30
Nov
Japanese corporate profits are likely to have risen by 14% in Q3 and, according to the current consensus, should increase by a further 11.4% in 2024. On the basis of these results and expectations, the Japanese market advanced until June and then stabilised. It outperformed the other developed markets in local currencies, gaining (...) The [...]
27
Nov
Possible recession in the 4th quarter. Rebound in inflation linked to the fall in the currency. Contraction in real household income. Monetary policy still expansionary. Yen's decline falters. Less positive conditions for the Nikkei. Key points A much more dramatic 3rd quarter than expected Possible recession at the end of the year in Japan Significant [...]
22
Nov
After the sharp rise in the Swiss Confederation's ten-year yields to 1.6% in December 2022 and March 2023, the long end of the CHF yield curve steepened fairly sharply over the summer. Ten-year yields then followed the international uptrend from June to October, before falling back (...) Attractive yields, risk premiums and agios Discover our [...]
16
Nov
The Nasdaq technology stock index has significantly outperformed the Russell 2000 small-cap index. The outperformance of +43% in 2023 is massive and is the largest since the internet bubble of 1999. At that time, the performance gap was twice as wide, leading some to believe that the Nasdaq's relative performance still has (...) Interest rate [...]
09
Nov
The SNB is perhaps no longer as concerned about the level of inflation now that it appears to have been contained at +0.1%/month for the past five months. This development should clearly allow the SNB to consider that its action has been effective, since core inflation is now (...) SNB will ease its policy well [...]
30
Oct
Temporary halt to energy transition. Drastic profit revisions. Excessive price corrections. Impact of rising interest rates already factored in. Medium-term outlook underestimated. Attractive valuations for 2024. Key points The energy transition is temporarily threatened by inflation, rising interest rates and some changes in political direction Historic but volatile investment opportunities Alternative energies more sensitive to [...]
26
Oct
The Chinese government has adopted a strategy resolutely geared towards supporting economic growth, announcing the issue of 1,000 billion yuan of sovereign debt in recent days. This injection of liquidity complements other measures, and will be (...) More is needed to stimulate growth Discover our Investment Flash down below: Read more To make sure you [...]
25
Oct
Rising production costs. Decline in mining production and recycling supply. Falling interest rates and dollar boost gold prices. Renewed demand for bullion and coins. Return of ETF fund flows. Key points Gold's uptrend set to resume soon Towards a probable imbalance in the gold market Sharp rise in production costs Mine production expected to decline [...]
18
Oct
Securitized real estate in Europe is still perhaps wrongly suffering from the effects of inflation, the ECB's restrictive monetary policy and the interest-rate pressures of the past two years. The EPRA Nareit Eurozone index is struggling to stabilize after falling 28% between February and March. Since then, it has been fluctuating within a band of [...]
11
Oct
After rising by almost +13% in the first four months of the year, gold prices then slowly eroded as the US Federal Reserve tightened monetary conditions and bond yields rose, not only in dollars but in other major currencies too. The fall of the last few days of September, directly correlated with (...) Upward trend [...]
