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The reason why European banks underperform U.S. banks

The valuation of European banks and U.S. banks have varied greatly over the last 3 years. Recently, European banks have greatly underperformed their U.S. counterparts. Alexandre Tavazzi, head of advisory at Pictet, explains in this video how the central bank responses to the financial crisis have impacted the recent trading activity.

Financial markets cannot decide

Reflation or deflation? Virtuous economic recovery or downward spiral? Perceptions of prospects have swung back and forth over the past month. Judging by shifts in regime as regards correlations between asset classes, financial markets clearly cannot come to any hard and fast conclusions. Find more analysis and views in this month’s Perspectives, available for online […]

Bond markets in the firing-line

Here are the key figures for April 2012, taken from the latest edition of Perspectives. Find more analysis and views in this month’s edition, available for online reading and downloading. 10-year US Treasury bond yields spiked suddenly from just under 2% in early March to almost 2.4% by 19 March before drifting back to 2.2%. […]

The US housing sector: when is it really going to turn upwards again?

Construction and the housing market remain conspicuous by their absence among those sectors of a US economy that has been recovering now for almost three years. Some timid signs of improvement have been detected, but that is all they are – timid. Fundamentally speaking, damaging fallout from the housing and financial market crashes is still […]

Coincident, but not concerted action by the world’s central banks

Central banks in the world’s major developed nations have been pressing ahead with accommodating monetary policies. Their measures have been coincident, but not concerted. They are aiming to counter deflationary risks stemming from ongoing deleveraging by households, banks and governments. Find more analysis and views in this month’s Perspectives, available for online reading and as […]

Gold and the S&P 500: heading for a shift in regime?

The April 2012 issue of Perspectives is now available for reading and downloading. We start previewing the articles of this edition with the opening column by Chief Investment Officer Yves Bonzon. Gold and the S&P 500: heading for a shift in regime? The first quarter of 2012 ended on a uniformly positive note for risk assets. They […]

Gold and the S&P 500: heading for a shift in regime?

The April 2012 issue of Perspectives is now available for reading and downloading. We start previewing the articles of this edition with the opening column by Chief Investment Officer Yves Bonzon. Gold and the S&P 500: heading for a shift in regime? The first quarter of 2012 ended on a uniformly positive note for risk assets. They […]

United States: ISM manufacturing survey

The ISM manufacturing index bounced back to 53.4 in March 2012, up from 52.4 in February. Consensus estimates were heading for a slightly lower figure of 53.0. The main reasons behind this monthly rise were sharp increases in the production sub-index (+3.0 points m-o-m to 58.3) and in the employment subindex (+2.9 points to 56.1). […]

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