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 odds in favor of a soft landing are increasing
Recent developments support hopes of a return to price stability without the pain of recession.
Per saperne di più →
Corporate Results of the Extraordinary General Meeting of 16 November 2023
The shareholders of ONE swiss bank SA have largely approved the two agenda items put to a vote at today’s Extraordinary General Meeting.
Per saperne di più →
Macro It’s high time to wait and see
Without getting too assertive, a cautious Jerome Powell cooled hopes of a rapid monetary turnaround.
Per saperne di più →
Macro Full reversion
The FOMC, many symptoms of economic slowdown and the Treasury trigger a sharp fall in dollar yields.
Per saperne di più →
Macro Choose your side, comrade investor
Should we be alarmed or pleased by the sharp upturn in bond yields? Some food for thought.
Per saperne di più →
Macro The price to pay for a soft landing
The painful correction in US dollar bonds is mainly driven by a welcome rebound in "real" yields.
Per saperne di più →
Macro Three pauses and plenty of uncertainty
Like the Fed, the Bank of England and the SNB are exercising restraint until the situation becomes clearer.
Per saperne di più →
Macro The ECB enters uncharted territory
Compulsive and continuous interest rate hikes could give way to a long period of inaction.
Per saperne di più →
Macro The focus is shifting to Frankfurt
Despite persisting inflation, weaker economic conditions should prompt the ECB to adopt a cautious stance.
Per saperne di più →
Macro Neither too hot nor too cold (for now)
Recent mixed indicators are still compatible with a "soft landing" for the US economy.
Per saperne di più →
