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Q2 2023 strategic insights đź’ˇ

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.

Macro

The calm before a potential storm

April's US inflation figures, which were worryingly sticky in the first quarter, are particularly important.
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Macro

Should we celebrate bad news?

Wall Street and the bond market welcome the emergence of many signs of cooling.
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Macro

The prospect of higher rates forever

Government bond yields stabilise, but a major monetary policy reversal remains unlikely.
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Corporate Social Responsibility

2023 SUSTAINABILITY REPORT

After our recent delisting, we remain sincerely committed to transparency and to continuing our efforts to progress on environmental, social and governance (ESG) matters.
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Macro

Powell capitulates under the weight of evidence

Persistent inflationary pressures call for patience from the Fed, but a rate hike remains unlikely.
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Macro

After three misses, the Fed has a problem

Evidence of persistent inflationary pressures in the US is pushing government bond yields higher.
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Corporate

2023 ANNUAL REPORT

ONE swiss bank SA publishes its 2023 Annual Report.
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Macro

The monetary hawk, an endangered species

Increasing central bank dovishness pushed US and European government bond yields lower.
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Macro

“Higher for longer”, the sequel

Recent events are likely to confirm the FOMC's wait-and-see stance, which is not without its dangers.
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Macro

Will two doves make a summer?

Friendly comments by Jerome Powell and Christine Lagarde foreshadow first interest rate cuts in June.
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