Market view How we see the markets

Global equity markets started the week on a positive note, with US stocks advancing on Monday and the Dow Jones Industrial Average closing at a new record high as investors piled into energy names on hopes of increased business linked to Venezuela. The upbeat tone carried into Asia on Tuesday...

Asia-Pacific markets started the first full trading week of this year on a stronger note after the US had captured Venezuela’s President Nicolas Maduro over the weekend. Oil prices edged lower, signaling limited supply fears, as markets weighed the potential impact of geopolitical tensions. On...

Japan’s central bank raised its policy rate to the highest level since 1995, as inflation has remained above target for almost four years. The move pushed the Nikkei 225 up around 1.3% and lifted the 10-year government bond yield to 2%, its highest level since May 2006, while the yen weakened...

Today, a series of monetary policy decisions will take centre stage: the European Central Bank (ECB), Swedish Riksbank and Norway’s Norges Bank are all expected to hold rates unchanged, while the Bank of England is poised to cut key rates amid slower inflation. Stock indices in the US and Asia...

The delayed US labour market data for October and November came in weaker than anticipated from an overall perspective, contributing to what some economists describe as a "jobs recession" over the past six months. US retail sales remained also below analysts’ expectations. US stock indices...

US equities had a cautious start to the week, with the Dow Jones Industrial Average ending almost unchanged after a recent record, while the technology-heavy Nasdaq fell amid ongoing concerns about high valuations in artificial intelligence-related stocks. Market participants are now looking to...

This week, more monetary policy decisions will take the spotlight as the Bank of England is expected to cut interest rates, while the Bank of Japan might be ready to tighten. In a dense calendar of data US non-farm payrolls and retail sales will shed light on the strength of the US economy and...

The Dow Jones Industrial index on Wall Street reached a record high, supported by the Federal Reserve’s latest rate cut, while the Nasdaq closed lower. Following the widely anticipated Fed monetary policy decision, the Swiss National Bank left its key rate unchanged, as expected. Meanwhile, the...

The US Federal Reserve’s third consecutive rate cut on Wednesday initially buoyed sentiment on Wall Street, with major US equity indices closing higher as investors welcomed looser policy and an upgraded growth outlook even as inflation is expected to stay above target for several years. The...

Equity markets were subdued on Tuesday as investors positioned themselves ahead of the US Federal Reserve’s (Fed) interest-rate decision later on Wednesday, where a quarter-point cut is widely expected, but the focus will be on how much further policymakers signal rates can fall next year. Wall...

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.

US economic resilience reduced expectations for near-term Fed rate cuts, while the euro area reached its inflation target and Switzerland continued to face weak growth and low inflation. Global equities consolidated after recent gains, but Q3 earnings remained solid and emerging markets...

Global markets continue to impress with their resilience, defying many predictions of a sharp slowdown, even in the notorious autumn months. Consumption in the US economy - the world’s economic powerhouse - is cushioning the impact of tariffs and global uncertainties. While some cracks are...

As we enter the last quarter of 2025, investors face an economy shaped by subtle resilience and divergence rather than dramatic shifts. Headlines around trade tensions and changing global dynamics persist, but the risks of a sharp economic correction look contained, with growth adjustments...

In recent weeks, global markets have continued to test our ability to adapt and remain vigilant. While the initial shock of new tariffs and heightened political uncertainty seems to be subsiding, fresh challenges have emerged - inflationary pressures are reappearing, and economic momentum in...

The economic and geopolitical tensions of recent months have once again shown us how fragile and at the same time dynamic global markets can be. Tariffs, inflationary pressures, and central bank responses are just some of the factors keeping markets on edge. Yet, as uncertainties increase, it...

After the last few months were shaped by US tariff disruptions, driving volatility in global trade and economic growth, the latest escalation of the conflict between Israel and Iran with the direct involvement of the United States have shaken financial markets and rattled investors’ confidence.

Market sentiment remains characterised by a high level of uncertainty. As investors try to grasp the latest moves in the trade conflict, the global economic outlook is deteriorating. Tensions surrounding US President Trump’s ongoing trade war are translating into slowing growth and weakening...

The trade conflict triggered by US President Donald Trump remains a significant risk for investors, as clearly reflected in market volatility. In particular, the relationship between the US and China, the world’s largest economies, is likely to remain extremely fragile.

As we navigate the first quarter of 2025, the global economy is experiencing significant shifts, increasingly questioning fundamental beliefs that have held true for years. The resilience seen in 2024 has given way to a more complex landscape: The erratic US policies, a chaotic trade war...