Publications

May 29, 2023 - Special weekly review

Monday 29th is a public holiday in Switzerland and there will be no Weekly review. Instead we are sending this brief note to highlight...

May 22, 2023 - Climbing the "wall of worry" .

Equities continued their rebound from the March lows, climbing a "wall of worry". This is a well-known expression in our profession,...

May 15, 2023 - Will the US default in June ?

The answer is : ... most probably not. However, the situation is not something that we should take it lightly. As the amount of...

May 8, 2023 - Confusing markets call for cautious steps.

Financial markets are currently pricing completely different scenarios than the data or the central banks are telling us. The US bond...

May 1, 2023 - Sell in May and go away ?

In equity markets there is an old saying : "Sell in May and go away". This "myth" was created many decades ago, as the markets...

24 April, 2023 - Cracks have started to appear in the US labor market.

Recent data point to a deterioration of the US jobs market, which is only normal after the most aggressive interest rate hike campaign of...