Flash note
In its documentary aired on 8 October 2024, HBO claims to have uncovered the true identity of Satoshi Nakamoto, the founder of the world’s largest cryptocurrency, Bitcoin.
• Overall, the overall macro and liquidity conditions are rather positive for risk assets. Still, equity market valuations are rich, especially in developed markets and some risks are under-priced. Consequently, while we keep our preference for equities over bonds, we refrain to increase exposure at this stage. We keep our neutral stance on equities. • Our view on Eurozone equities is downgraded from neutral to negative, mainly due to weakening economic trend, while we upgrade our view on emerging markets from negative to neutral (China stimulus, improving earnings dynamic, room for easier monetary policy). • Within rates, we continue to favour the 1-10 years segment over long-dated bonds. • We keep our gold and hedge funds exposure for diversification purposes. Our stance on currency (neutral dollar against major pairs) is unchanged.
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In its documentary aired on 8 October 2024, HBO claims to have uncovered the true identity of Satoshi Nakamoto, the founder of the world’s largest cryptocurrency, Bitcoin.
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Rising geopolitical tensions and inflation concerns pushed U.S. 10-year Treasury yields to 4.1%, as market expectations shifted towards a higher U.S. terminal rate, reflecting increased uncertainty.
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