05
Aug
International equity markets
The United States looks ever more fragile under Trump's policies. Economic slowdown and rising inflation likely. High uncertainty and low visibility induced by current chaos not conducive to long-term investment in Switzerland.
Key points
- Macroeconomic risks and uncertainties return
- The US market levitates dangerously
- UK stocks are risky again
- The Nikkei rebound is now likely to run out of steam
- Chinese equities offer unique diversification opportunities
- Emerging markets’ outperformance may last
- Underweighting the USA remains a defensive tactical allocation
- A wasted quarter for Swiss stocks due to the strong franc
- US tariffs remain a risk factor
