At its monetary policy meeting on June 18, the Swiss National Bank (SNB) unsurprisingly kept its key interest rate at 0.0%. With domestic inflation remaining moderate and energy prices falling following an easing of tensions in the Middle East, the Swiss central bank had no reason to follow in the footsteps…
The progressive normalisation of energy flows has dramatically reduced the risks to growth and inflation for the global economy. The most affected countries are therefore expected to join the US in seeing improving growth in the coming months, albeit at a slower pace…
By investing in the S&P 500 index through ETFs, many people, whether consciously or not, will be supporting Elon Musk’s capitalist strategy. At this point, the company’s valuation will have little to do with its fundamentals…
The stock market is looking beyond the current conflict in the Middle East, but this confidence could erode as the current stalemate drags on. Bond yields continue to rise, while oil prices are hovering near recent highs. Gold continues to consolidate, and the real estate…
The prospect of a global economy mired in stagflation is gaining momentum, and there is little time left before it becomes a tangible reality. In the meantime, we must avoid drastic measures and remain as flexible as possible. In other words, we must be cautious without panicking…
Control of the Strait of Hormuz, to prevent a sustained spike in oil prices, will remain a key factor in the conflict for financial markets. Brent crude above $90/95 will be a threshold that cannot be crossed for long, at the risk of seeing a marked slowdown in the global economy…
The geopolitical chaos orchestrated by Donald Trump is in full swing. Equity markets started the year on a positive note, but the rotation toward cyclicals and value stocks continues. The precious metals market soared, then collapsed under the weight of speculative positions…
A new geopolitical shock that the world could have done without, orchestrated without congressional approval by an uncontrollable American president. The idea of Venezuelan oil flooding the markets will remain a fantasy for the next 10 years…
After briefly breaking through the psychological threshold of 0.92 in November, the EUR/CHF pair rebounded to close the month above 0.93, a more “acceptable” level at present. Some suspected that the SNB intervened at that point to prevent the franc from appreciating further, but there is currently…
The cycle of rate cuts is coming to an end in Europe, while the Fed has approved its first “pre-emptive” reduction in its key interest rate this year. German equities are taking a breather, while Chinese and Japanese markets are regaining momentum. The dollar remains weak, while precious metals…
