Charts of the Week
Charts of the Week

15.02.2024 – Equities have continued to be resilient in the last couple of weeks, but this latest move higher has been driven be an increasingly small number of companies. The second half of February is one of the weakest 2 weeks of the year from a seasonality standpoint. We are overdue for a breather…

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…

Charts of the Week
Charts of the Week

17.01.2024 – While certain specific measures (temporary staff, hours worked, ISM employment) continue to suggest that the labor market should weaken, for the time being, jobless claims and payrolls have started the year echoing the same message: the labor market remains strong. The NFIB survey saw a rebound in compensation plans for small businesses,…

Maurice, un hub pour la gestion de patrimoine en plein essor
Maurice, un hub pour la gestion de patrimoine en plein essor

  Le continent africain a connu une forte augmentation du nombre de millionnaires au cours de la dernière décennie. Alors que le continent évolue dans un environnement en pleine transformation, Maurice s’affirme comme un candidat sérieux, et fait figure de nouvelle frontière pour la gestion de patrimoine. Plusieurs raisons expliquent pourquoi les grosses fortunes se […]

Charts of the Week
Charts of the Week

04.12.2023 – While we still expect equities to remain resilient into year-end, the collapse in volatility is offering investors with an opportunity to hedge some equity exposure for the coming quarter, during which the interplay between economic strength, yields and profit growth will become trickier. Put options are currently the cheapest in years.

Charts of the Week
Charts of the Week

17.11.2023 – Short-term consolidation is likely, but broad-based participation in this rebound does not suggests material weakness into year-end. The nature of this rally is however fragile, as it relies on economic data being just weak enough to keep a lid on yields, not so weak as to suggest a recession, or too strong to push yields higher.

Charts of the Week
Charts of the Week

31.10.2023 – Breadth remains poor and large cap weakness has removed a key pillar of strength. Investors are still handing on to the idea of an end-of-year rally, and a short-term rally is of course possible, but investors should wait for this breakdown to be invalided before adding exposure.

Charts of the Week
Charts of the Week

01.10.2023 – The equity selloff picked up pace in the last couple of weeks, butmarketsstarted losingmomentum back in July, just as yields, the dollar and oil embarkedon a simultaneous rally. The market’s ability to regain some upside momentum will largely depend on the direction of this trio.

Charts of the Week
Charts of the Week

11.09.2023 – As the ECB and Fed take the stage next week, EU and US yields remain close to this cycle’s high. Both central banks are facing inflation levels above their target, but the ECB must contend with a much weaker economy.

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…