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Will the ESM solve the crisis?

ECB’s Nowotny’s comments about giving the ESM a banking licence have boosted the market. However, such a solution appears impracticable within the current legal framework as it will violate Art. 123, one of the cornerstones of the construction of the EMU. One way of circumventing the ban imposed by Art. 123 would be to split […]

Euro area set for new recession

Worse-than-expected outcome The Ifo business climate index has fallen from 105.3 in June to 103.3 in July, well below the expected level (104.5). This is the third decline in a row. After improving last month, the current assessment index has fallen by 2.3 points to 111.6. Expectations have also been more pessimistic in July, with a decrease of 1.7 […]

A sneak peak into the world of hedge funds

Our expert in the selection of the world’s leading hedge fund managers, Jean-Pierre Selvatico, offers a review of the performance of hedge funds in the second quarter of 2012. The current economic climate, and more specifically the various potential outcomes for the eurozone and financial markets more generally, renders it difficult for one to be […]

Economic slowdown being confirmed

The July 2012 issue of Perspectives is now available for reading and downloading. Here are this month’s key figures. 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 […]

Why policymakers must be brave and innovate with economic policy

The July 2012 issue of Perspectives is now available for reading and downloading. Here is July’s topic of the month on why policymakers must be brave and innovate with economic policy. Even though the policy mix is extraordinarily stimulating, developed-world economies just cannot embark on a virtuous circle of recovery. Worse still, governments, whose finances […]

EU summit calms the markets

The July 2012 issue of Perspectives is now available for reading and downloading. Today, we look at asset classes and currencies: measures announced at the end of the EU summit on 28/29 June managed to ease tensions that had been afflicting most main asset classes. This reassurance may, however, be short-lived as the real underlying […]

Economies slowing down further

The July 2012 issue of Perspectives is now available for reading and downloading. Here are this month’s headline news from around the world. The global economic slowdown has helped to push oil prices down. This welcome decline could serve to boost consumer spending again over the next few months. Click on the image below for […]

European summit offers a little respite

The July 2012 issue of Perspectives is now available for reading and downloading. In this month’s strategy section, Pictet’s analysts explain that the European summit offers a little respite. A following wind breezed through most of the world’s stock markets for a few days after measures announced at the EU’s late-June summit. Although a few […]

The great divergence still firmly in place

The July 2012 issue of Perspectives is now available for reading and downloading. Today we preview the macroeconomics section of the magazine. Over the past twelve months or so, we have regularly referred in this publication to the phenomenon we have dubbed the ‘Great Divergence’. We define this as the increasingly divergent trajectories being taken […]

Nothing has changed

The July 2012 issue of Perspectives is now available for reading and downloading. In his editorial outlook, Chief Investment Officer Yves Bonzon explains that nothing has changed. 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 […]

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