Market Comment

Market Comment

The Market Comment is published monthly and sheds light on current topics from the investor's point of view.

Market Comment

Commodity realities

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.

Market Comment

The US economy – quo vadis?

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%.

Market Comment

An update on the Eurozone

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.

Market Comment

The Swiss economy

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

Market Comment

Small or large companies?

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.

Market Comment

Real estate correction?

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.

Market Comment

How well is the Eurozone doing?

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?

Market Comment

Recession risks or not?

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

Market Comment

Chinese economic hopes too high?

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.

Market Comment

“5 minutes with CIO Gérard Piasko”

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.

Market Comment

“5 minutes with CIO Gérard Piasko”

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.

Market Comment

Inflation – an update

Our July market comment reports on persistently high level of consumer price inflation and a new monetary stance.

Market Comment

“4 minutes with CIO Gérard Piasko”

At the end of June 2022, our Chief Investment Officer, Gérard Piasko, spoke with Marc Jäggi, Head Moderation at Radio 1, about the medium-term monetary policy of the US and Switzerland and the need for further interest rate hikes.

Market Comment

The rise of value stocks

Interest rate hikes and historically elevated inflation are making “value” stocks even more interesting. We already pointed to their potential in April 2021. In this market comment, we shed light on the rotation that has commenced from more expensively valued “high-flyer” IT growth stocks towards more cheaply valued “value” stocks. Will it continue? Or will we see temporary breaks?

Market Comment

Impact of the Ukraine war on the global economy

The financial markets hope that the Ukraine conflict will soon be replaced by “business as usual”. They appear to have got used to the war, as it has not escalated any further to date. Nevertheless, the current state of the conflict, which could last for an extended period, is set to keep inflation historically high. What does it mean for corporate profits and the global economy?

top