Market Comment The Market Comment is published monthly and sheds light on current topics from the investor's point of view. Market Comment Why generative artificial intelligence is an important topic September 2023 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. Read more Market Comment US yield curve inversion as a recession indicator? July 2023 Our July / August market comment: In recent times, many market participants have once again become aware of the structure of the US yield curve. Read more Market Comment How well is the Eurozone doing? June 2023 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? Read more Market Comment Uncertainty surrounding the US economy May 2023 Our May market comment: Despite headwinds emanating from the equity markets, the US was able to present a fairly pleasing economic picture in 2022. Read more Market Comment Why inflation in Switzerland is so much lower than elsewhere April 2023 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. Read more Market Comment One year of war in Ukraine – consequences and effects March 2023 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? Read more Market Comment Recession risks or not? February 2023 Our February market comment: Inflation, stagnation or recession. Which term best describes the situation and represents the primary risk? Read more Market Comment Chinese economic hopes too high? January 2023 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. Read more Market Comment 22 years since the bursting of the Internet bubble December 2022 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. Read more Market Comment Stagflation scenario November 2022 Our November market comment reports on the increasing stagflation risks. Read more Market Comment Before the US mid-term elections October 2022 Our October market comment reports on the US mid-term elections of the US Congress at the start of November this year. Read more Market Comment “5 minutes with CIO Gérard Piasko” September 2022 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. Read more Market Comment “5 minutes with CIO Gérard Piasko” September 2022 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. Read more Market Comment The benefits of commodity investments September 2022 Our September market comment reports on commodity investments in times of above-average rates of inflation by historical standards. Read more Market Comment Inflation – an update July 2022 Our July market comment reports on persistently high level of consumer price inflation and a new monetary stance. Read more Market Comment “4 minutes with CIO Gérard Piasko” June 2022 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. Read more Market Comment The rise of value stocks June 2022 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? Read more Market Comment Impact of the Ukraine war on the global economy May 2022 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? Read more Market Comment The interest rate turnaround April 2022 Since the start of the year, there have been clear signs from the world’s major central banks that they intend to embark on a marked, albeit gradual change in monetary policy. The interest rate turnaround is upon us, with the stimulus provided for global growth and the financial markets being ramped down. Read more Market Comment “4 minutes with CIO Gérard Piasko” April 2022 Towards the end of March 2022, our Chief Investment Officer, Gérard Piasko, talked to Marc Jäggi, Head of Moderation at Radio 1, about the times of uncertainty stemming from the Ukraine war. Read more Market Comment Geopolitical crisis March 2022 Geopolitical uncertainty remains high by historical standards. Russia’s attack on Ukraine is not only increasing nervousness and reducing risk appetite in the short term; higher energy costs and, should inflation remain elevated, higher financing costs via interest rate hikes could also see record-high corporate profit margins fall again. What’s more, the so-called “peace dividend” of the past 30 years is in danger. Read more Market Comment Volatility, inflation, and other coronavirus trends February 2022 In March 2021 we identified seven coronavirus trends. In this Market Comment we highlight a number of other trends influenced by the pandemic that underline the importance of higher-quality investments at times of interest rate and stock market turbulence. Read more Market Comment Global economy in flux January 2022 The global economy presents a mixed picture at the start of the year. Up until recently all lights were set to green, but now there are a few warning flashes. We must be prepared for a slowdown in economic growth over the next few months and quarters. Read more Market Comment 3 minutes with CIO Gérard Piasko December 2021 In the last video message of the year from our CIO Gérard Piasko, he takes a look back at the performance of the global economy, which has staged a marked recovery during 2021. What forecasts are being made for global economic growth in the new year? Tune in now and watch! Read more Market Comment The new US infrastructure programme December 2021 Although its economy has returned to good health since the peak of the pandemic in 2020, the US is rolling out another economic programme with the primary aim of improving national infrastructure. This planned government expenditure will provide a boost to future technologies and help modernise America’s transport and electricity networks. Read more Pagination Page 1 Next page ››
