19
Sep
Since our recommendation in November 2023 in favor of Swiss securitized real estate, our expectations of declining inflation and the SNB's change in monetary policy, which were expected to boost the appeal of funds and listed companies, the trend has clearly been (...) Attractive yields, risk premiums and agios Discover our Investment Flash down below: [...]
18
Sep
Temporary acceleration in GDP. Leading indicators still uncertain. Fall in exports. Inflation below 1%. Key rates at 0.75%. Limited franc weakness. Long-term interest rate target reached. Positive outlook for Swiss equities. Key points Swiss GDP growth accelerates significantly Swiss exports plummet since April Leading indicators still too uncertain Inflation will temporarily fall below 1%. SNB [...]
11
Sep
Ten-year US Treasury yields are once again at their lowest (3.7%) since peaking at 5% on 23 October 2023. The latest job creation statistics published on Friday, showing a fall to just 118k new private jobs in August and a revision to 97k for July, certainly (...) But the fall in job creation does not [...]
04
Sep
An ounce of gold has passed the $2,500 mark, while a 400-ounce gold bar has now touched the historic $1 million mark. With only two weeks to go before a likely change in US monetary policy launches a new cycle of rate cuts that is expected to extend into 2025, gold prices are (...) But [...]
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 [...]
