--- title: Syz The Moment | europe (54) description: europe | Syz The Moment (54) --- [![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. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. 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 9 Oct 2023 - - - #### Here's a visual comparing the 5 largest companies in the U.S. to the 5 largest in Europe by market cap It's absolutely remarkable that $AAPL alone is almost twice the size of all five European giants combined. Source: Quartr [#United States|](https://blog.syzgroup.com/syz-the-moment/tag/united-states) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Here's a visual comparing the 5 largest companies in the U.S. to the 5 largest in Europe by market cap](https://blog.syzgroup.com/hubfs/1696747029106.jpg) ![Here's a visual comparing the 5 largest companies in the U.S. to the 5 largest in Europe by market cap](https://blog.syzgroup.com/hubfs/1696747029106.jpg) 9 Oct 2023 - - - #### Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg. Walmart said it’s already seeing an impact on shopping demand from people taking Ozempic. That sent shares of food and beverage companies sliding, some to multiyear lows. Source: Bloomberg, TME [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg.](https://blog.syzgroup.com/hubfs/1696671794407.jpg) ![Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg.](https://blog.syzgroup.com/hubfs/1696671794407.jpg) 5 Oct 2023 - - - #### The construction sector in Germany is really crashing. The German PMI Construction Index fell to 39.3 in Sep from 41.5 in Aug, and the lowest level since statistics began Source: HolgerZ, Bloomberg [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![The construction sector in Germany is really crashing. The German PMI Construction Index fell to 39.3 in Sep from 41.5 in Aug, and the lowest level since statistics began](https://blog.syzgroup.com/hubfs/1696507697150.jpg) ![The construction sector in Germany is really crashing. The German PMI Construction Index fell to 39.3 in Sep from 41.5 in Aug, and the lowest level since statistics began](https://blog.syzgroup.com/hubfs/1696507697150.jpg) 4 Oct 2023 - - - #### German Bond Yields Surge to 3%, Unseen Since 2011! In sync with global bond markets, German bond yields are experiencing a significant surge, marking a noteworthy milestone. The 10-year German yield has ascended to a remarkable 3%, a level not witnessed since 2011. This notable surge is primarily rooted in the rise of real yields, clearly depicted by the yellow line on the charts. Interestingly, inflation expectations, measured by the breakeven rate, have remained steadfast since the beginning of 2023, with the 10-year German breakeven rate holding firm at 2.29%. Despite the enduring challenges in Europe's economic outlook, there have been noticeable improvements, albeit against the backdrop of economic strain. Over the summer, the Citi Economic Surprise Index for Europe has impressively rebounded, transitioning from a daunting -150 to a more manageable -50. This reflects positive developments amid the ongoing challenges. However, the persistent turbulence in the government bond market can be attributed to several factors. These include the synchronized reduction of balance sheets by most developed central banks, which directly impacts real interest rates and term premiums. Additionally, the narrative of "higher for longer" has prompted a recalibration of flows into the front end of the yield curve, driven by concerns about the long end's convexity potentially not performing well in this scenario. The current resilience of the US economy, coupled with uncertainties surrounding the potential for a second phase of rising inflation within a soft landing scenario and a larger fiscal deficit, adds further complexity to this landscape. Source : Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![German Bond Yields Surge to 3%, Unseen Since 2011!](https://blog.syzgroup.com/hubfs/202310_german%2010-year%20nominal%20and%20real%20yields.png) ![German Bond Yields Surge to 3%, Unseen Since 2011!](https://blog.syzgroup.com/hubfs/202310_german%2010-year%20nominal%20and%20real%20yields.png) 3 Oct 2023 - - - #### A death cross on the Euro-dollar Watch out the key 1.05 support level. There is not safety net underneath Source: TME Activate to view larger image, [#technical analysis|](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![A death cross on the Euro-dollar](https://blog.syzgroup.com/hubfs/1696274235516.jpg) ![A death cross on the Euro-dollar](https://blog.syzgroup.com/hubfs/1696274235516.jpg) 29 Sep 2023 - - [2OObps, for the 1st time since March w/Italy 10y yield on course to 5%&summary=Source: HolgerZ, Bloomberg&source=https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-1dfb5903' target="\_blank"\>](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-1dfb5903&submitted-image-url=https://25733253.fs1.hubspotusercontent-eu1.net/hubfs/25733253/1695920185774.jpg&title=Italy) - #### Italy's 10y risk spread over Germany rose \>2OObps, for the 1st time since March w/Italy 10y yield on course to 5% Source: HolgerZ, Bloomberg [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Italy's 10y risk spread over Germany rose \>2OObps, for the 1st time since March w/Italy 10y yield on course to 5%](https://blog.syzgroup.com/hubfs/1695920185774.jpg) ![Italy's 10y risk spread over Germany rose \>2OObps, for the 1st time since March w/Italy 10y yield on course to 5%](https://blog.syzgroup.com/hubfs/1695920185774.jpg) 28 Sep 2023 - - - #### HAVE YOU EVER HEARD ABOUT DE-EUROIZATION ? Based on SWIFT international payments, we are witnessing 'de-euroization' and not 'dedollarization. The euro's share in SWIFT global payments has dropped to 23% from 38% at the start of the year. Are Russia's SPFS and China's CIPS eating up the euro? Meanwhile, China's share in SWIFT payments reached an all-time high of 3.47% in August. Source: HolgerZ, Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![HAVE YOU EVER HEARD ABOUT DE-EUROIZATION ?](https://blog.syzgroup.com/hubfs/1695892391498.jpg) ![HAVE YOU EVER HEARD ABOUT DE-EUROIZATION ?](https://blog.syzgroup.com/hubfs/1695892391498.jpg) 28 Sep 2023 - - - #### Sentiment among consumers in Germany keeps deteriorating as persistently high inflation encourages people to save & blots out chances of a recovery before year-end GfK German Consumer Sentiment Index drops to -26.5 in Oct from -25.6 in Sep. An indicator BELOW 0 signals YoY contraction in private consumption. Source: HolgerZ, Bloomberg [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Sentiment among consumers in Germany keeps deteriorating as persistently high inflation encourages people to save & blots out chances of a recovery before year-end](https://blog.syzgroup.com/hubfs/1695803753703.jpg) ![Sentiment among consumers in Germany keeps deteriorating as persistently high inflation encourages people to save & blots out chances of a recovery before year-end](https://blog.syzgroup.com/hubfs/1695803753703.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/53) [51](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/51) [52](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/52) [53](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/53) [54](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/54) [55](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/55) [❯](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/55) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/)