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.
After three misses, the Fed has a problem
François Christen
17 April 2024
Evidence of persistent inflationary pressures in the US is pushing government bond yields higher.
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2023 ANNUAL REPORT
ONE swiss bank
28 March 2024
ONE swiss bank SA publishes its 2023 Annual Report.
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The monetary hawk, an endangered species
François Christen
27 March 2024
Increasing central bank dovishness pushed US and European government bond yields lower.
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“Higher for longer”, the sequel
François Christen
20 March 2024
Recent events are likely to confirm the FOMC's wait-and-see stance, which is not without its dangers.
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Will two doves make a summer?
François Christen
14 March 2024
Friendly comments by Jerome Powell and Christine Lagarde foreshadow first interest rate cuts in June.
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Wall Street peaks, but the economy falters
François Christen
6 March 2024
Recent, but not yet conclusive, indicators point to a deterioration in the US economy.
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The Fed and the ECB are in no hurry
François Christen
28 February 2024
The US central bank's patience is fully justified, but the ECB's wait-and-see attitude is questionable.
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Renewed realism and healthy correction
François Christen
21 February 2024
Investors have reassessed the prospects for interest rate cuts amid sticky US “core” inflation.
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H2 and Full-Year 2023 Financial Results
ONE swiss bank
8 February 2024
2023 was another successful year for ONE swiss bank SA, brimming with achievements and culminating in healthy financial results.
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The Fed’s pivot? Not before May 1st
François Christen
7 February 2024
Powell's comments and the strength of the US economy invite investors to be patient.
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