H1 2025

Looking ahead to Q4.

H2 2024

A consolidated view of the markets, across geographies and asset classes.

2024 is expected to be the year when the economic chain reaction triggered by the Covid pandemic reaches its end.

A consolidated view of the markets, across geographies and asset classes.

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.

The first nine months of 2022 will be remembered as one of the most challenging periods ever for asset allocators. For the first time in history, both equity and fixed income are down more than 10% as at the end of September.

Economic growth is likely to remain positive during the second half of the year, supported by the reopening of the Chinese economy.