Macroview

Monetary policy still being relaxed

The September 2012 issue of Perspectives is now available for reading and downloading. Here are this month’s headline news from around the world. Central banks in the developed world are thinking about further quantitative-easing measures even with official interest rates already at or close to zero. Central bankers in the emerging world have been pressing […]

United States: QE3 officially launched

The Federal Open Market Committee (FOMC) from the Federal Reserve Board announced in its yesterday statement that it was launching a new asset purchase programme, the so-called QE3. The intentions of the FOMC are to purchase $40bn per month of agency mortgage-backed securities. The programme will begin today (some 23bn are expected to be bought […]

A clearer sky for the euro

Several hurdles were removed on 12 September 2012 The German Constitutional Courtruling cleared the way for the launch of the European Stability Mechanism (ESM). Dutch parliamentary elections did away with the risk of a eurosceptic government in a core country. The European Commission ambitious proposal for bank regulation provides a road map towards a banking […]

Mario Draghi’s soothing words

The September 2012 issue of Perspectives is now available for reading and downloading. In this month’s strategy section, Pictet’s analysts explain the sheer power a few words uttered by the head of a central bank can have. Mario Draghi, the European Central Bank’s President, offered a master-class in the power of rhetoric when his choice […]

Prospects looking brighter for the second half

The September 2012 issue of Perspectives is now available for reading and downloading. Today we preview the macroeconomics section of the magazine. The tempo of growth in the world economy noticeably slowed in the first six months of 2012. In the last few weeks though, statistics released in the US and Europe have been exhibiting […]

Seeking defensive stocks

The September 2012 issue of Perspectives is now available for reading and downloading. In his editorial outlook, Chief Investment Officer Yves Bonzon explains that European value stocks are currently one of the cheapest options under a positive scenario for the global economy. By the end of August almost all major asset classes had posted positive […]

Germany: hard data tends to confirm manufacturing stabilisation in Q3

July’s industrial production rebounded 1.3% m-o-m, much better than expected. Factory orders increased (0.5% mom), indicating a good start for Q3 German manufacturing activity. Industrial production: better than expected German industrial production recorded a strong increase in July. Indeed industrial production rose 1.3% m-o-m, better than expected (0.0%). The June figure was revised up from […]

ECB providing a breath of fresh hope

The September 2012 issue of Perspectives is now available for reading and downloading. Here are this month’s key figures. Yields on longer-dated German Bunds and US Treasury bonds firmed in response to comments made by ECB President Mario Draghi in his London speech on 26 July. Those yields still look too low compared to levels […]

United States: disappointing employment report

Payrolls were up by 96,000 m-o-m in August, below consensus expectations. Moreover, job creation figures for the previous two months were revised down by a cumulated 41,000. More positively, the unemployment rate surprised on the downside: it fell back from 8.3% in July to 8.1%, against expectations of an unchanged rate. However, the fall was […]

Perspectives September 2012: "Global economy in 3GD mode"

The September 2012 edition of Perspectives – titled “Global economy in 3GD mode” – is now available for download and online reading. In this edition: • Editorial outlook: Seeking defensive stocks • Macroeconomics: Prospects looking brighter for the second half • Strategy: Mario Draghi’s soothing words • Headline news from around the world: Monetary policy […]

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