28
Aug
After the Fed Chairman's comments at Jackson Hole on Friday, which now suggest that it's time to lower rates, a rotation in favor of US small caps looks increasingly likely. The long-awaited lowering of key rates will mark a new (...) A rotation favored by the Fed's first rate cut, expected on September 18 Discover [...]
22
Aug
Swiss flash GDP growth of 0.5% in the 2nd quarter once again surprised economists, who were expecting growth of 0.4%. The economic surveys suggested that activity was picking up, and despite some concerns in industry, the +6.4% rise in production proved to be very (...) Swiss growth intensifies with no immediate risk to interest rates [...]
07
Aug
We had announced a probable rate hike in Japan on July 31, but this had extremely rapid repercussions on the exchange rate and on the ongoing carry trade, sending many markets around the world tumbling rapidly. The BOJ decided to (...) Japanese rate hike kills ongoing carry trade Discover our Investment Flash down below: Read [...]
31
Jul
The next few months should finally see the long-awaited change in monetary policy by the Fed, which will finally initiate a new cycle of rate cuts in September. This will support the soft landing scenario in an environment that is now (...) Easing of monetary policy in September will support the trend Discover our Investment [...]
24
Jul
Following the SNB's second rate cut, and in view of the fact that inflation is well below its 2% target, we expect the SNB to cut rates by a further 0.25% in September, reducing the key rate from 1.25% to (...) Weak Swiss franc and low interest rates will benefit this market segment Discover our [...]
20
Jul
An unavoidable theme penalized by interest rates. A volatile but successful sector. Falling inflation and new interest-rate cycle favorable to the sector. Profit growth in excess of +20%/year. Significant discounts vs. S&P 500 and Nasdaq. Key points Energy transition is an unavoidable theme, penalized in the short term by rising interest rates. Attractive but volatile [...]
17
Jul
While the cycle of negative monetary conditions for alternative energies has already reached its inflection point in the Eurozone, it is now very close to reversing in the USA. A cycle of key rate cuts will be synonymous with declining financing costs and lower capitalization rates. In June, the consumer price index recorded (...) Attractive [...]
12
Jul
Loss of economic momentum. ISM leading indicators point downwards. Normalization continues in the labor market. Services inflation finally falls. The Fed is overdue and will have to act. Focus on USD-denominated assets. Key points US economy loses momentum Economic slowdown takes shape in Q2 ISM leading indicators turn downward Falling tensions in the job market [...]
10
Jul
Monthly inflation for May proved better than expected, rising by just +0.006%. This is now the 3rd consecutive monthly decline in the level of inflation, which is now clearly below the data that had worried the markets in February (+0.4%). The May figure thus sees inflation at its lowest (...) Longer maturities in investment grade [...]
04
Jul
Moderate GDP growth. Inflation may fall further. The ECB has begun its rate-cutting cycle. Positive outlook for bond markets. Price/net asset ratios still attractive. Very favorable discount for equities. Key points 1st quarter rebound to continue into 2024 Growth returns at a slower pace Leading indicators remain uncertain Household confidence stabilizes Inflation may yet decline [...]
