Category: Investment flash

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 [...]

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 [...]

The recent rise in crude oil prices has brought us close to our short-term target of $90-95 per barrel of WTI. At this price level, we believe we can assess the potential for crude oil substitution, and in particular the evolution of natural gas demand. The fall in US natural gas prices (...) Gas market [...]

The Fed decided not to touch its key rates on 09/20, and in our view this marks the start of a long phase of stability which will soon be seen as the end of one of the most rapid and severe monetary tightening cycles in recent history. Between what the Fed Chairman can't say, what [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]