For some time now, Japanese equities have been performing to almost the same level as those of other countries, which represents an upturn in fortunes. Investors have been dabbling in Japanese equities for years, but have frequently been forced to come to the realisation that equities from other countries are a much better option in the medium- to long-term.

As plans expressed prior to the elections are often subject to change or have to be relativised due to necessary compromises, the following thoughts have to be read with a certain degree of caution. While the period before the elections was the time for rhetoric, it is in their aftermath that reality bites. It is then that the White House’s new President will be faced with the tough everyday challenges that dictate what is politically possible.

It is not only the US presidential elections that will take place on 5 November. On the same date, the people of America will also decide on the composition of the country’s parliament, namely the US Congress. This will determine whether a Democratic or Republican majority will govern the bicameral parliament made up of the Senate and the House of Representatives.

The role of the US dollar as the dominant currency in the global financial system is the subject of constant debate. Despite existing challenges, there are currently almost no real alternatives to the dollar as the most important means of payment for global trade.

Historically, rising debt and high interest rates have often caused financial difficulties for companies and governments. The debt problem should be increasingly on investors' radar at this time.

Our May market comment: US interest rate cuts could pull capital out of the US dollar and favour European and emerging market equities.

Our April market comment: The decline in investments in oil or copper production, for example, which has been observed for some time now, shows that commodities deserve their place in an investment allocation despite volatility.

Our March market comment: To the surprise of almost all global economists and contrary to the market consensus view, the US economy maintained 2023 a solid rate of growth relative to the previous year at 2.5%.

Our February market comment: How well Europe’s single-currency area is actually doing? Our view: not too badly, but with increasing risks. Politically speaking, the Eurozone appears more stable internally than was the case before.

Our January market comment: The Swiss economy is likely to perform at a respectable level relative to other global economies in 2024.

Our November market comment: Since 2022, the stocks of small- and mid-cap companies have tended to lag behind the performance of those of their large-cap blue chip counterparts in many countries.

Our October market comment: An issue that is increasingly generating debate is the question of whether we might be about to see a real estate correction and, if we do, on what scale.

Our September market comment: The field of artificial intelligence is becoming ever more prominent in people’s minds this year in light of the emergence of increasingly sophisticated chatbots.

Our July / August market comment: In recent times, many market participants have once again become aware of the structure of the US yield curve. 

Our June market comment: In light of the many special factors that have influenced economic activity in the Eurozone over recent months and the fact that some of these are by no means over, the question arises as to just how well the Eurozone is actually doing?

Our May market comment: Despite headwinds emanating from the equity markets, the US was able to present a fairly pleasing economic picture in 2022.

Our April market comment: Switzerland is currently proving to be an island of stability in terms of its currency, the Swiss franc, but also in terms of inflation.

Our March market comment: More than a year has now passed since Russia launched its attack on Ukraine and triggered a war with global consequences. But what have been the demonstrable consequences of this war?  

Our February market comment: Inflation, stagnation or recession. Which term best describes the situation and represents the primary risk? 

Our January market comment: The surprising change of course in the coronavirus policy of China’s leadership has led to a significant recovery in Chinese and other Asian financial markets since December.

Our December market comment reports on possible parallels between the correction in equities observed since the beginning of 2022 and the major correction experienced 22 years ago.

Our November market comment reports on the increasing stagflation risks.

Our October market comment reports on the US mid-term elections of the US Congress at the start of November this year.

In mid-September 2022, our Chief Investment Officer, Gérard Piasko, and Marc Jäggi, Head Moderation at Radio 1, shed light on the impact of central bank activities on the current interest rate situation.

In mid-September 2022, our Chief Investment Officer, Gérard Piasko, and Marc Jäggi, Head Moderation at Radio 1, shed light on the impact of central bank activities on the current interest rate situation.