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Market Insights – July 26, 2021

When it comes to monetary policy, some central banks are now getting ready to leave the express lane and head off the motorway. After all, their emergency policies will have to come to an end at some point…

Market Insights – July 19, 2021

While the USA was one of the first countries to make its way out of the pandemic, its economy may also be the first to show signs of slowing down. GDP growth likely peaked in the second quarter; from here on out, growth rates will probably return to normal as the favourable basis for comparison wears off. The same holds true for corporate earnings, whose growth looks set to stall in the second half of the year…

Market Insights, July 12, 2021

The European Central Bank has now completed its strategic review. One of the main changes is the increase in the long-term inflation target. Investors took this to mean that monetary policy could stay loose for longer than expected in Europe – and in Switzerland too…

Investment strategy 3rd quarter 2021

Getting the economy back on track has required some three billion vaccines – or some three billion doses of optimism – to be administered. The recovery is so strong that analysts are worried more about resurgent inflation than about new COVID-19 variants. For now, central banks are being careful not to normalise monetary policy too quickly, in order to prevent their economies from taking another turn for the worse…

Market Insights – July 5, 2021

The economic recovery is gaining traction around the world, thanks to the biggest vaccination campaign in history. The USA, which was able to vaccinate a large portion of its population very early on, is reaping the benefits of having re-opened its domestic economy. The rebound was particularly strong in the second quarter…

Market Insights, June 14, 2021

There were no real surprises at the European Central Bank’s latest meeting. Christine Lagarde revised up the region’s growth and inflation forecasts for 2021 and 2022. And more importantly, the markets were reassured by the lack of any mention of a potential tapering of the ECB’s asset purchase programme, suggesting that monetary policy will remain accommodative for some time to come…

Market Insights, June 7, 2021

In May, Chinese exports grew by 27.9% year on year, coming in slight-ly below the forecast. This represents a sequential decline of 6.4% after a rise of 9.4% in April and is another sign that exports are returning to normal levels after a very strong start to the year…

Market Insights, May 31, 2021

After falling for several quarters, gold prices rose and broke through various resistance levels. They are being buoyed by the dollar’s decline and stable US interest rates. The sharp rise has not come hand in hand with extreme investor optimism, which suggests that it should continue in the short term…

Market Insights, May 25, 2021

Sequential growth in China’s total social financing – a broad measure of credit and liquidity in the economy – slowed to 9.0% in April. Investment in infrastructure continued to lose steam, a sign that fiscal policies are gradually being tightened and stimu-lus measures are being tapered…

Market Insights, May 10, 2021

Another COVID-19 wave has hit Asia, with much more contagious variants spreading across the continent. The overall vaccination rate is low throughout the region, which is jeopardising the public health situation even though the pandemic has been handled well there so far. That will push back the reopening of borders and slow growth in countries that depend on international tourists…