The June 2016 issue of 'Perspectives' is now available

In the June 2016 issue of ‘Perspectives’

The May issue of 'Perspectives' is now available

Central banks face test of credibility

Multi-Generational Wealth

The third edition of the Latam Family Office Master Class took place in Nassau from 4 to 6 April 2016, with more than 60 guests in attendance. This event was a great success, built around trends, workshops and exchanges of new ideas in the family office industry.

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Brexit: what now for the ECB?

Read full report here There is considerable uncertainty around the modalities and consequences of Brexit, but one thing looks certain: central banks will be under great pressure to act again as circuit-breakers. The Bank of England (BoE) has issued a statement saying that it “will not hesitate to take additional measures”, including injecting “more than […]

UK’s Brexit vote to have wide repercussions, changes economic & market scenarios

Looking at the referendum result in terms of macroeconomics, financial markets and politics, our views are as follows: Macroeconomics. The vote for Brexit is, we believe, likely to reinforce a recent loss of momentum in parts of the UK economy. We believe the result of the referendum will hit consumer and business confidence, at least […]

PMI figures point to marginal decline in activity in euro area

Read full report here The euro area composite ‘flash’ purchasing managers’ index (PMI) compiled by Markit fell marginally, from 53.1 in May to 52.8 in June, slightly below consensus expectations. The sector breakdown showed that the drop was driven by a fall in the services sectors while the manufacturing PMI index rose from 51.5 to […]

Swiss National Bank─Reactive rather than proactive

Read full report here The Swiss National Bank (SNB) decided to leave its monetary policy unchanged at its quarterly meeting on 16 June. The main messages were unchanged from its March meeting. The target range for the three-month Libor was kept between -1.25% and -0.25%; the interest rate on sight deposits with the SNB was […]

When in doubt….The Fed rethinks pace of rate rises

Read full report here Following a very weak job report for May, and just one week before the EU referendum in the UK, it should be no surprise that the Fed is in no rush to tighten monetary policy, or to send a strong signal about the timing of the next rate hike. Indeed, the Federal […]

Some ingredients still missing in euro area recovery

Leaving aside the possible disruptions surrounding the Brexit referendum and other near-term political events, a number of fundamental factors — most notably strengthening domestic demand — mean we are cautiously optimistic about the euro area economy over the short term, with an above-consensus GDP growth forecast for this year of 1.8%. Quarter-on-quarter annualised growth in […]

Bond yields under pressure

Global bond yields have plunged to new lows in recent days, as markets have switched to ‘risk off’ mode. This is just the latest manifestation of a trend: sovereign bond yields have been under downwards pressure for several years. Central bank QE and economic uncertainty are partly to blame. But investors should remember that sovereign […]

The dollar still has limited potential, while yuan could be source of volatility

The US dollar has been in a long-term upward cycle, at least since July 2011. But the dollar stuttered in April after the release of some poor economic data, and again at the beginning of June, when poor nonfarm payrolls data was released, leading some to believe that we are at the end of this […]

Swiss growth fails to ignite, SNB likely to remain on hold

Read full report here Growth estimates from SECO (the Swiss economic affairs secretariat) released on June 1 suggest that real GDP in Switzerland expanded by 0.1% q-o-q (0.3% q-o-q annualised, 0.7% y-o-y) in Q1, lower than consensus expectations of 0.3% and Q4 2015 growth of 0.4%. But the GDP components were more encouraging than what […]

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