Insights

Recent surveys have hinted at a slowdown in economic growth, but underlying inflation is proving more persistent, pressuring central banks to hike rates further. Yet, how tightening credit conditions interact with already restrictive monetary policy stances is a key uncertainty.

Trotz der Erholung bei den grossen US-Technologie-Aktien im Mai fielen die globalen Aktien insgesamt um 2,2%, die globalen Staatsanleihen gaben um 2,2% nach (in USD, ungesichert).

The team will be led by Jessica Sellam

Resilient revenue despite challenging market conditions

While tracking a firmer pace than feared in Q1-23 GDP, incoming reports suggest much of the strength can be attributed to China. Meanwhile, central banks have continued their tightening campaign amid stubbornly firm wage growth and sticky core inflation. Will they continue until something breaks?

Rothschild & Co appoints Yuichi Akai to further strengthen its capabilities in Asia

These include deals across the Restructuring, Equities and Debt Advisory categories.

Senior appointment reinforces the global capability of the Consumer and Retail franchise of its Global Advisory business.

In der 11ten Ausgabe von Mosaique Insights werfen wir einen genaueren Blick auf die ersten drei Monate des Jahres 2023, beleuchten die Aussichten für Anleihen und stellen Ihnen die Private-Markets Anlageklasse vor. Außerdem enthält diese Ausgabe ein Interview mit einem Professor für Data Science, der über die jüngsten Entwicklungen im Bereich der künstlichen Intelligenz spricht. Ferner stellen wir Ihnen den philanthropischen Ansatz von Rothschild & Co vor, der sich für die Förderung künftiger Generationen einsetzt.

The recent stress in the banking sector seems to have abated but there remain many questions. In the latest episode of Perspectives from Wealth Management Switzerland, Laura Künlen and Global Investment Strategists Kevin Gardiner and Victor Balfour share their latest thinking on the economic backdrop and what this means for the markets.

The US debt ceiling is currently at $31.4tn and the total stock of outstanding government debt reached this level back in January. Since then, unable to issue any new debt, the Treasury has been depleting its cash balance. Despite this, we discuss why we believe the US will not default.

Family businesses are the backbone of the global economy and have been firmly rooted in society for centuries. In our latest Investment Views, we explore the secrets to the success of family businesses and highlight one inspiring example of a family-owned company which can look back on a 128-year history.

Mr Market, one of Benjamin Graham’s famous allegories, depicts an imaginary investor who swings wildly from optimism to pessimism. In this Quarterly Letter, we examine how our investment approach can outsmart Mr Market’s mercurial nature and help us make better investment decisions.

The global economy started the year on a firmer note than feared. Yet, core inflation is still stubbornly high while banking sector woes make it clear that the most aggressive tightening cycle in decades is taking its toll. Correspondingly, central banks will have to balance the risks between price and financial stability.

Rothschild & Co is pleased to announce the completion of the sale of its North American Asset Management units to Wintrust Financial Corporation.

Few would have predicted recent tumultuous events in the banking sector. In the latest episode of Perspectives from Wealth Management Switzerland, Laura Künlen and Global Investment Strategists Kevin Gardiner and Victor Balfour provide an update on the banking sector and discuss what this means for investors.

As focus shifts from the collapse of Silicon Valley Bank last week to the solvency Credit Suisse, central bank interventions have soothed fears of the contagion spreading. In this strategy blog our team analyses why our overall risk appetite remains unchanged.

Idiosyncratic headwinds compounded by losses on its treasury and mortgage-backed security portfolio lead to the collapse of Silicon Valley Bank. Are there signs of contagion? In this Strategy blog, we analyse the situation around the collapse and consider further risks.

Despite cautious central bank communication about the policy outlook, particularly in view of the persistent strength of labour markets, investors were expecting rate cuts in the second half of 2023 amid a fall in global inflation. Yet, recent macroeconomic data has poured cold water on their quick disinflation sanguine view.

Der Februar erwies sich als schwieriger Monat für die Kapitalmärkte, da das erneute Zinsrisiko durch eine weitere goldpolitische Straffung in den Mittelpunkt rückte. Sowohl globale Aktien als auch Staatsanleihen sind letzten Monat gefallen.

A challenging and unusual cyclical backdrop has impacted the credit cycle. Credit spreads have narrowed and default rates remain low, with relative debt position declining due to faster nominal growth and ongoing deleveraging. As momentum continues, credit spreads may narrow more.

Our Debt Advisory team has won Best Corporate Finance Adviser at GlobalCapital's 2022 Syndicated Loan, Leveraged Finance and Private Debt Awards.

Will there be a recession? Is inflation indeed fading? And is it time for eurozone stocks to outperform? Find out more in the latest instalment of the Perspectives podcast.