In conversation with Peter Diamandis

Entrepreneur Peter Diamandis presents his views on ‘moonshot thinking’, taking on challenges that had previously been seen as insoluble.
Pictet Report, summer 2016

Family brands

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Polarisation poses risks

Cesar Perez Ruiz, Chief Investment Officer at Pictet, assesses the aftermath of the Brexit vote and the implications of polarisation for investment strategy.
'Perspectives' July 2016

Investing in a post-Brexit world

The June 2016 issue of 'Perspectives' is now available

In the June 2016 issue of ‘Perspectives’

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Euro area credit flows prove resilient

In July, bank credit to euro area non-financial corporations (NFCs) accelerated, to EUR 12bn (adjusted for sales and securitisations) compared with a rise of EUR 8bn in June and EUR 10bn in May. Lending to NFCs seems to be stable, and on a gentle upward trend. On a country-by-country basis, core countries led the increase […]

Euro area flash PMIs show resilient activity

The euro area composite ‘flash’ PMI index posted a marginal increase from 53.2 in July to 53.3 in August, slightly above consensus expectations (53.1) and reaching a seven month high. The sector breakdown showed that the services sector index increased from 52.9 in July to 53.1 in August, above consensus expectations (52.8). By contrast, the […]

Scenarios for Italian banks’ bad loans

Changes in banks’ Non-Performing Loans (NPLs) depend crucially on economic performance, including GDP growth and employment. Put simply, the Italian government’s strategy, or hope, is that even a modest economic recovery leads to a sustained, albeit gradual decline in NPLs and that systemic bank bailouts can be avoided. Moreover, the government has implemented a number […]

Chinese data suggest a soft start to H2

Economic data released by China’s National Bureau of Statistics on 12 August remain largely consistent with our expectation of moderating growth momentum in China. Especially noteworthy has been the drop in fixed asset investment (FAI) growth. Going forward, we expect a further slowdown in property investment to be offset by fiscal support for infrastructure investment […]

Growth, banks and politics in Italy

Flat real GDP growth in Italy in the second quarter was below consensus expectations of 0.2% (quarter over quarter) and brought to an end five consecutive quarters of improving expansion. Overall, the outlook for Italy remains challenging. Assuming a pick-up in quarterly growth to 0.2% (the average since Q1 2015), the Italian economy will accelerate […]

Family brands

In the summer issue of Pictet Report, we feature some well-known heritage brands and the stories of the families still at their helm after having weathered global crises, wars and succession issues.

Similarities between August 2016 and July 1999

Quantitative analysis points to parallels between state of equity markets today and markets 17 years ago There are many similarities between the current period and 1999. Then, just as now, we were in the midst of a technology-led bull market following a housing-related recession, central banks were experimenting with very loose monetary policy, there had […]

Sterling steadies after BoE easing, but other factors coming into focus

On 4 August, the BoE delivered a broad easing package that beat market expectations. Furthermore, the BoE hinted at an additional rate cut later in the year (our scenario is for another 15bp rate cut in Q4 2016). The easing package delivered by the BoE was a more aggressive response to Brexit than the market […]

BoE cuts rates, expands asset purchases. To what end?

On 4 August, the Bank of England (BoE) managed to beat market expectations by announcing a policy package that included a 25 bp rate cut (to 0.25%), a Term Funding Scheme (TFS) “to reinforce the pass-through” of the rate cut, a GBP60 bn increase in the bank’s purchases of government bonds, as well as up […]

July ISM numbers show U.S. business activity remains strong

Although the ISM Manufacturing index in the US dropped back a little to 52.6 in July, it remained well above the low levels recorded at the turn of the year. The Non-manufacturing index moved back down as well but remained at relatively healthy levels. The rebound in the ISM Manufacturing index over the past few […]

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