Category: Weekly Analysis

GDP slows in Q3. Soft landing in Q4 and Q1 2026 highly uncertain. High underemployment at 8.7%. Key interest rates close to neutral. Risks of inflation rebound in Q1. Reduced outlook for bonds. Consolidation of equity markets. Key points Growth slows in Q3 after Q2 euphoria Soft landing in Q4 for US GDP Leading indicators [...]

GDP growth in Q4. Sluggish economic recovery in 2026. Household confidence too cautious. Inflation under control. ECB on hold for the foreseeable future. Complex situation for the euro. Bond market without clear trend. Moderate outlook for equities. Key points Resilience in Q3 points to a positive Q4 as well Positive but fragile growth in 2026 [...]

GDP down in Q3. Q4 potentially negative. Confidence eroding.New risks for employment. Inflation holding steady. Rate cuts on the horizon. Bond markets attractive. Outlook for the FTSE100 reduced. Key points The UK misses out on hoped-for rebound in Q3 Difficult end to the year for UK growth Slowdown in services clouds the outlook End of [...]

GDP falls in Q3. Timid recovery possible in Q4. Consumers remain concerned. The 3% rebound in the CPI is worrying. The stagflation scenario is taking hold. The BoJ will favor the status quo. Rates are tightening. The yen remains weak. Nikkei in danger. Key points Exports stall, GDP falls by -0.4% in Q3 Possible GDP [...]

Sharp decline in GDP in Q3. Risks of a technical recession in H2 2025. Leading indicators still pessimistic. Deflation sets in. Return of negative rates in Switzerland. Unattractive yields. Mixed outlook for equities. Key points A surprisingly robust first quarter for the GDP High risks of growth slowing in Q2 More nuanced and contrasting leading [...]

The central scenario: A wave driven by three fundamental pillars. Precious metals have additional industrial leverage. Potential risks of an overly complacent bullish consensus now. Profit-taking justified after an exceptional year. Key points Between the euphoria of a bullish consensus and the risks of a correction The central scenario: A wave driven by three fundamental [...]

European growth is gaining momentum. Leading indicators confirm the recovery. Inflation stabilizes. The ECB takes a break. Moderate outlook for bonds. More favorable environment for real estate and equity markets. Key points European recovery takes hold in Q3 A positive end to 2025 Leading indicators confirm the upturn Household confidence finally confirms its rebound Towards [...]

GDP slump. Divided economy. Inflation remains stubborn. BOE still on hold until Q1 2026. High risk premium for bonds and securitized real estate. Potential appreciation of the pound sterling. Growing risks for the FTSE100. Key points Growth slows after a robust start to the year The UK economy is running out of steam Leading indicators [...]

Resilient economy. Household consumption is recovering. Leading indicators still uncertain. Inflation still too high. No further rate hikes before 2026. Probable rise in the yen. The Nikkei is at an inflection point. Key points Slowdown in Households are spending, but businesses are hesitant Slowdown likely until the end of the year Composite PMI supported by [...]

Growth is slowing as expected. Stagnation likely in Q3 and Q4. Leading indicators uncertain and mixed. Deflation setting in. The SNB must cut rates significantly. Swiss bonds are unattractive. Swiss equities under threat. Key points Moderate growth in Q2 confirms expected slowdown High risk of stagnation in Q4 Leading indicators more nuanced and mixed CPI [...]