Perspectives

Deceptive calm, ‘Perspectives’, October-November 2017

The strong equity gains of early 2017 petered out over the summer, in spite of buoyant earnings, reflecting the market’s belief that remaining upside in equites remains limited, especially in the absence of meaningful tax stimulus in the US. Reflecting relatively modest prospects, Pictet Wealth Management (PWM) recently moved from a positive to a neutral […]

Time to deliver, ‘Perspectives’, March-April 2017

With President Trump’s plans to ‘reform and repeal’ Obamacare suffering a serious setback in Congress in March, attention is once again turning to the new administration’s plans for tax cuts and fiscal reform. The so-called ‘reflationary trade’, while in large part based on improving economic dynamics, also owes something to expectations that the new US […]

The unleashing of animal spirits

Donald Trump’s presidential win has unleashed animal spirits in the US that are likely to continue to drive equities forward in 2017. So argues Frank Bigler, head of equity investment research at Pictet Wealth Management, in the latest special edition of Perspectives. There are undoubtedly risks, but for the moment, “the overall direction of the market […]

From deflation to reflation, from bonds to equities

Although Pictet Wealth Management does not expect a significant acceleration in real global economic growth next year, it believes 2017 will see an upturn in price pressures that spark a rise in nominal GDP growth and provides momentum for global reflation. In December’s Perspectives, Pictet Wealth Management’s head asset of asset allocation and macro research, […]

Time is ripe for change in monetary policy style

In spite of large doses of policy easing, inflation and global growth remain tepid. With the effectiveness of existing monetary policy styles therefore being increasingly questioned, the November 2016 issue of Perspectives looks at three of the most plausible alternatives. One is asset-price targeting. Could central banks assume responsibility for ensuring the stability of asset […]

Gauging the economic plans of U.S. presidential candidates

Both main candidates in the US presidential election have outlined their plans in numerous areas. Whoever wins, both are promising to raise government spending, especially on infrastructure. Writing in the October issue of Perspectives, Pictet Wealth Management’s chief economist Bernard Lambert outlines various scenarios. Should Hilary Clinton win the presidency but the Democrats fail to […]

Private equity, an antidote to prospect of weak returns?

The summer months were good for risk assets, though things may get bumpier in the months ahead. But alongside this study in chiaroscuro, the September issue of Perspectives offers a brighter picture of investment opportunities. Pictet chief strategist Christophe Donay admits that “prospects for portfolio returns look far weaker than they did in the past” […]

Similarities between August 2016 and July 1999

Quantitative analysis points to parallels between state of equity markets today and markets 17 years ago There are many similarities between the current period and 1999. Then, just as now, we were in the midst of a technology-led bull market following a housing-related recession, central banks were experimenting with very loose monetary policy, there had […]

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