Market view La nostra visione dei mercati

Nelle nostre pubblicazioni e nei nostri video affrontiamo quotidianamente argomenti rilevanti per il mercato. I nostri esperti spiegano in modo semplice e comprensibile il contesto, gli effetti e le raccomandazioni per gli investitori. Se vi iscrivete alla nostra newsletter, vi informeremo non appena avremo pubblicato un nuovo articolo sul mercato.

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Banking stocks continued to rally mid-week as worries about stability within the financial sector diminished further. The US benchmark KBW Bank Index finished the day up 2.09% on Wednesday. UBS – which agreed to a regulator-backed takeover of rival Credit Suisse – ended the day with a gain of...

Alibaba Group shares and other Chinese tech stocks were leading equity gains in Asia on Wednesday after the tech giant announced plans to break up its operations. The group said a day earlier it was planning to divide into a total of six new units. Some investors see the move as a sign the...

Sentiment among German businesses improved for the fifth month in a row, according to a survey of roughly 9000 business leaders in Europe’s largest economy conducted by the Ifo Institute. The Ifo Business Climate Index rose to 93.3 points from 91.1 points in February. The improvement comes...

Equity markets started the week mixed after worries surrounding the stability of the financial sector were evident on trading floors on Friday again. Both US Treasury Secretary Janet Yellen’s support for deposit protection and European Central Bank President Christine Lagarde’s reassurance...

The Swiss National Bank (SNB) and Bank of England (BoE) both forged ahead with rate hikes on Thursday, despite signs of financial sector instability emerging around the world. The moves - 50 basis points in Switzerland and 25 basis points in the UK - echo hikes by the European Central Bank last...

The Federal Reserve increased interest rates by 25 basis points in an effort to balance its fight against inflation with the need for stability in the financial sector. The move, which increases the federal funds target range to 4.75-5.00%, was largely in line with investor expectations. While...

Equity markets were making gains to start Wednesday’s session ahead of a difficult interest rate decision by the Federal Reserve due in the evening. The central bank is stuck between a rock and hard place as battling stubbornly high inflation with higher rates could potentially exacerbate...

Swiss major bank Credit Suisse is to be acquired by domestic rival UBS after a weekend of intense negotiations. The "deal" comes with a government guarantee of nine billion Swiss francs as well as liquidity assistance from the Swiss National Bank (SNB) of 100 billion francs. However, the end of...

With a further interest rate hike, the ECB is continuing its fight against inflation unperturbed for the time being. The key interest rate was raised by half a percent to 3.5%. In her inflation and growth outlook, ECB President Lagarde was more confident and stressed that developments in the...

International stock exchanges experienced another day of losses in the middle of the week. In particular, the European banking sector remained under pressure after the shares of Credit Suisse slumped to a new record low on Wednesday. The announcement that the Swiss National Bank (SNB) will...

The Federal Reserve is considering to end the monetary tightening cycle, but it has no intention to cut interest rates - markets take a different view. Equity investors are currently better compensated in Europe than in the US, therefore we upgrade European equities to “neutral”. The banking...

Any rate cut fantasies seem to have fizzled out and investors have a more realistic view of the Federal Reserve's rate path again. Within the equity quota, we recommend a defensive positioning and prefer the "rest of the world" to the US. After the correction, we are raising gold in the...

The main asset classes had a brilliant start to the new year, yet investors continue to hold high levels of liquidity. In the fixed income space, we consider short-duration investment grade credit strategies to be particularly attractive. We see re-rating potential for the banking sector and...

In a still challenging market environment, patience is required, and investors should stay the course. On the equity side we remain defensively positioned and in the fixed income area we expect positive returns again. In the current market environment, portfolio components with a low...

The Federal Reserve is signalling an end to its tightening policy. But as inflation remains high, we do not expect any rate cuts for the time being. However, should the US economy slide into a deep recession, the monetary authorities are likely to loosen monetary policy. However, we consider...

Given the turmoil in the banking sector, central banks seem to be confronted with a dual mandate. While the fight against inflation remains the primary goal, the rate hike cycle is starting to show signs of fracturing. Therefore, the risk of an escalation of the banking crisis could play a...

Central banks mutate from saviour to villain, while the cycle of interest rate hikes is showing first cracks in the system, as the bankruptcy of SVB demonstrates. In our view, investors should be patient and invested in companies that show stable margins in the current environment.

The likelihood of an overly restrictive monetary policy has certainly increased over the past month, but central banks are aware that their creditworthiness is an extremely valuable asset that needs to be defended.

A look at the inflation targeting of central banks

The inflation target of many central banks remains an integral part of monetary policy and the financial world. We name four reasons why Western central banks are targeting two percent inflation. In our view, portfolio risk should not be increased as there is an attractive alternative with...

The broad MSCI ACWI is dominated by US companies, particularly tech giants. The equity risk premium of European vs US stocks is much higher today than before the Great Financial Crisis. Within the global stock market, "the rest of the world" remains in focus at the moment.

Investors now face higher interest rates in the longer term, both in the US and the euro area. In this environment, one should focus on medium-term growth, inflation and market expectations. We maintain our view on the attractiveness of corporate bonds in both absolute and relative terms.

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Market view La nostra visione dei mercati

Big Picture Videos La visione d'insieme in cinque minuti

Is the metaverse all hype or the next big driver of disruption?

Is the metaverse all hype or the next big driver of disruption?

Financial markets: Investment outlook for 2023

Global connectivity thanks to 5G - economic fillip

The energy transition - an attractive investment theme?

"Globalization's momentum has abated"

What do interest rate hikes mean for financial markets and investors?

The blockchain trend: Does it fit into your investment strategy?

Investments and emotions: An opportunity or a risk?

Markets gain as investors see bank crisis calming

Asian tech stocks gain with Alibaba split

Expectations for German economy brighten

Markets start week mixed on rekindled bank fears

SNB and BoE follow other central banks with hikes

Fed continues inflation fight with moderate hike

Markets trade strong ahead of tricky Fed decision

UBS takes over Credit Suisse secured by state guarantees

Prospects of a more moderate monetary policy and recovery in the banking sector provide for more positive sentiment

Banking sector keeps stock markets under pressure - ECB interest rate decision in focus

April 2023

Central banks have not yet reached their targets

February 2023

January 2023

No rate cuts

Dual challenge

From savior to villain

Credibiltiy

A look at the inflation targeting of central banks

Rest of the World

Potential for interest rate cuts vanished

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