20
Sep
Securitized real estate in Europe is still suffering from the effects of inflation, the ECB's restrictive monetary policy and interest rate pressures over the past two years. Listed real estate stocks are still trading close to their two-year lows, down almost -45% from the peak of the (...) Yet falling inflation suggests lower yields Discover [...]
14
Sep
Surprising export-led GDP growth. Inflation still in decline. Reduced trade deficit. Expansive monetary policy. Yen's decline falters. Attractive profits for Nikkei companies. Key points Japanese economy surprises with +1.2% growth in Q2 and positive outlook once again Positive trend for the 2nd half Leading indicators still very uncertain Fall in real household income External account [...]
13
Sep
The Swiss equity market remained highly indecisive over the summer, penalized in particular by the strength of the Swiss franc against the dollar and the euro in July, and a still restrictive monetary policy. The macroeconomic data and statistics published, although very favorable on the inflation front (1.6%/year) and below the (...) Outlook supported by [...]
12
Sep
GDP growth slowed. Inflation stabilizes below 2%. End of key rate hike cycle imminent. Potential weakness of the Swiss franc. Stabilization of yields. Bullish recovery for equities. Key points Swiss economy slows sharply in Q2, with seasonally adjusted real GDP stagnating Private consumption and service exports on the rise Leading indicators still not very encouraging [...]
06
Sep
Crude oil prices have risen by almost 30% since their March 2023 low and are now trading at their highest level of the year, at $85.5 for WTI and $88.5 for Brent. They have finally reacted positively (...) Rising crude oil prices and oil stocks set to continue Discover our Investment Flash down below: Read [...]
01
Sep
Gradual reduction in uncertainty. Positive impact of falling inflation and the end of the rate-tightening cycle. Attractive valuations of listed real estate indices in Europe and the UK. Relative yields and agios also attractive in Switzerland. Key points Risks discounted, current prices represent real investment opportunities A particularly favorable price/net asset ratio for European real [...]
31
Aug
China's central bank (PBoC) may well be on the verge of changing its strategy and adopting a more aggressive monetary policy to support a Chinese economy that is performing less well than expected. The expected growth of +5.1% for 2023 seems (...) The PBOC will support GDP with further cuts in the RRR and MLF [...]
23
Aug
Real TIPS yields are once again at record highs, a phenomenon that is unlikely to last. Ten-year nominal Treasury yields should theoretically take into account long-term trends in the economic cycle and inflation trends, but in practice, long rates are largely influenced by short-term prospects. This is particularly the case since the raising of the [...]
17
Aug
The SNB still seems concerned about the level of inflation, despite the very sharp decline in price indices, which pushed the annual CPI (+1.6%) below its target (+2%). It is still considering further increases to ensure (...) Beware of a more restrictive monetary policy than you might think Discover our Investment Flash down below: Read [...]
09
Aug
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 [...]
