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 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 
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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Macro Wall Street peaks, but the economy falters
Recent, but not yet conclusive, indicators point to a deterioration in the US economy.
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Macro The Fed and the ECB are in no hurry
The US central bank's patience is fully justified, but the ECB's wait-and-see attitude is questionable.
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Macro Renewed realism and healthy correction
Investors have reassessed the prospects for interest rate cuts amid sticky US “core” inflation.
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Corporate H2 and Full-Year 2023 Financial Results
2023 was another successful year for ONE swiss bank SA, brimming with achievements and culminating in healthy financial results.
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