Despite challenges from a strong currency, Switzerland's economy remains strong, with significant industrial growth driven by specialised sectors. This resilience contrasts with stagnation seen in many neighboring countries.

Desynchronisation of global macro trends

Chinese authorities have intensified support for the struggling economy as slowing growth makes the 5% GDP target unrealistic.

With the US presidential elections just a few weeks away, we take a look at the economic and social program of the democratic candidate for the White House.

In recent years, the rise of stablecoins has strongly transformed the landscape of digital finance, with over $170 billion of these digital assets now held globally, according to CoinGecko.

China has surpassed the U.S. as the global leader in critical technologies, marking a significant shift in the technological landscape with major implications for innovation, security, and the global economy.

As we approach the US Presidential election, the race remains highly uncertain, with both candidates neck and neck in the polls. The upcoming debates, along with recent events like Joe Biden's health issues and an assassination attempt on Donald Trump, have added to the unpredictability of this election, which could significantly impact the US economy and financial markets. Let's explore the key issues at stake and how the election outcome may affect equity and bond investments.

Argentina's economy has fluctuated between prosperity and crisis, with recent austerity under President Milei reducing inflation but worsening poverty and increasing reliance on foreign investment, leaving the country vulnerable.

We expect the Fed rate cut cycle to start soon and proceed gradually. Barring a financial crisis or a sharp and unexpected change in the path of inflation or unemployment, the upcoming rate-cutting cycle won’t be dramatic; we expect the Fed to make incremental, 25 bps cuts to its policy rate. Moreover, the Fed is going to stay highly data dependent and will calibrate accordingly. Overall, this is a rather positive scenario for risk assets. Still, equity market valuations are becoming rich, especially in developed markets. Consequently, we keep our neutral stance on equities. We are upgrading all currencies (EUR, CHF, CHF, JPY, EM currencies) back to neutral vs USD (from Negative). Technicals have turned against the US dollar and the Fed has sent a clear signal about coming rate cuts.

Eastern Europe's post-communist lag has shifted to rapid growth, showcasing the impact of EU integration.