Insights

Markets extended their rally in August, supported by strong earnings and risk appetite. Inflation and employment trends raise fresh questions amid political and trade tensions.

China’s stock market is up ~28% in 2025, outperforming globally, but structural issues persist.

August defied expectations, with headlines dominated by tariffs, politics, and a 39% US levy on Swiss exports.

Global equities rose by 1.4% in July (USD terms), and global government bonds declined by 0.2% (USD, hedged terms).

Market sentiment wavered as new US duties, weak data, and political uncertainty reignited concerns over trade and institutional credibility.

Emerging market stocks are outperforming developed markets in 2025, driven by broad-based earnings growth.

Gold has long stood as a symbol of stability and enduring value. In today’s uncertain world, its relevance feels stronger than ever.

In the latest edition of Perspectives, we speak with Gabriel Gascon, Head of Private Banking Geneva.

Bitcoin dominates crypto’s $3.4tn market but lacks utility, stability, and intrinsic value. Stablecoins may offer a more viable, less volatile path for decentralized digital payments and broader financial inclusion.

Capital markets have outperformed expectations in 2025, despite political and economic turbulence. While risks remain, resilient fundamentals and cautious optimism support current valuations.

Global equities rose by 4.5% in June (USD terms), and global government bonds returned +0.8% (USD, hedged terms).

Markets have remained relatively calm despite the recent escalation in geopolitical tensions between Israel and Iran.

Middle East tensions raise oil price risks, but markets remain calm. History shows geopolitical shocks don’t always trigger financial turmoil.

Global equities rose by 5.7% in May (USD terms), while global government bond returns were down by 0.5% (USD, hedged terms).

We examine the implications of the US budget proposal, renewed tariff tensions, and a cautiously optimistic signal from Germany.

Global supply chains have experienced several shocks in recent years, including a pandemic and war, but have so far proved resilient.

As is typical in the tech space, the Cloud is continually evolving. Some major trends are reshaping the ways we use the Cloud, and in particular the development of Generative AI is playing a significant role. In particular, the adoption of generative AI by hyperscalers will create shifts in the ways the Cloud is adopted and utilized.   

In this edition, Alice Squires discusses the growing impact of geopolitics on business, the rise of shareholder activism, and the strategic decisions boards must take to manage risk and capitalise on opportunities in an increasingly complex landscape.

Despite considerable volatility, it was (just) a positive month for global stocks in dollar terms.

On "Liberation Day", 2 April 2025, new US tariffs sparked significant market declines and increased global economic uncertainty.

New US tariffs are starting to weigh on corporate earnings expectations. While markets reacted swiftly, analyst forecasts may take longer to fully adjust.

The US dollar has weakened recently, but its global dominance remains intact.Market fundamentals—not short-term politics—will shape its future path.