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China's decision to reduce its benchmark lending rates on Tuesday, aimed at bolstering its economy amidst ongoing trade tensions with the US, led to a rally in Asian equity markets. The Reserve Bank of Australia also cut its main cash rate on Tuesday. Meanwhile, European and US markets...

Stock futures fell on Monday following a downgrade of the US credit rating by rating agency Moody’s, highlighting concerns over deficit risks. US equity markets nevertheless ended last week on a high note, buoyed by a temporary tariff reduction deal with China, but Asian markets were trading...

US stock markets closed higher on Thursday as disappointing retail sales and producer price data fuelled expectations for a Federal Reserve interest rate cut. European stocks gained on positive GDP and employment figures, while Asian markets were mixed on Friday, with Japan's GDP contraction...

German inflation eased slightly in April, but European stocks fell on Wednesday, with the DAX and other major indices closing in the red. Meanwhile, US technology stocks continued their upward trend, driven by strong interest in AI shares. Asian markets were mostly lower on Thursday, except for...

US inflation rose slightly less than expected in April, bolstering hopes for Federal Reserve (Fed) rate cuts and propelling tech stocks higher. The Nasdaq surged to its highest level since February, while Asian markets also rallied on Wednesday. European stocks were also mostly higher on Tuesday.

The United States and China reached a temporary agreement to reduce tariffs, improving market sentiment in the short term, but uncertainty surrounding the future trade conditions between the world’s two largest economies remains. US stocks skyrocketed to start the week and European stocks also...

US Treasury Secretary Scott Bessent announced on Sunday that significant progress has been made in the ongoing trade negotiations with China. The talks, held in Geneva, aim to resolve the trade conflict between the two nations. US representatives noted that the differences between the countries...

US President Donald Trump announced on Thursday that the United States and the United Kingdom have reached a comprehensive trade agreement. The trade agreement is marking the first such deal since the imposition of new tariffs in early April. The agreement, which remains unsigned, promises...

Federal Reserve Chair Jerome Powell said the central bank's policy remains well-positioned to respond to evolving economic conditions. Stock indices on Wall Street rose following the Fed’s decision to leave rates unchanged, even US President Trump denied relaxing tariffs on Chinese imports.

The Federal Open Market Committee (FOMC) will announce its interest rate decision tonight and Federal Reserve Chair Jerome Powell will deliver his arguments at the following press conference. It is the Fed’s first meeting since US President Donald Trump’s “reciprocal” tariffs went into effect...

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...

Growing uncertainties and an unsettled global economy are shaping our current investment strategies. In particular, the rather erratic US trade policy of the new Trump administration is having a significant impact on the global economy, leading to unpredictable economic outcomes and a stronger...

As 2025 begins, the global economy stands on relatively solid ground, though growth remains uneven across regions. We witness an economic landscape heavily influenced by persistent inflation and stringent monetary policies. The re-election of Donald Trump introduces both opportunities and...

We maintain our pro-cyclical stance in the run-up to 2025 and leave our tactical positioning unchanged. Our economic forecast remains steady, but the incoming Trump administration introduces an element of uncertainty. We favour US equities for earnings growth and see catch-up potential in...

"Trumponomics 2.0" has been the dominant theme in capital markets since Trump’s election victory. In his second term, the administration is likely to focus on tax cuts, spending cuts and trade protectionism. In the short term, these measures could boost investment, consumption and the labour...

We maintain our risk-on positioning and confirm our tactical "Overweight" in global equity, with a focus on US equity markets. However, given the uncertainty surrounding the US elections, we reduce the magnitude of the US equity "Overweight". In fixed income, we increase the duration of US...

The US economy remains stable with solid consumption, and the Federal Reserve has begun a rate-cutting cycle to support growth. While we maintain our US equities "Overweight", we introduce an "Underweight" in Japanese equities. Fixed income stays "Underweight", but we see value in government...

The sharp rise in equity volatility at the beginning of August proved to be a correction. We shift US equities to "Overweight", while fixed income remains “Underweight“, and we are taking profits in gold. The Federal Reserve is expected to cut rates in September, easing market headwinds and...

With the overall picture remaining constructive, we maintain our "Overweight" in equities and "Underweight" in fixed income. Fundamentally, stronger electricity demand growth, low valuations and the prospect of an interest rate turnaround offer attractive entry points in the utilities sector...

Central bank chair is a tough job at the best of times. Jerome Powell’s Fed will be remembered as the Fed that left rates at record lows for too long when inflation raged, and subsequently tried to engineer a post-Covid soft landing (quite successfully for most of the normalisation phase). This...

After four of the "Magnificent Seven" - Tesla, Microsoft, Meta Platforms and Apple - presented their quarterly figures last week, it is a good time for an initial assessment of the Q4 2024 reporting season. The preliminary conclusion is that the usual game is working again this quarter: after...

The Bank of Japan (BoJ) recently raised its policy rate for the first time since last summer, resuming a gradual withdrawal of its long-standing monetary stimulus. Although the announcement was accompanied by relatively dovish guidance, we interpret the central bank’s stance as leaning more...

As the world watches the transition of power in the United States and worries about import tariffs, Europe faces its own political changes. Germany heads to the polls on 23 February after its coalition government collapsed in November 2024. This election could be crucial for the country's economy.

Just before Christmas, Google caused a stir when the company unveiled a quantum computer with the new "Willow" chip and demonstrated its superiority over conventional computers. In less than five minutes, it performed a calculation that would take one of the fastest supercomputers ten...

25 or 50 basis points is the critical question on the mind of Martin Schlegel, the new president of the Swiss National Bank (SNB). The fact that another SNB rate cut is coming on 12 December is a near certainty: the Swiss economy is growing at a sluggish but stable pace, unemployment is rising...

The international community could only reach a minimal consensus at the 29th UN Climate Change Conference in Baku. The results fall far short of expectations. While the world is heading for the hottest year on record and is likely to exceed the 1.5°C limit, progress on much-needed climate...

The third quarter earnings season is winding down. Here's a summary of the key takeaways.

In a week, the citizens of the USA will once again decide who will lead the country for the next four years. After President Joe Biden announced his withdrawal as the Democratic candidate in July, Kamala Harris brought new momentum to the race for the White House. With her, a woman could hold...

Polls on the US election continue to show a close race. What consequences would a Trump or Harris victory have for the global economy? Donald Trump's proposed tariff policy aims to strengthen American manufacturing by imposing high import tariffs, particularly on Chinese goods, which could...