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USA: employment report

Here are the key highlights from the employment statistics: Payrolls rose by a healthy 192,000 in February, in line with consensus estimates. Moreover, the net revision for the previous 2 months was +58K Encouragingly, the unemployment rate fell further from 9.0% in January to 8.9% in February Other data were softer. Aggregate weekly payrolls (a […]

ECB press conference impact on bonds

Yesterday, short-dated Eurozone benchmark bonds sold off the most as ECB President Jean-Claude Trichet was very hawkish in his introductory statement at the press conference. The ECB kept interest rates unchanged at 1% as widely expected. However, Trichet mentioned that the governing council will display strong vigilance and may even raise rates at the next […]

ECB: possible rate hike in April

Trichet announces that a 25 basis point rate hike is likely as early as April The ECB is set to risk starting the tightening cycle too early Weakest Member States likely to be weakened by the decision At the same time, nonstandard measures are maintained at least until the end of Q2 Accordingly, we have […]

The four furies and the quest for balanced growth

In the opening months of 2011 fast-moving events have reshaped the three dimensions – economic, financial and geopolitical – that frame the investment universe. Moreover, their complexity has amplified the sheer intensity of these developments. These events have raised four crucial threats to the recovery scenario which has been confirmed by several strengthening underlying trends […]

Inflation, growth and crisis resolution in Europe

Macroeconomic analysis demands that a large quantity of statistics, often of questionable quality, be collated and processed.Therefore economists often resort to approximations in order to detect trends amid the fog of numbers, the primary sources being series of aggregated data.This approach leads to the conclusion that US households are over-indebted; but what would the picture […]

Alternative investments

It is a great pleasure to introduce this fifth Pictet Report, which draws on our second Alternatives conference held in Zurich in mid-September 2010. Now, as in 2009, we brought together a wide range of experts–both asset managers and investors–for two days of lively discussions and debate which are summarised in the following pages. The […]

Cocktail of inflation and currency tension for 2011

2010 has been quite an eventful year for investors – stock markets have been highly volatile and the economic landscape has been rocked by serious tremors, such as the crisis in Greece. Of course, in the circumstances, it would be comforting to able to inform investors and clients that we are about to witness a […]

Double decoupling in the global economy

Twelve months ago, we reviewed the major trends we thought likely to influence the global economy and financial markets in the next decade. One year on, it is time to reassess the situation. Pictet’s Strategy Committee met in mid-October to analyse and update our view of the structural framework for investment decisions in the coming […]

Focus on entrepreneurs

This report is about entrepreneurs and entrepreneurship. This unique group of business leaders employs millions of people and generates a substantial proportion of the world’s wealth. Entrepreneurs create successful companies that continue to grow and get passed down through the generations, often then becoming family-owned businesses. While having distinct advantages over public corporations, they are […]

Economic policy’s time has come

The rally in risky assets in September took us by surprise, since our basic macroeconomic scenario has been quite correct. Developed economies, led by the United States, have indeed slowed significantly in recent months. According to our route map, such a slowdown would lead to a new policy mix, including a second round of quantitative […]

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