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 [...]
04
Aug
SMART BRC+ Yield enhanement : a BBGI concept focused on the use of BRCs Key points A brief overview and classification of structured products? Institutional and privae investors increasingly conviced The 3 main forms of structured products Demystifying supposed risks Flexible instruments for all types of markets How to assess their effeciveness? SMAR BRC+ Yield [...]
02
Aug
Eurozone GDP rose by +0.3% in Q2, putting an end to two quarterly sequences of stagnation, while core inflation no longer slipped, stabilizing at +5.5% in July. This modest return to growth, in an environment that is still too inflationary, should not (...) Growth and inflation will push rates even higher Discover our Investment Flash [...]
26
Jul
The fall in listed real estate values has now reached levels which, in our view, already largely reflect the risks associated with a possible increase in debt refinancing difficulties for lots of real estate companies. For many of them, current price levels (...) High discounts compared to intrinsic values Discover our Investment Flash down below: [...]
19
Jul
U.S. equities benefited above all from the renewed interest in the Nasdaq's blue-chip stocks, and the recent enthusiasm for Artificial Intelligence. While the FANG+ index jumped by +81%, the S&P500 recorded a much (...) Overweight securities other than FANG+ Discover our Investment Flash down below: Read more To make sure you don't miss any of [...]
12
Jul
In recent months, equity markets have shown excellent resilience despite the tighter interest rate environment in May and June, and the Fed's recent standstill. The S&P500 index continued its upward trend up +10% since the start of the year. Our expectations of a bullish recovery in the equity markets supported by (...) Extended participation in [...]
