Category: Weekly Analysis

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 [...]

AI and autonomous vehicles are strengthening China's technological power. China dominates 5G, batteries, and renewable energy. Chinese stocks are outperforming but remain underrepresented. Key points Chinese leadership in a growing number of key sectors China is rapidly becoming the world's largest market for industrial robots Rising technological power reshaping the global balance and driving competition [...]

The trade war is accelerating China's emancipation. China has become a major technological power. Chinese leadership in an increasing number of key sectors. Chinese stocks are attractive and underrepresented. Key points The trade war is accelerating China's emancipation China has become a major technological power A clear and confident government commitment GDP resilience despite the [...]

Yields on US Treasury bonds have shown significant volatility. For the bond markets, the situation is already complex and the equation is difficult to solve. The SNB is considering negative interest rates if the franc continues its upward trend. Key points Continued decoupling between fixed income markets Between recession and inflation, rates are wavering in [...]

The United States looks ever more fragile under Trump's policies. Economic slowdown and rising inflation likely. High uncertainty and low visibility induced by current chaos not conducive to long-term investment in Switzerland. Key points Macroeconomic risks and uncertainties return The US market levitates dangerously UK stocks are risky again The Nikkei rebound is now likely [...]

Q2 GDP will mask weakness in consumption. Effects of tariffs postponed to H2. Continuing Fed dilemma. Rates vacillate between recession and inflation. Chaos has destabilized the dollar. Focus on defensive equities. Key points GDP likely but misleading to rebound in Q2 Economy withstands Trump-induced chaos Leading indicators remain indecisive Employment shows signs of cracking Dilemma [...]