Posts Tagged ‘carousel’

United States: weak durable goods orders report in July

On the back of sharp falls back in volatile defence and civilian aircraft orders, total durable goods orders fell by a massive 7.3% m-o-m in July, well below consensus estimates. More importantly for business capital expenditures, core capital goods orders (i.e. excluding defence and aircrafts) were also down sharply in July (-3.3% m-o-m), as were […]

USA: July sales data encouraging for consumption growth in Q3

Nominal total retail sales rose by 0.2% m-o-m in July, slightly below consensus expectations (+0.3%). However, the figure for June was revised up from +0.4% to +0.6%. This modest increase in July was negatively influenced by another surprising monthly decline in sales of building materials and garden equipment, and by a fall in nominal auto sales (-1.1% m-o-m, following […]

Europe: July’s PMI heralds the end of recession

In July, euro area flash PMI surveys, based solely on Germany and France extended their upward trend and came in stronger than expected. Indeed, the flash euro area manufacturing PMI increased from 48.8 in June to 50.1 in July, above consensus expectations (49.1). Moreover, the flash euro area services PMI rose by 1.3 to 49.6 […]

China: GDP growth slows further in second quarter

Real GDP growth slowed to 7.5% year on year in the second quarter 2013 from 7.7% in the first quarter and 7.9.% in fourth quarter 2012. Activity indicators demonstrate the pace of economy is weakening but there is no evidence of a hard economic landing on the back of stable domestic demand growth. Domestic demand […]

10-year average annual expected returns

In order to calculate estimated long-term returns for the various asset classes it is necessary to devise an effective method and specific models. The uniqueness of our approach, as opposed to traditional models, is that ours is research-based and takes shifts in economic regime into account. Accounting for such shifts lies at the very core of our approach. Economic history has taught us […]

China facing daunting threat of a ‘Minsky Moment’

In this month’s Perspectives magazine: Yves Bonzon’s editorial outlook: The Fed’s bet Macroeconomics: Central banks breeding anxiety Strategy: Correction providing a strategic entry-point Headline news from around the world: Turkey and Australia under the cosh Asset classes: China and the US sewing seeds of discord Topic of the month: Ramifications of the crisis in China’s interbank market Key figures: Interest rates […]

The ECB abandons its mantra ‘to never pre-commit’

Amid rising interest rates imported from the United States and renewed tensions on sovereign debt due to the political crisis in Portugal, Mario Draghi yesterday had the difficult task of convincing the market that the ECB’s monetary policy will remain accommodative for a long period of time and that the Governing Council (GC) was still far from […]

In conversation with François-Paul Journe

Probably the most acclaimed watchmaker of the last decade, François-Paul Journe built in just 15 years a landmark brand in the watch industry. This short video, announcing a larger interview in the December edition of Pictet Report, summarises his tips for entrepreneurs.

In conversation with Bernard Liautaud, the software entrepreneur

The founder of a software company that was eventually sold for USD6.8 billion is now an investment partner in a leading venture capital firm, using his skills to identify the next generation of successful entrepreneurs and help them build their businesses. While completing his education at Stanford University in the heart of California’s Silicon Valley, […]

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