Category: Weekly Analysis

17 May

Opportunities to seize in securitized real estate

Securitized real estate is too severely affected by rising rates. Discounts in Europe and the UK. Attractive absolute returns. Appealing risk premiums in Switzerland. Historical premiums and discounts for Swiss assets. Key points Return of volatility in securitized real estate The correction in securitized real estate is an opportunity European securitized real estate unfairly penalized [...]
25 Apr

Accelerated de-dollarization of the world economy

The first signs of the end of petrodollars and the beginning of de-dollarization. China unites the discontented and proposes an alternative to the dollar. Petrodollars, petroyuans and the new BRICS currency. 4 major consequences of de-dollarization. Key points How the dollar becomes THE international currency 50 years of dollar hegemony Emergence of petrodollars in the [...]
14 Apr

Positive trend for US equities

Slower GDP growth in Q1. A soft landing is emerging. Decline in leading indicators. Employment is finally deteriorating. Consumption expected to fall. Inflation will slip below 5%. The Fed will pause. Weakening of the dollar. Opportunities in the capital markets. Positive outlook for equities. Key points A solid year-end will give way to a soft [...]
31 Mar

Which European assets to focus on ?

Recession likely in 2023. ECB rate target at 4%. Decorrelation of monetary policies. Bullish recovery of domestic yields. Appreciation of the euro. Attractive valuations of securitized real estate and equities. Key points European economy falters but still avoids a recession in Q4 2022 Limited economic contraction in the first half of the year Leading indicators [...]
27 Mar

UK stocks on sale

Recession in 2023. A resilient 1st quarter. Temporary recovery in household confidence. Inflation not under control. BoE on pause. Bond yields adjust. Real estate succumbs. Equities still attractive Key points Uk economy moves closer to a recession Q1 2023 could still be resilient Leading indicators still mixed Job market still resilient Household confidence has improved [...]
17 Mar

SVB bankruptcy: a new paradigm in monetary policy?

The bankruptcy of the SVB has various consequences. The systemic risk seems to be ruled out by central banks. CS is a global systemic bank. SNB support was expected. A likely new paradigm for rates. Key points Silicon Valley Bank (SVB) bankruptcy will affect US monetary policy The next US rate hike could be the [...]
16 Mar

Moderate outlook for the Nikkei

Growth at a standstill in Q4. Mixed leading indicators. Slight improvement in consumer confidence. Trade deficit narrowed. Inflation down. Expansionary monetary policy. Moderate outlook for the Nikkei. Key points Japan's economy stalled in Q4 (9%) Barely positive outlook for Q1 2023 GDP growth up +1% in 2023 Leading indicators still moderately optimistic Weak improvement in [...]
06 Mar

Swiss financial assets once again attractive

The economy stagnated in the fourth quarter. Recession risks remain low. The rebound in inflation does not appear to be sustainable. Monetary policy reversal delayed. Attractive bond yields. Positive outlook for equities. Key points Swiss economy stalls in Q4 Outlook reduced to +0.7% growth in 2023 Domestic demand supports GDP Leading indicators slightly more positive [...]
10 Jan

Commodities: imbalances will persist in 2023

180 degree turn by the Chinese government. Total opening of the country. Growth to resume in 2023. Energy sector supported by Asia. Historically low metal stocks and potential demand increases in 2023. High potential for appreciation in metal prices in the coming year. Key points End of China's zero Covid policy upsets forecasts Oil demand [...]
27 Dec

Positive outlook for US assets in 2023

GDP decline in Q1 2023. Deterioration of leading indicators. Recession inevitable in H2 2023? Consumption slows down. Inflation under control? End of monetary tightening looms. Weakening of the dollar. Opportunities in capital markets. Positive outlook for equities. Key points Strong Q3 GDP before a year-end dip Is recession inevitable in 2023? Slowdown and moderate recession [...]