Category: Investment flash

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 [...]

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 [...]

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: [...]

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 [...]

In recent months, equity markets have shown excellent resilience despite the tighter interest rate environment in May and June, and the Fed's recent standstill. The S&P500 index continued its upward trend up +10% since the start of the year. Our expectations of a bullish recovery in the equity markets supported by (...) Extended participation in [...]

Since its announcement at the beginning of April, aimed at countering the speculative downward spiral in oil prices, OPEC+ countries have indeed reduced their production. But the reduction was only around 0.2 mb/d, significantly less than expected, and was offset by the rise in US shale oil production. Saudi Arabia's announcement today that it will [...]

On June 22nd, the SNB raised its key interest rates by 0.25%, a lower increment than previously, indicating in our view that it now considers Swiss inflation to be close to its target. Although Chairman Jordan stressed that (...) Positive outlook for bonds, real estate and equities Discover our Investment Flash down below: Read more [...]

China's growth initially surprised observers in Q1, but economic surprises in Q2 seem to have called into question expectations of an acceleration in economic momentum. Weaker-than-expected growth in M2 money supply (+11.6%), industrial production (+3.6% YTD), retail sales (+9.3% YTD) (...) The PBoC cuts several major interest rates Discover our Investment Flash down below: Read [...]

After outperforming the S&P500 (+18.4%) and the Nasdaq (+47.5%) in 2020, alternative energies (+142.1%) underwent a period of consolidation and logical underperformance in 2021 (-19.8%), before holding up rather well (-4.5%) against the general collapse of equities in 2022 (S&P500 -18.3%). The rebound of the S&P500 (+12.8%) or the Nasdaq (+33.3%) in 2023 has so [...]

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, [...]