Weekly analysis

07 Jun

US biotech outperforms again

After outperforming the S&P500 in 2020 and matching the Nasdaq, the Biotechnology sector experienced a long dry spell in 2021 and 2022. The S&P Biotechnology index's collapse of almost -41% in two years proved bloodier than the Nasdaq's -13.8% fall, and even more so in the face of the S&P500's +5% advance. Too many companies, [...]
31 May

No surprises on the CHF yield curve

Swiss GDP growth of +0.3% in Q1 2023 and +0.6% year-on-year (+0.5% after adjusting for the effects of sporting events) surprised observers, who were only expecting a +0.1% rise. Slightly better momentum at the start of the year was underpinned by (...) GDP growth and inflation will not upset the balance Discover our Investment Flash [...]
24 May

2nd half-year favorable for industrial metals

The drop in Chinese demand had been one of the main factors penalizing the evolution of industrial metals' markets, which were down by -8% in 2022. After a few positive weeks at the beginning of the year, which had pushed prices to extremes in a panic caused by (...) China's renewed growth reinforces imbalances Discover [...]
17 May

Opportunities to seize in securitized real estate

Securitized real estate is too severely affected by rising rates. Discounts in Europe and the UK. Attractive absolute returns. Appealing risk premiums in Switzerland. Historical premiums and discounts for Swiss assets. Key points Return of volatility in securitized real estate The correction in securitized real estate is an opportunity European securitized real estate unfairly penalized [...]
17 May

Favorable outlook for chinese equities

China's inflation continues to slide steadily and continues the decline that began in October. The CPI index is now only advancing by +0.1% over one year in April, after peaking at +3% in September 2022. Inflation is therefore under control in the country, the index excluding food and energy advances only by +0.7%, while (...) [...]
11 May

Profit expectations a bit high for SMI

The profit expectations for all stocks in the SMI index are +16.5% for the next twelve months, while the global economic scenario is rather positive with risks of temporary regional recessions during the year. Almost half of the companies in the SMI have (...) Investment policy focused on secondary stocks Discover our Investment Flash down [...]
03 May

Discount on european securitized real estate

The fall in international listed real estate stocks observed in February and March does not seem to us to reflect the negative situation for most of them. Indeed, often falling back to the price levels of the beginning of Q4 2022 and sometimes already significantly below them (...) The recent correction is an opportunity to [...]
26 Apr

Acceleration of de-dollarization

A major shift is taking place in global commodity trading and beyond this sector in the global trade of goods and services. De-dollarization now seems to be accelerating with the development of a China-backed trend (...) Declining global demand and falling dollar Discover our Investment Flash down below: Read more To make sure you don't [...]
25 Apr

Accelerated de-dollarization of the world economy

The first signs of the end of petrodollars and the beginning of de-dollarization. China unites the discontented and proposes an alternative to the dollar. Petrodollars, petroyuans and the new BRICS currency. 4 major consequences of de-dollarization. Key points How the dollar becomes THE international currency 50 years of dollar hegemony Emergence of petrodollars in the [...]
14 Apr

Positive trend for US equities

Slower GDP growth in Q1. A soft landing is emerging. Decline in leading indicators. Employment is finally deteriorating. Consumption expected to fall. Inflation will slip below 5%. The Fed will pause. Weakening of the dollar. Opportunities in the capital markets. Positive outlook for equities. Key points A solid year-end will give way to a soft [...]