Market view How we see the markets

This week, US services activity and Federal Reserve (Fed) meeting minutes take centre stage. Monday brings September services Purchasing Managers’ Indices from the US and euro area, including the US ISM index, alongside Italy’s gross domestic product for the third quarter and October’s Sentix...

Manufacturing PMIs showed continued expansion in the US and the euro area on Thursday, but slower growth in Canada and Switzerland. Asian stocks were mixed on Friday as Tokyo inflation accelerated, while US shares had closed higher on Thursday as Treasury yields eased. Gold and bitcoin rose in...

Micron’s stronger-than-expected earnings buoyed Japanese chip shares on Thursday, helping Asian stocks trade mostly higher. US equities ended Wednesday mixed despite softer inflation, as rising oil prices kept concerns about future price pressures alive. The Swiss National Bank (SNB) sees...

Japanese shares rose on Wednesday, but gains across Asia were uneven as investors weighed contrasting regional economic signals. In the US, the Dow Jones and S&P 500 closed lower on Tuesday, while the Nasdaq-100 advanced. Wednesday’s calendar includes UK and US GDP, inflation figures from...

Rising oil prices amid the US-Iran conflict and elevated US bond yields put equities under pressure: Wall Street closed lower on Monday, and Asian markets were declining on Tuesday. The Reserve Bank of Australia raised interest rates on Tuesday, citing persistent inflation and higher energy costs.

This week, US inflation and employment data take centre stage, while Australia announces its interest rate decision on Tuesday. Wednesday brings August US personal consumption expenditures inflation and second-quarter US GDP, alongside September inflation figures from Germany and France and...

The yield on 30-year US Treasuries climbed on Thursday to a level last seen in 2004, as resilient business activity and hawkish remarks from Federal Reserve (Fed) members revived expectations of further rate increases. US stocks finished the session mixed, while most Asian equity markets fell...

Concerns that US interest rates may need to remain higher for longer gripped markets on Wednesday after robust business surveys and a rise in energy costs added to inflation pressures. Wall Street finished lower, while Asian bourses were mixed on Thursday, with declines in Chinese equities...

US technology shares drove the Nasdaq-100 to a fresh record on Tuesday. Hopes that talks between US and Iranian officials could ease the Middle East conflict pushed oil prices lower, although the US dollar strengthened and gold retreated. Asian equities were mixed on Wednesday ahead of...

Asian shares moved higher on Tuesday after technology stocks propelled US indices sharply higher on Monday, with investor attention also turning to US President Donald Trump’s meeting with Chinese President Xi Jinping later in the week. Japanese markets were closed for a public holiday, while...

Risk assets have not lost their appeal, but they now have more to prove. Resilient growth and strong corporate earnings support the market momentum, but renewed inflation and higher government bond yields have raised the return available without taking equity risk. The bar for taking equity...

The investment environment remains more supportive than the headlines might suggest. Economic growth has proved resilient on both sides of the Atlantic, inflation has eased from its earlier peaks and Europe’s recovery is becoming broader. At the same time, investors face an uncomfortable...

Markets are entering the second half of the year with a more supportive growth-in­flation mix, even as geopolitical risks remain elevated. Earlier declines in energy prices have helped inflation retreat meaningfully, restoring some confidence among consum­ers and businesses. The US economy...

Sometimes the most important market signal is not where the pressure is greatest, but where resilience proves strongest. As the first half of 2026 draws to a close, the global economy has absorbed the energy shock better than many feared. The US economy in particular continues to show...

Generally speaking, the price of oil is primarily driven by the global economy and the resulting demand for oil; however, the impact of market disruptions is significantly greater when supply becomes the determining factor. This is currently the case due to the ongoing blockade of the Strait of...

With the conflict in the Middle East and the temporary closure of the Strait of Hormuz, the markets are facing a major macroeconomic shock, yet they have so far reacted with surprising calm. Momentum remains intact, and falling prices continue to be used as an opportunity to "buy the dip"...

Over the past weeks, the world has become more uncertain again. The conflict with Iran and the effective blockade of the Strait of Hormuz have pushed oil and gas prices sharply higher. This hits regions unevenly: while the United States is cushioned by its energy self sufficiency, Europe is...

Sometimes a few data points are enough to flip sentiment. After a tough industrial year in 2025, the mood was subdued in many aspects: supply chain shifts, tariff disputes, and concerns about an economic dip after the AI investment boom weighed on markets. Now, the latest sentiment indicators -...

At the start of 2026, the global economy is on firmer footing than many had anticipated a year ago. Recession fears have not materialised, with consumption and investment - particularly in the United States - proving resilient. Easing inflation pressures, the prospect of more supportive...

Before the year comes to an end, we would like to take the opportunity to highlight our monthly strategic assessment. In our view, economic growth is set to slow but remain positive, while inflation has likely peaked at lower than feared levels and financial conditions are still supportive.