--- title: Syz The Moment (1217) description: Syz The Moment (1217) --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 16 Oct 2023 - - - #### The 10 Biggest Swiss Watch Brands 🏆by revenues Source: Morgan Stanley [#Food for Thought|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![The 10 Biggest Swiss Watch Brands 🏆by revenues](https://blog.syzgroup.com/hubfs/1697358964086.jpg) ![The 10 Biggest Swiss Watch Brands 🏆by revenues](https://blog.syzgroup.com/hubfs/1697358964086.jpg) 16 Oct 2023 - - - #### The bull-market is one-year old and the leadership has been unusual • Since 1980, every single end to a bear market and start of a new bull has been accompanied by a broad rally in stocks, with the Equal Weight Index and small-caps stocks outperforming the S&P 500. • This time is different: the S&P 500 is heavily influenced by the 10 largest companies, which have enjoyed outsized returns. The so-called "magnificent seven" (Amazon, Apple, Alphabet, Meta, Microsoft, NVIDIA and Tesla) are up 77% over the past 12 months. But the S&P 500 Equal Weight Index, which assigns the same weight to all the stocks that are included, is up a more modest 11% for the same timeframe. Small-cap stocks are up 5%. Source: Edward Jones [#markets|](https://blog.syzgroup.com/syz-the-moment/tag/markets) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![The bull-market is one-year old and the leadership has been unusual](https://blog.syzgroup.com/hubfs/1697301625920.jpg) ![The bull-market is one-year old and the leadership has been unusual](https://blog.syzgroup.com/hubfs/1697301625920.jpg) 16 Oct 2023 - - - #### Cash + Treasury Bills now account for 15% of BoA's Global Wealth AUM, the highest level since the onset of the pandemic and one of the highest levels since the GFC This could potentially limit the downside risk if that capital rotates back into stocks. Source: Barchart, BofA [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![Cash + Treasury Bills now account for 15% of BoA's Global Wealth AUM, the highest level since the onset of the pandemic and one of the highest levels since the GFC](https://blog.syzgroup.com/hubfs/1697321266583.jpg) ![Cash + Treasury Bills now account for 15% of BoA's Global Wealth AUM, the highest level since the onset of the pandemic and one of the highest levels since the GFC](https://blog.syzgroup.com/hubfs/1697321266583.jpg) 16 Oct 2023 - - - #### For the first time in the last 5 decades, rising interest rates have failed to cause Stock P/E multiples to contract Source: Barchart [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![For the first time in the last 5 decades, rising interest rates have failed to cause Stock P/E multiples to contract](https://blog.syzgroup.com/hubfs/1697358779067.jpg) ![For the first time in the last 5 decades, rising interest rates have failed to cause Stock P/E multiples to contract](https://blog.syzgroup.com/hubfs/1697358779067.jpg) 16 Oct 2023 - - - #### US Treasuries were bid this week due to the search of "safe havens" on the back of Middle East turmoil However, ugly auctions on Thursday came as a harsh remainder of the unfavourable supply/demand situation faced by US Treasuries. On the supply side, there is a tsunami of notes and bonds that is going to flood the market. And it is occurring while the Fed, under its QT program, is letting about $60 billion a month in maturing Treasury securities roll off the balance sheet without replacement. With the Fed reducing its holdings, that tsunami of notes and bonds being issued will have to find buyers, and those buyers will have to be enticed by yields. Unless inflation and growth slow down meaningfully, yields are unlikely to drop aggressively. Source: www.wolfstreet.com, Bloomberg [#markets|](https://blog.syzgroup.com/syz-the-moment/tag/markets) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![US Treasuries were bid this week due to the search of ](https://blog.syzgroup.com/hubfs/1697321109272.jpg) ![US Treasuries were bid this week due to the search of ](https://blog.syzgroup.com/hubfs/1697321109272.jpg) 16 Oct 2023 - - - #### Big opportunities ahead for fixed income investors? The past three years' pain in bonds could indeed be setting the stage for outsized gains ahead. To put the decline into perspective, long-term government bonds, with maturities greater than 20 years, have dropped 50% from their 2020 peak, a drawdown that is comparable to the 56% decline in stocks during the height of the Global Financial Crisis in 2008 Source: Edward Jones [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![Big opportunities ahead for fixed income investors?](https://blog.syzgroup.com/hubfs/1697301138161.jpg) ![Big opportunities ahead for fixed income investors?](https://blog.syzgroup.com/hubfs/1697301138161.jpg) 16 Oct 2023 - - - #### 9% of bonds are set to mature in the next 2 years → The highest level since the Financial Crisis High interest rates will make refinancing more difficult Source: Game of Trades [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![9% of bonds are set to mature in the next 2 years → The highest level since the Financial Crisis](https://blog.syzgroup.com/hubfs/1697302247315.jpg) ![9% of bonds are set to mature in the next 2 years → The highest level since the Financial Crisis](https://blog.syzgroup.com/hubfs/1697302247315.jpg) 16 Oct 2023 - - - #### Two different years Two different reactions by growth stocks. Source: J-C Parets [#markets|](https://blog.syzgroup.com/syz-the-moment/tag/markets) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Two different years](https://blog.syzgroup.com/hubfs/1697323938975.jpg) ![Two different years](https://blog.syzgroup.com/hubfs/1697323938975.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/page/1216) [1215](https://blog.syzgroup.com/syz-the-moment/page/1215) [1216](https://blog.syzgroup.com/syz-the-moment/page/1216) [1217](https://blog.syzgroup.com/syz-the-moment/page/1217) [1218](https://blog.syzgroup.com/syz-the-moment/page/1218) [1219](https://blog.syzgroup.com/syz-the-moment/page/1219) [❯](https://blog.syzgroup.com/syz-the-moment/page/1218) [❯❯](https://blog.syzgroup.com/syz-the-moment/page/1250?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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