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United States: weaker ISM surveys in June

The US Institute for Supply Management (ISM) indices (manufacturing and non manufacturing) published at the beginning of the week are pointing to a significant weakening of US GDP growth: for June, they suggest GDP expansion annualised fell to as low as around 1¼%. Needless to say, the publication of the ISM manufacturing survey was a big disappointment. The composite […]

The Swiss National Bank and the battle of the franc

The EUR/CHF exchange rate appears to be stable, having recently hovered around its 1.20 floor. However, beneath the surface, there has been a great deal of upward pressure on the Swiss franc in the past seven weeks. Our Chief Economist, Bernard Lambert, provides an insight into the intervention activities of the Swiss National Bank (SNB) […]

ASEAN: An interesting resilience

Despite the Association of Southeast Asian Nations (ASEAN) good economic fundamentals described hereafter, we remain extremely cautious from an investment point of view for the time being. Economic fundamentals have also become less significant drivers for financial markets in the region: the systemic risk associated with the European sovereign debt crisis is acting as a […]

EU Summit: the euro area buys a respite, a step in the right direction

Important steps towards a banking and a fiscal union have been made. However, many fundamental questions have yet to be answered. Banking supervision will be centralised, and the ESM will have the possibility to recapitalize banks directly. Progress towards a Fiscal Union has been more modest. The “Compact for Growth” has been created and the […]

Safe-haven instruments staging a comeback

Uncertainties about Greece’s continued presence in the eurozone and a Spanish banking sector under duress boosted interest in assets regarded as safe havens, such as the US dollar, US Treasury bonds and German Bunds. Data in charts and tables dated as of 6 June 2012. Click on the images to see a larger version. » […]

EU summit not a real game-changer

We have only just avoided the worst.The tilting of the Franco-German axis in favour of France after the change of power in Paris was used to extract a vague agreement at the EU summit on 28 and 29 June.The deal is long on promises and short on details. As always, the devil will be in […]

Euro hedging: a necessity?

In this video Yves Bonzon, Pictet’s Chief Investment Officer, explains why hedging for currency risk might be more tricky than it looks in the context of a Euro breakup. Don’t forget that you can subscribe to our videos in iTunes.

Economic slowdown being confirmed

The June 2012 issue of Perspectives is now available for reading and downloading. Here are this month’s headline news from around the world. Although the US economy has continued to prove fairly resilient, the latest payroll numbers did worry market operators. Overall, economic indicators are pointing towards a slowdown ahead. Click on the image below […]

The mysteries of the brain

600 guests gathered in Geneva at the Bâtiment des Forces Motrices for a night on the theme of the mysteries and surprises of the brain. The event was opened by Jacques de Saussure, Pictet’s senior partner, followed by Chief Investment Officer Christophe Donay who shared the bank’s views on economy and markets. The keynote presentation […]

China: new economic equilibrium and investment strategy

The June 2012 issue of Perspectives is now available for reading and downloading. Here is June’s topic of the month on growth slowdown in China. The release in May and June of a string of indicators confirming the slowdown in China’s economy rekindled speculation about the risks of a hard landing. The new ‘balanced-growth’ model […]

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