Investment Report

Monthly report
Monthly report

June 2024 – First-quarter corporate results, particularly in the US, are encouraging. Sector rotation offers new opportunities. The consolidation of the Japanese market over the past 3 months could lead to a new phase of bullishness. Continue to increase bond duration on price weakness…

Monthly report
Monthly report

May 2024 – The expected consolidation on equity markets began in April, offering new opportunities, notably on certain US technology stocks. The bond market is continuing its bearish readjustment, particularly on the US dollar, allowing current levels to extend durations. Gold is “digesting” its recent gains…

Monthly report
Monthly report

April 2024 – With the crossing of its technical resistance at USD 2070/2080 per ounce, gold has begun a new “secular” bullish cycle, driven by central bank buying and ongoing “de-dollariza􀆟on”. The low ETF positioning could accentuate this trend. The US manufacturing sector returns to growth mode, buoyed by the construction sector. Inflation in Europe continues to fall…

Monthly report
Monthly report

March 2024 – The US economy remains resilient, while positive signs are emerging in Europe despite the agricultural crisis. Inflation expectations rise sharply in the US, “postponing” the Fed’s first rate cut in June. Equity markets continue to rise, but still with a limited number of bullish participants. Inflation expectations are rising sharply…

Monthly report
Monthly report

February 2024 – The first rate cuts are expected between March and June, whether from the Fed, the ECB or the SNB. The medium and long parts of the curve are still looking for an adequate valuation. A  gradual lengthening of duration is recommended. Equity markets are a little overbought, but to be accumulated on weakness…

Monthly report
Monthly report

September 2023 – Inflation in the USA has fallen sharply from its peak in 2022. In Switzerland, it is at 2020 levels. In Europe, inflation has also fallen from its peaks, but still appears to be at high levels, with energy imports and other factors still weighing on prices…

Monthly report
Monthly report

July 2023 – While China is already in the process of cutting rates, it is the US Federal Reserve (FED) that the market is looking at first. The aim of the rate hike, announced at the end of 2021, was to stop fuelling growth as it exited Covid and to curb inflation as quickly as possible…

Monthly Newsletter
Monthly Newsletter

  Artificial intelligence, what impact? In this latest edition of our monthly report update: Everyone’s talking about it ; What uses for AI? ; and Who will be the financial winners?   Assessment of the economic situation US economy slows, but employment remains solid; OPEC+ cuts production quotas further; and The US debt ceiling, a […]

Monthly Newsletter
Monthly Newsletter

April 2023 – The sharp rise in the cost of credit and the resilience of inflation are testing investors’ nerves. But both the next recession and the next major financial crack have never been so “expected” […]

Monthly Investment Review
Monthly Investment Review

Global vision LT macro regime. Uneven and volatile economic cycles Imbalances, debt, above average inflation, and G-zero fuel elevated variations in economic cycles. Real yields should gradually converge back to zero and US 10-year yield range between 3-4% Real yields and financial conditions in the eye of the storm Improving global liquidity stopped real rates […]