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 [...]
03
Jul
Following the SNB's second key rate cut in June, we expect it to cut rates again in September, from 1.25% to 1%, in view of inflation trends well below its 2% target. The SNB is aiming for a neutral, non-expansionary monetary policy, which should be characterized by real interest rates of (...) More favorable conditions [...]
28
Jun
The UK is already out of recession. Weaker growth in Q2. Inflation nears BoE target. Key interest rates to be cut soon. Positive outlook for bonds, real estate and equities. Key points The expected economic rebound is underway A probably weaker 2nd quarter Leading indicators continue to improve Falling tensions in the job market Household [...]
26
Jun
No recession in Switzerland. Worrying leading indicators. Falling exports. Inflation stumbles over the 1% threshold. Rate cuts in line with our expectations. Limited weakness of the franc. Long-term rate target achieved. Positive outlook for the SMI. Key points The Swiss economy is moving at a slow pace Swiss exports plunge again Leading indicators more worrying [...]
