The High Yield markets ended June in positive territory. The US market gained 0.84%, outperforming the European market which rose by 0.54%, impacted by the widening of risk premiums due to political tensions in France following the European elections. Technical factors continue to support the credit asset class despite a slowdown in inflows. The rate-cutting cycle is beginning to take shape, with the ECB having made its first rate cut and US figures suggesting, for the time being, that the Fed is likely to cut rates in 2024. Lastly, the primary market, although down, remained active.