Finally, QE from the ECB

The ECB’s QE will not be a panacea to cure all ills, but it is a necessary prerequisite to prevent the euro area sliding into a deflationary spiral.

Switzerland: dangerous move by the Swiss National Bank

If risk aversion rises markedly and the euro moves durably below parity, it could have dramatic consequences for the Swiss economy.

Shift in economic regime in the US

The steepening slide in the oil price is giving consumer spending a boost in advanced economies, but heightening risks facing emerging nations. As a result, the world economy is getting even further out of sync.

The december edition of Perspectives magazine is now available

On the eve of 2015, oil and the US economy are already dictating the shape of investment

The new Pictet Report is now available

Art and entertainment

Download issue:

Latest articles

View archive

Switzerland: dangerous move by the Swiss National Bank

The Swiss National Bank took nearly everyone by surprise by abandoning the floor on the Swiss franc yesterday. The franc is now some 18% stronger against the euro than it was yesterday morning. We think this way of exiting its policy was inappropriate and actually a rather dangerous move for the Swiss economy. SNB: shock […]

Oil: don’t catch a falling knife

The Brent oil price started 2014 at about $110 a barrel, reached a high of $115 a barrel in mid-June and then lost more than 50% of its value in the following six months to end the year at $50 a barrel. The last time the oil price experienced such a landslide fall was during […]

Germany: disappointing November figures do not jeopardise a brighter outlook

After an improvement in October, hard data were quite disappointing in November. Nevertheless, adjusting for monthly volatility, data suggest that the German economy is still likely to expand at a faster pace in Q4 than in Q3. Lower energy production drives down industrial activity In November, German industrial production (including construction) was down by 0.1% […]

Euro area inflation: oil price slump pushes inflation into negative territory

The crude oil price slump has pushed headline inflation into negative territory. Central banks generally do not react to commodity price developments but this time is different. Low inflation is not only due to crude oil prices but also to depressed demand. Permanent low inflation could trigger deflationary-like behaviour, prompting agents to put off making […]

US growth underpinned by a more solid platform

At a time when China’s economy is lacking impetus, Japan’s has relapsed technically into recession yet again and the spectre of deflation is looming menacingly over the eurozone, the impression is that all the eggs of economic hope are seemingly being placed in just the one American basket. Our projection that the US economy looks […]

Financial markets hostage to what happens to the oil price

Shares and bonds of companies producing and refining oil have come under the cosh. Spreads on corporate bonds issued by groups in these sectors have been stretching wider, as have spreads on sovereign debt from oil- producing nations like Russia or Brazil. Asset classes reacting in contrasting ways The slump in the price of crude […]

Shift in economic regime in the US

The global economy is becoming increasingly desynchronised. A shift in macroeconomic regime has materialised in the US, with the business and economic cycle taking over as driver from monetary policy. In Europe, pressure is mounting on the European Central Bank (ECB) to unfurl a programme of quantitative easing (QE) at a time when tumbling oil […]

Switzerland: the SNB introduces negative interest rates

Following renewed upward pressure on the Swiss franc, the Swiss National Bank (SNB) decided to introduce negative interest rates on sight deposits. Although this should help to ease pressure on the franc, the main weapon to defend the floor remains FX interventions. Nevertheless, we continue to believe that the SNB will succeed in ensuring that the […]

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. ...
  9. 73

Our site and the information it contains is not intended to US citizens, US residents, Canadian citizens or Canadian residents.

I am not a US citizen, US resident, Canadian citizen and/or Canadian resident
I am a US citizen, US resident, Canadian citizen and/or Canadian resident