Market Comment Why generative artificial intelligence is an important topic September 2023 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. Read more
Market Comment US yield curve inversion as a recession indicator? July 2023 Our July / August market comment: In recent times, many market participants have once again become aware of the structure of the US yield curve. Read more
Market Comment How well is the Eurozone doing? June 2023 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? Read more
Market Comment Uncertainty surrounding the US economy May 2023 Our May market comment: Despite headwinds emanating from the equity markets, the US was able to present a fairly pleasing economic picture in 2022. Read more
Market Comment Why inflation in Switzerland is so much lower than elsewhere April 2023 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. Read more
Market Comment One year of war in Ukraine – consequences and effects March 2023 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? Read more
Market Comment Recession risks or not? February 2023 Our February market comment: Inflation, stagnation or recession. Which term best describes the situation and represents the primary risk? Read more
Market Comment Chinese economic hopes too high? January 2023 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. Read more
Market Comment 22 years since the bursting of the Internet bubble December 2022 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. Read more
Market Comment Stagflation scenario November 2022 Our November market comment reports on the increasing stagflation risks. Read more
Market Comment Before the US mid-term elections October 2022 Our October market comment reports on the US mid-term elections of the US Congress at the start of November this year. Read more
Market Comment “5 minutes with CIO Gérard Piasko” September 2022 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. Read more
Market Comment “5 minutes with CIO Gérard Piasko” September 2022 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. Read more
Market Comment The benefits of commodity investments September 2022 Our September market comment reports on commodity investments in times of above-average rates of inflation by historical standards. Read more
Market Comment Inflation – an update July 2022 Our July market comment reports on persistently high level of consumer price inflation and a new monetary stance. Read more
Market Comment “4 minutes with CIO Gérard Piasko” June 2022 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. Read more
Market Comment The rise of value stocks June 2022 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? Read more
Market Comment Impact of the Ukraine war on the global economy May 2022 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? Read more
Market Comment The interest rate turnaround April 2022 Since the start of the year, there have been clear signs from the world’s major central banks that they intend to embark on a marked, albeit gradual change in monetary policy. The interest rate turnaround is upon us, with the stimulus provided for global growth and the financial markets being ramped down. Read more
Market Comment “4 minutes with CIO Gérard Piasko” April 2022 Towards the end of March 2022, our Chief Investment Officer, Gérard Piasko, talked to Marc Jäggi, Head of Moderation at Radio 1, about the times of uncertainty stemming from the Ukraine war. Read more
Market Comment Geopolitical crisis March 2022 Geopolitical uncertainty remains high by historical standards. Russia’s attack on Ukraine is not only increasing nervousness and reducing risk appetite in the short term; higher energy costs and, should inflation remain elevated, higher financing costs via interest rate hikes could also see record-high corporate profit margins fall again. What’s more, the so-called “peace dividend” of the past 30 years is in danger. Read more
Market Comment Volatility, inflation, and other coronavirus trends February 2022 In March 2021 we identified seven coronavirus trends. In this Market Comment we highlight a number of other trends influenced by the pandemic that underline the importance of higher-quality investments at times of interest rate and stock market turbulence. Read more
Market Comment Global economy in flux January 2022 The global economy presents a mixed picture at the start of the year. Up until recently all lights were set to green, but now there are a few warning flashes. We must be prepared for a slowdown in economic growth over the next few months and quarters. Read more
Market Comment 3 minutes with CIO Gérard Piasko December 2021 In the last video message of the year from our CIO Gérard Piasko, he takes a look back at the performance of the global economy, which has staged a marked recovery during 2021. What forecasts are being made for global economic growth in the new year? Tune in now and watch! Read more
Market Comment The new US infrastructure programme December 2021 Although its economy has returned to good health since the peak of the pandemic in 2020, the US is rolling out another economic programme with the primary aim of improving national infrastructure. This planned government expenditure will provide a boost to future technologies and help modernise America’s transport and electricity networks. Read more