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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 […]

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 […]

At last, the ECB announces unlimited intervention!

Mario Draghi has finally delivered what was very close to investors’ expectations. In announcing the Outright Monetary Transactions (OMTs), the ECB will put up its almost unlimited balance sheet to serve as a backstop in this crisis. The main key word in yesterday’s announcement was “unlimited”. The key points of the ECB’s announcement are the […]

Switzerland: Economic growth, GDP contracted q-o-q in Q2

Swiss GDP contracted by 0.1% q-o-q in Q2 2012 (-0.2% annualised), below consensus expectations (+0.2%) and our own expectations (+0.1%). Moreover, growth rates for the preceding few quarters were revised sharply down. For Q1 2012, q-o-q growth was revised from +0.7% to +0.5% and y-o-y growth from 2.0% to 1.2% (see chart below). Very strong […]

Switzerland: Economic growth, GDP contracted q-o-q in Q2

Swiss GDP contracted by 0.1% q-o-q in Q2 2012 (-0.2% annualised), below consensus expectations (+0.2%) and our own expectations (+0.1%). Moreover, growth rates for the preceding few quarters were revised sharply down. For Q1 2012, q-o-q growth was revised from +0.7% to +0.5% and y-o-y growth from 2.0% to 1.2% (see chart below). Very strong […]

Markets on hold until further political decisions

Yves Bonzon, Chief Investment Officier, explains that the levels necessary to trigger quantitative easing measures in the US have not been reached, shifting the responsibility for growth to Europe and the political measures that will be discussed in September. The markets will be volatile until then and the preferred asset classes remain investment grade corporate […]

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