The 6-month rally in equity markets is likely to lose momentum or even reverse if recessionary risks materialise later in 2023. Corporate earnings are likely to remain under pressure in an environment still hampered by low growth and persistent inflation. Lifted by a six month rally, current valuation s are not very attractive and do not fully reflect recession and financial instability risks. A defensive bias remains appropriate.
![Q2 2023 strategic insights (1)](https://oneswissbank.com/wp-content/uploads/2023/04/Q2-2023-strategic-insights-1-1024x1024.png)
![Q2 2023 strategic insights (2)](https://oneswissbank.com/wp-content/uploads/2023/04/Q2-2023-strategic-insights-2-1024x1024.png)
![Q2 2023 strategic insights (3)](https://oneswissbank.com/wp-content/uploads/2023/04/Q2-2023-strategic-insights-3-1024x1024.png)
![Q2 2023 strategic insights (4)](https://oneswissbank.com/wp-content/uploads/2023/04/Q2-2023-strategic-insights-4-1024x1024.png)
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