François Christen
Chief Economist
Ongoing Covid 19 outbreaks (still met with harsh restrictions in China), dreadful geopolitical tensions, continuous reassessment of recession risks make if difficult to navigate highly volatile financial markets. In these troubled circumstances, investors should avoid emotional reactions to abrupt market gyrations and focus on fundamentals and long term potential of financial assets.
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.
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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.
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Macro It’s high time to wait and see
Without getting too assertive, a cautious Jerome Powell cooled hopes of a rapid monetary turnaround.
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Macro Full reversion
The FOMC, many symptoms of economic slowdown and the Treasury trigger a sharp fall in dollar yields.
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Macro Choose your side, comrade investor
Should we be alarmed or pleased by the sharp upturn in bond yields? Some food for thought.
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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.
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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.
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Macro The ECB enters uncharted territory
Compulsive and continuous interest rate hikes could give way to a long period of inaction.
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Macro The focus is shifting to Frankfurt
Despite persisting inflation, weaker economic conditions should prompt the ECB to adopt a cautious stance.
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Macro Neither too hot nor too cold (for now)
Recent mixed indicators are still compatible with a "soft landing" for the US economy.
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