Slow food for thought
Insights and research on global events shaping the markets
Risk assets are off to a very decent start of the year. While some key hurdles are now behind us, we believe that volatility could pick-up in the second half of the year as central banks might have to maintain restrictive financial conditions while economic growth is slowing down.
While some respite was expected as we entered 2023, the start of the year was far from a relaxing one. After a hawkish start to the quarter, volatility especially in bonds, surged during March, following the collapse of Silicon Valley Bank. That led to fears about broader contagion across the banking system, that were bolstered by the sudden implosion of Credit Suisse and its acquisition by UBS, backed by guarantees from the Swiss government.
CLIMBING THE WALL OF WORRY H2/2023 Risk assets are off to a very decent start of the year. While some key hurdles are now behind us, we believe that volatility could pick-up in the second half of the year as central banks might have to maintain restrictive ﬁnancial conditions while economic growth is slowing down. In order to navigate this uncertain environment, we nevertheless recommend our clients to abide to 3 investment principles: 1. Stay invested; 2. Go for quality and 3. Use volatility to your advantage by seizing opportunities once they arise.
After an exceptional 2021, the first quarter of 2022 has been an emotional and difficult one for investors. Russia’s invasion of Ukraine, surging inflation and the start of the Fed rate hike cycle weighed on both equities and bonds performance while commodities thrived. Here are 10 stories to remember from an eventful quarter.
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