of arrangement of exchanges. These include groups which are more focused on internal markets, such as certain public services, regional banks, restaurants, retailers and scholarships (which should benefit from increased commercial activity). In terms of sector, we believe that health care companies are well protected. For the list of this week, we highlight health companies which should feel little or no impact of prices and are probably safe shelters of the potential taxes of imports. These companies mainly focus on the American market and have solid growth profiles
