Posts Tagged ‘carousel’

Anomalies, bubbles and monetary policies: asset allocation at a crossroads

At the end of the opening day of Pictet Wealth Management Strategy Committee’s annual seminar at Villars-sur-Ollon in October, our digital screens were all displaying the names of the winners of the 2013 Nobel Prize for Economics. On the one hand, Robert Schiller, a proponent of the theory of investors’ irrationality, was rewarded for his […]

US manufacturing output growth picked up markedly in Q4 2013

Total industrial production in the US rose by 0.3% m-o-m in December, in line with consensus expectations. The sharp rise recorded in November was revised to a slightly less buoyant reading, but data for September and October were revised up. Manufacturing output growth quite strong in Q4 Following a sharp bounce in November, the production […]

Draghi speaks louder during ECB’s press conference

As expected, nothing concrete was announced yesterday. Nevertheless, Mario Draghi hinted at some interesting points, but it required reading between the lines. During the press conference the ECB president emphasised the central bank’s forward guidance. On several occasions he referred to the current low level of inflation and the risk of seeing this situation last longer: […]

The Fed: ‘Tapering’ with care

It was becoming increasingly clear that the Fed wanted to make a start soon on scaling back its purchases of assets under QE3 but, in parallel, it wished to convince all and sundry that tapering does not equate to monetary tightening. With these objectives in mind, yesterday’s ‘tapering’ announcement was clearly a success. Modest ‘tapering’ […]

Made in Switzerland

Switzerland is a small land-locked country with around 8 million inhabitants, four official languages and a history as a federal republic dating back less than two centuries. Yet when the World Economic Forum published its annual Global Competitiveness Index earlier this year, Switzerland was in first place for the fifth successive year. In this issue […]

United States: uneven ISM indices, but pointing to strong growth in the fourth quarter

The ISM manufacturing survey published on Monday once again delivered a positive surprise. The headline index inched up further from 56.4 in October to 57.3 in November, above consensus estimates (55.1), marking its highest level since April 2011. ISM manufacturing: widespread improvement in November The details of the reports showed that the improvement was quite […]

Interview with Prof. Youssef Cassis

A leading financial historian discusses the origins of banking in Switzerland, its evolution through the years and how it has adapted to the internationalisation and then globalisation of financial markets. Perspectives: When did banking first come to Switzerland? Professor Youssef Cassis: Like most European countries, Switzerland has a banking tradition going back to the Middle Ages, […]

In conversation with Yossi Vardi

Yossi Vardi has founded and helped build more than 60 high-tech companies since 1969, in fields such as software, the internet and mobile applications. He attributes Israel’s record of innovation to its entrepreneurial ecosystem—and an open culture of risk versus failure The difference between an entrepreneur and the rest of the population is easy to explain, he says, explaining it as some […]

Deflationary pressures mounting in Europe

• Editorial outlook: A failure of momentum • Macroeconomics: Economic dynamics favourable overall • Strategy: Cyclical plays to the fore • Headline news from around the world: Monetary policies moving in divergent directions • Asset classes: Risk factors confirmed as taking over as driving forces • Topic of the month: Are hedge funds staging a comeback? […]

Adjust your sights

With markets focused on the likely timing and scale of reduced quantitative easing by the US Federal Reserve, Yves Bonzon, Pictet’s chief investment officer, argues that their focus is on the wrong place. Instead, the US fundamentals that will dictate the Fed’s eventual decision should be closely watched and assessed as to whether any QE […]

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