Category: Investment flash

The US currency, as expressed by its trade-weighted index, ended 2023 with a very slightly negative overall performance (-2.11%), following two years of average growth of around +7%. It starts 2024 with a slight rise of +1.92%, which statistically is not a decisive factor in anticipating (...) Yield spreads and statistics in favor of an [...]

With the week shaping up to be one of the most intense periods of corporate earnings announcements in the US, along with those of the technology blue chips, the S&P 500 index continues to soar, surpassing the 4,900-point threshold. By the end of January, the bullish recovery begun in November will have recorded its third [...]

The Chinese authorities now look set to restore investor confidence in the equity market, putting an end to a 55% rout that will have cost investors more than $6,000 billion since the market top reached in January 2018 (33,484). China's bear market, now in its sixth year, has pushed Hong Kong's Hang Seng Index back [...]

Inflation in Switzerland has already reached the SNB's target for six months, while most other central bankers still need to steer its decline to approach their 2% target. Since June 2023, the Swiss CPI index has indeed slipped below the critical threshold of 2%, reaching its lowest point since the pandemic at 1.4% by the [...]

The preferred soft landing scenario for early 2024 will also support the continued normalization of inflation towards the Fed's target. The current inversion of yield curves in the USA is exclusively due to the high level of key rates and, consequently, of the short end of the yield curves. Against this backdrop, a 100 bp [...]

The evolution of the global macroeconomic scenario, suggesting a weakening of growth prospects for 2024, has already had a fairly significant negative impact on crude oil prices in recent weeks. However, the relatively orderly decline in crude oil prices from almost $95 a barrel at the end of September to just $68 in mid-December, due [...]

The increasingly visible cyclical slowdown, along with a more pronounced easing of inflation, now raises hopes for a somewhat different trajectory than envisaged just a few months ago for interest rates. In October, the ten-year rates of the UK government once again reached the (...) More favorable evolution supported by a clearer easing of inflation [...]

The silver prices do not reflect the very positive fundamentals of the current market. Industrial and jewelry demand are expected to show strong growth over the next decade. In particular, the demand for silver in the rapidly expanding solar sector is extremely robust, as is the demand related to the production of electric vehicles. These [...]

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 [...]

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 [...]