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

During his campaign, President Donald Trump reminded the public he didn’t start any wars in first presidency and pledged the same in his second term. He even declared himself as the president who could “prevent World War III.”

After AI, quantum computing? Marketed as the next technological revolution, this emerging industry could reach a market value of $1.3 trillion by 2035, analysts say.

Focus note

2025 outlook

President Trump and the Year of the Snake

2025 outlook

Focus note

The 2024 season is coming to an end. What an eventful year it has been: the Magnificent 7 rally, the Bitcoin halving, Tesla's Cybercab reveal, geopolitical tensions and the US election. Here are ten stories to remember.