'Perspectives', September 2016

Private equity, an antidote to prospect of weak returns?

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

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Softer credit flows in the euro area

Credit to euro area households increased in August. Although at a slower pace than the previous month, August was the 23th straight month of positive credit flows. By contrast, bank credit to euro area non-financial corporations (NFCs) declined by EUR1 bn in August (adjusted for sales and securitisations) after four months of solid expansion. On […]

Gold loses some of its lustre

After a strong performance in the first half of this year, gold has been moving within a range of USD1300- USD1375 per troy ounce. While physical supply and demand favour a gradual rise in gold prices over time, some of the main drivers of investment demand (financial stress, inflation, real interest rates, the USD) do […]

Despite small drop, euro area activity remains resilient

Markit’s euro area flash PMI indices for September were mixed, with France outperforming but business confidence declining in the German services sector as well as in the rest of the currency union. However, details of the PMI readings were generally better than the headlines. New orders rose in September and labour market dynamics remained supportive. […]

A December Fed rate hike is looking likely

The Federal Open Market Committee (FOMC) left interest rates unchanged at the end of its latest policy meeting on September 21. However, the Fed adopted a more hawkish tone, reintroduced in its statement a sentence saying risks in the US economy were roughly balanced, and affirmed that the case for a rate hike has strengthened. […]

BoJ turns towards yield-curve control

The Bank of Japan (BoJ) today shifted its monetary stimulus framework towards yield-curve control and away from rigid targeting of asset purchases. In essence, the BoJ will purchase sufficient Japanese government bonds (JGBs) to ensure that 10-year JGB yields are capped at about zero. The BOJ also announced that it aims to overshoot its 2% […]

Core retail sales weak in August, but U.S. consumption still healthy

Today’s US retail sales report for August was surprisingly downbeat, with core retail sales recording their second monthly decline in a row. Core retail sales in the US fell by 0.1% month over month (m-o-m) in August, worse than consensus expectations. Moreover, June and July numbers were revised down by a cumulative 0.2%. The result […]

Bank of England on hold, sterling stable for now

At its 15 September meeting, the Bank of England (BoE) left its main policy rate unchanged at 0.25% and maintained its Asset Purchase Facility (APF) target at GBP435 bn. The BoE’s assessment of economic conditions was broadly similar to its August projections despite some “slight upside” in the data. Nevertheless, the BoE provided enough hints […]

SNB sees weaker medium-term inflation

The Swiss National Bank (SNB) decided on September 15 to maintain its interest rate on sight deposits unchanged at -0.75%. In its quarterly monetary policy assessment, the SNB highlighted once again the Swiss franc’s overvaluation and reiterated its willingness to intervene on the foreign exchange market if needed. The central bank revised down its forecasts […]

Improved Chinese data may be foretaste of GDP surprise

Major economic indicators for August point to broad-based stabilisation of China's growth momentum after a weak start to the second half. The more upbeat macro picture is supported by improvements in the PMI reading and import data, and leads us to believe the likelihood of an upside surprise for China's Q3 GDP growth is rising. […]

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