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On July 3, 2026, the Autorité des Marchés Financiers (AMF) published its 2026 Markets and Risk Outlook, assessing key developments and emerging risks across French and global financial markets. The outlook confirms previously identified risks, particularly geopolitical and cyber threats, while noting that financial markets have remained broadly orderly and resilient despite a market correction and heightened volatility following the outbreak of conflict with Iran. The AMF identifies geopolitical instability as a defining structural feature of current financial markets. Ongoing trade tensions, uncertainties surrounding tariff policies, and the continuing Russia-Ukraine conflict continue to weigh on the global economic outlook. The Middle East conflict has further exacerbated this environment, with energy markets serving as the primary transmission channel. This has driven sharp rises in energy prices, renewed market volatility, and reignited inflationary pressures. Despite these challenges, equity markets rebounded swiftly and some have returned to or exceeded record highs. However, the AMF highlights certain vulnerabilities: high asset valuations, concentration of market performance on a limited number of major technology stocks, and significant debt levels at certain companies. The outlook also addresses emerging concerns including rapid expansion of private assets, crypto-asset market corrections, and operational and cyber risks. The AMF emphasises that artificial intelligence development, particularly advanced frontier models, presents both opportunities and increased cyber vulnerabilities. The European Regulation on digital operational resilience in the financial sector (DORA) provides a key framework for strengthening security and operational resilience. Additionally, the AMF notes rising fraud schemes involving identity theft and manipulation tactics, particularly affecting younger investors under 35. The Authority remains focused on ensuring investor protection amid these evolving risks. The full 2026 Markets and Risk Outlook is available on the AMF website.