Key takeaways Overall, the macro & liquidity conditions are still positive for risk assets. While equity market valuations are rich, especially in the US, earnings growth momentum is accelerating, and market dynamics remain favourable. Consequently, we maintain our overweight stance on equities and underweight on bonds. While we maintain our preference for US equities over the rest of the world, we are neutralising our stance on eurozone and emerging markets equities as the specific tariff risk seems to be already well priced in. Within rates, we continue to favour the 1-10 years segment over long-dated bonds. We maintain our gold and hedge funds exposure for diversification purposes. Our stance on currency (overweight dollar against major pairs except the Swiss Franc) is unchanged.
Brace for a high-stake election in Germany while US tariffs are deployed
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President Donald Trump signed an executive order relating to cryptocurrencies. The US is now one step closer to the creation of a strategic bitcoin reserve. Overview below.
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Key takeaways Overall, the macro & liquidity conditions are still positive for risk assets. While equity market valuations are rich, especially in the US, earnings growth momentum is accelerating, and market dynamics remain favourable. Consequently, we maintain our overweight stance on equities and underweight on bonds. While we maintain our preference for US equities over the rest of the world, we are neutralising our stance on eurozone and emerging markets equities as the specific tariff risk seems to be already well priced in. Within rates, we continue to favour the 1-10 years segment over long-dated bonds. We maintain our gold and hedge funds exposure for diversification purposes. Our stance on currency (overweight dollar against major pairs except the Swiss Franc) is unchanged.
Brace for a high-stake election in Germany while US tariffs are deployed
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January saw global bond markets rally despite Trump’s tariff shock, the Fed’s cautious stance, and the ECB’s fifth rate cut—while EM bonds outperformed, fueled by easing U.S. rates and strong technicals.
Nvidia’s market cap dropped, DeepSeek continues to disrupt, and European banks outperformed the Mag 7. Each week, the Syz investment team takes you through the last seven days in seven charts.
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