Publications

28 Sep

Q3 Investment Strategy & Outlook 2022

Global Investment Climate – Key Points Geopolitics continues to influence the markets Inflationary slippage turned all expectations upside down Recession fears take over at the end of the quarter More restrictive monetary conditions are already having a noticeable impact A particularly volatile end to the quarter for financial assets  After a dramatic first half of […]

10 Aug

Relative attractiveness of British assets

Negative GDP in Q2. Resilient leading indicators. The BoE fears inflation at +12% Monetary policy measured. Decreasing risks for the pound. Opportunities in bonds. Attractive relative valuations for equities. Key Points UK GDP advanced by +0.8% in Q1 The 2nd quarter could be down by -0.2 Surprising resilience of leading indicators in Q2 Unemployment rate […]

09 Aug

Window of Opportunity for Swiss Equities?

Domestic demand is supporting growth. Strong franc dampens inflationary momentum. Unexpected change in monetary policy by the SNB. Extreme volatility in the capital market. A window of opportunity opens for Swiss stocks. Key Points Swiss economy resists headwinds Public and private consumption remain the main drivers of the Swiss economy Leading indicators continue to plummet […]

27 Apr

Q2 Investment Strategy & Outlook 2022

Global Investment Climate - Key Points The geopolitical crisis is disrupting economic forecasts and risk assessments Ballooning inflation seems inevitable and poses a major threat to global growth Central banks are not keeping inflation under control, which could lead to a “hard landing” Yield curve adjustments are already contributing to monetary tightening Bond and equity [...]
25 Jan

Q1 Investment Strategy & Outlook 2022

Global Investment Climate - Key Points Renewed enthusiasm for risky assets in Q4 Upward adjustment of yield curves Global liquidity declines as monetary policies normalise The global economy is on a solid growth path in 2022 Inflation may find a second wind in rising wages Rising rates and falling global liquidity are new risks UAE [...]
26 Oct

Q3 Investment Strategy & Outlook 2021

Global Investment Climate – Key Points A transitional quarter for financial assets Monetary policy normalisation begins The business cycle is not threatened by the Delta variant The real drivers of inflation are not transitory Long-term interest rate cycle trending up Return of uncertainty for risky assets UAE Investment Climate – Key Points UAE economy on […]

24 Sep

SWISS GDP GROWTH IS ON TRACK TO REACH +3.5% IN 2021 AND +3% IN 2022

The Swiss economy is in top form. Growth figures leading to trend reversal in bond markets. The SNB is still not afraid of inflation. Significant correction underway in equity markets. Key Points Swiss GDP grows +1.8% in Q2 2021 and 7.7% year-on-year Strong comeback of domestic demand Leading indicators support a solid growth outlook Manufacturing […]

17 May

Inflation at its highest since 2008 may well cause a shock to equity markets

Equity markets are threatened by rising interest rates following the historic rebound in inflation. Trend change in the “Growth” vs “Value” match. Complicated outlook for US equities. European equities are already approaching their 2021 targets. Key Points Rising US inflation and long rates threaten equity markets Trend change in the “Growth” vs “Value” match Complicated […]

06 May

Prospects and Strategies – International Real Estate

International real estate goes toe to toe with equities. Vaccination campaigns offer new perspectives. Economic stimulus packages also benefit real estate. Key Points International real estate goes toe to toe with equities Vaccination campaigns offer new perspectives The long-term effects of the pandemic on international real estate markets should be kept in perspective Economic stimulus […]

29 Apr

Prospects and Strategies – International Bonds

Long-term interest rates will gradually rise across the board. Renewed attractiveness of dollar bonds. Investment strategy focused on USD, CAD, and AUD markets. Key Points Long-term interest rates will gradually rise across the board Renewed attractiveness of dollar bonds New upward trend in interest rates temporarily curbed by ECB action Trend reversal in interest rate […]