Slow food for thought

Insights and research on global events shaping the markets

Key takeaways: • After a strong first half of the year, the mood has shifted during the Summer as markets are adjusting to the reality of “persisting inflation & sticky rates”, a narrative which is adding pressure on equities and valuations. • While equity and bond market volatility could persist in the short-run, particularly through a historically choppy September/October, we expect more positive market conditions towards the end of the year. Indeed, with the US & global economy cooling down in the months to come, central banks are expected to pause their monetary policy tightening. This would be a positive for equity and bond markets over time. • We remain neutral on equities, rates and credit. Cash and bond yields are a clear competition to equities and our multi-assets portfolios reflect this reality. We are negative on the EUR and CHF against dollar. We upgraded Swiss equities to positive. We are keeping Gold as a diversifier. • We continue to favour 3 main investment themes: 1) Diversify into the lagging segments of the equity market that carry lower valuations; 2) Use volatility at our own advantage by buying on pullbacks; and 3) Use the bear steepening of the curve to extend duration within fixed-income portfolios.

In recent times, the United States has witnessed a remarkable resurgence in strikes and union activities, a phenomenon echoing the voices of workers from various sectors.

The city of Birmingham, the second largest in England after London, has announced to its residents that it can no longer meet its financial obligations. What are the causes and consequences? Birmingham has always been at the heart of the UK's growth, from its role in the Industrial Revolution as a manufacturing powerhouse to its current importance as a centre for finance, education and culture. Its diverse population, rich heritage and strategic location have made it a magnet for business, tourism and investment. However, the recent financial crisis has cast a shadow over its illustrious history, raising questions about its future and the wider implications for other UK cities.

The world, and the markets, have done better than survive one of the most resounding bank failures in history. But at what price? Fifteen years ago, a monument to global finance collapsed, leaving behind a gap of more than $600 billion. On the night of 14 September 2008, Washington decided to let go of the Lehman Brothers investment bank. And what Wall Street feared the most became reality: a major bank went bankrupt, plunging the financial markets and the global economy into an immense unknown.

Nvidia has become the must-have name when it comes to investing into the artificial intelligence theme. But there are other options to consider. Including vigilance...

The tug-of-war between Grayscale and the SEC over the conversion of the famous Bitcoin Trust into an Exchange Traded Fund (ETF) continues to rock the cryptocurrency world.

How do different generations perceive the world of investment and savings? As technology and society evolve, each generation approaches the world of investing in a different way. Baby boomers, born between 1946 and 1964, were influenced by events such as the post-war boom and the great recession. Generation X, born between 1965 and 1980, were forced to switch from traditional banking to online banking platforms. Millennials, born between 1981 and 1996, are influenced by the digital age and favour instant information and sustainable investments. Generation Z, born between 1997 and 2012, is even more digitally driven, demanding constant connectivity and instant access to (cheap) information.

Key takeaways: • After a strong first half of the year, the market’s mood has shifted in August with both US and International equities taking what still looks like a healthy pause. China’s growth issues and the rise of bond yields in the US have been the main triggers for profit taking. • We remain neutral on equities, rates and credit. We are turning negative on EUR and CHF against USD. We are downgrading China & EM Asia equities to neutral and are upgrading US equities to positive. • We continue to favour 3 main investment strategies: 1) Diversify into the lagging segments of the equity market that carry lower valuations; 2) Use volatility to our own advantage by buying on pullbacks; and 3) Use the bear steepening of the curve to extend duration within fixed-income portfolios.

The two "sister republics" (the United States and Switzerland) have in turn drawn inspiration from each other's constitutions. A mimicry that has no place when it comes to fiscal responsibility and indebtedness.

Mattel's Barbie influencer marketing campaign is a huge success. Here are 7 lessons to ponder.

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