Category: Investment flash

20 Sep

Ongoing revaluation of european securitized real estate

Securitized real estate in Europe is still suffering from the effects of inflation, the ECB's restrictive monetary policy and interest rate pressures over the past two years. Listed real estate stocks are still trading close to their two-year lows, down almost -45% from the peak of the (...) Yet falling inflation suggests lower yields Discover [...]
13 Sep

Bullish recovery likely for Swiss equities

The Swiss equity market remained highly indecisive over the summer, penalized in particular by the strength of the Swiss franc against the dollar and the euro in July, and a still restrictive monetary policy. The macroeconomic data and statistics published, although very favorable on the inflation front (1.6%/year) and below the (...) Outlook supported by [...]
06 Sep

The oil market is in deficit

Crude oil prices have risen by almost 30% since their March 2023 low and are now trading at their highest level of the year, at $85.5 for WTI and $88.5 for Brent. They have finally reacted positively (...) Rising crude oil prices and oil stocks set to continue Discover our Investment Flash down below: Read [...]
31 Aug

Real rates are too high in China

China's central bank (PBoC) may well be on the verge of changing its strategy and adopting a more aggressive monetary policy to support a Chinese economy that is performing less well than expected. The expected growth of +5.1% for 2023 seems (...) The PBOC will support GDP with further cuts in the RRR and MLF [...]
23 Aug

Real yields on tips will fall

Real TIPS yields are once again at record highs, a phenomenon that is unlikely to last. Ten-year nominal Treasury yields should theoretically take into account long-term trends in the economic cycle and inflation trends, but in practice, long rates are largely influenced by short-term prospects. This is particularly the case since the raising of the [...]
17 Aug

SNB balance sheet down 20% in one year

The SNB still seems concerned about the level of inflation, despite the very sharp decline in price indices, which pushed the annual CPI (+1.6%) below its target (+2%). It is still considering further increases to ensure (...) Beware of a more restrictive monetary policy than you might think Discover our Investment Flash down below: Read [...]
09 Aug

US Treasury pulls rates up with record issuance

Fitch's downgrading of the US Treasury's long-term credit rating from AAA to AA+ is unlikely to have a major impact on the US government's ability to borrow on the markets. But this decision comes at the wrong time, when (...) Yet falling inflation suggests lower yields Discover our Investment Flash down below: Read more To [...]
02 Aug

The euro bond market has not bottomed out

Eurozone GDP rose by +0.3% in Q2, putting an end to two quarterly sequences of stagnation, while core inflation no longer slipped, stabilizing at +5.5% in July. This modest return to growth, in an environment that is still too inflationary, should not (...) Growth and inflation will push rates even higher Discover our Investment Flash [...]
26 Jul

Opportunities in securitized real estate

The fall in listed real estate values has now reached levels which, in our view, already largely reflect the risks associated with a possible increase in debt refinancing difficulties for lots of real estate companies. For many of them, current price levels (...) High discounts compared to intrinsic values Discover our Investment Flash down below: [...]
19 Jul

Major overhaul of NASDAQ weightings

U.S. equities benefited above all from the renewed interest in the Nasdaq's blue-chip stocks, and the recent enthusiasm for Artificial Intelligence. While the FANG+ index jumped by +81%, the S&P500 recorded a much (...) Overweight securities other than FANG+ Discover our Investment Flash down below: Read more To make sure you don't miss any of [...]