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Focus on boards

Managing performance successfully over the long term—in business and in wealth management—requires many different skills. That is why in so many walks of life, boards are created to bring together the range of talents needed to achieve optimal performance. This issue of Pictet Report looks at the role of boards and how they can contribute […]

2012: mixed outlook of reflation hopes and deflation fears

In arriving at scenarios for our tactical asset allocation for 2012, our team of macroeconomic analysts have sought to evaluate how the main asset classes are likely to perform depending on differing levels of volatility. Volatility is generally expressed in terms of theVIX Index that measures expected volatility on the S&P 500, the index of […]

Video insight: the new normal is non-normal

In this video, Yves Bonzon explains why Pictet is going to make important changes in the way it allocates funds in its asset allocation framework.

US Core inflation: expected to abate in 2012

After falling to 0.6% in October 2010, its lowest level since the administration started calculating this data in 1958, year-on-year US core inflation bounced back to 1.6% by mid-year 2011 and to 2.0% in August and September, before inching up further to 2.1% year-on-year in October. We believe however that the trend is about to […]

US retail sales: a strong entry into Q4

Today’s nominal retail sales report for October suggests that consumption continued to grow solidly early in Q4. The gauge increased by 0.5% m-o-m in October, above consensus expectations (+0.3%).  Between Q3 and October, retail sales increased by a very strong 8.7% annualised, following a 4.6% rise q-o-q in Q3. On the back of lower gasoline […]

Don’t fight the Swiss National Bank

On 6 September, the Swiss National Bank (SNB) set a maximum value for the franc at EUR/CHF 1.20. After about two months, we can say that this exceptional operation has been successful. The Swiss franc has remained above 1.20 without experiencing any evident speculative attack. Moreover, early SNB criticism has waned because this operation has […]

Chinese inflation declines significantly in October

The Chinese tightening process to cool the real economy and tame inflation is showing an ever increasing effect. The October consumer price index, the main gauge of inflation, was published in line with expectations at 5.5% y-o-y, down from 6.1% in September. Food inflation slowed to 11.6% y-o-y, down from 13.4%. Non-food inflation decreased to […]

Euro Area: Time for big decisions is closer

PM Papandréou call for referendum was probably not planned. This is a desperate move to save his Government. A rejection of the Greek aid package could bring about a worst case scenario. But the referendum is far from certain. The Government could lose confidence on Friday. A new Government could emerge and appease markets. Meanwhile, […]

Europe: some respite from the debt crisis

As we do every autumn, Pictet’s Strategic Investment Committee’s October meeting was devoted to reappraising key underlying economic and market trends at work. Assessing what has happened over the last 12 months Broadly speaking, events of the last twelve months have unfolded in a manner more or less consistent with the secular trends we had […]

The euro area crisis summit of Wednesday is likely to disappoint

The work before the European authorities appears too huge to be solved in just a few days. The European crisis was not solved on Sunday and probably won’t be solved on Wednesday, when European heads of state are meeting once more. Five areas are currently in the focus of policymakers: sustainability of public finances, Greece, […]

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