Publications

Economic upturn in Q4. Necessary depreciation of the yen. Trade balance back in surplus. Leading indicators under pressure. BOJ remains cautious. Rising Nikkei. Key Points Positive surprise with uptick in Japanese GDP in Q4 (+0.5% and +1.9% annualised) Trade surplus back on the rise (339 billion) Increase in wages not sufficient to boost consumption Leading […]

GDP growth resumes at modest pace in Q4 (+0.2%). Interest rate trends once again atypical. New records for Swiss equities and securitised real estate. Key Points Growth resumes in Q4 2018 Swiss GDP expansion of +0.2% and +2.5% (yoy) The SECO reduced its forecast for 2019 to +1.1% The manufacturing sector is the main driver […]

Contraction over the last quarter in Germany? Leading indicators rather bleak. ECB remains confident. Policy rates unchanged. New opportunities in equities. Key Points GDP growth down -0.2% in Q3 German industrial output drops -1.9% Slowdown in Europe is intensifying Five largest EU economies are weakening Leading indicators not optimistic Confidence gives way to concern Euro […]

Fed stays the course. Record job creation and wage increases. Long-term interest rates no longer contracting. Equity markets on the upswing. Caution on earnings expectations. Key Points Federal Reserve stays the course in spite of market jitters 0.25% rate hike to 2.5% Fed marginally reduces its growth outlook for 2019 to +2.5% Job market will […]