Insights

Insights into the key drivers behind the outlook for China's economy as well as an update on the Q2 earnings results so far.

La renta variable mundial siguió bajando en septiembre, un 4,1% (en dólares estadounidenses), y la deuda pública mundial también cayó un 1,6% (en dólares estadounidenses, con cobertura).

Humans are irrational beings, yet economic theory often assumes we are perfect decision makers. In this Quarterly Letter we examine some of the common mistakes people make, and explain how acknowledging these flaws can strengthen, rather than weaken, our investment decisions.

Lombard loans, also known as portfolio loans, allow you to borrow money against your assets such as stocks and bonds without selling your investment portfolio. This guide explains how you can use such loans to maximise your wealth.

Interest rates are still rising, turning government bonds into an attractive option for investors looking to preserve their wealth. In this Market Perspective we assess how bonds now compare to stocks, and examine falling global inflation.

Psychiatrist and explorer Dr. Bertrand Piccard made aviation history with his successive non-stop around the globe flights in a balloon and a solar airplane. In our interview, we trace back his aeronautic firsts, discuss the importance of perseverance and make the case for Switzerland's investment opportunities, as a country rife with high-tech innovation.

Over the past months, narratives dominated by central bank tightening producing an inevitable recession have faded from the scene. However, the economic outlook remains particularly uncertain amid further deterioration in business confidence.

La renta variable mundial cayó un 2,8% en agosto (en USD), mientras que los títulos mundiales de deuda pública descendieron ligeramente, un 0,1% (en USD, con cobertura).

La renta variable mundial subió otro 3,7% en julio (en USD), mientras que los títulos mundiales de deuda pública descendieron ligeramente, un 0,3% (en USD, con cobertura).

After some resilience in early 2023, the economic outlook remains particularly uncertain amid further deterioration in business confidence. Yet, investors continue to foresee a soft landing.

Insights into the key drivers behind the outlook for China's economy as well as an update on the Q2 earnings results so far.

La renta variable mundial repuntó un 5,8% en junio (en USD), mientras que la deuda pública mundial bajó un 0,1% (en USD, con cobertura).

Business surveys suggest that growth will slow further in the second half of 2023, while stubbornly-sticky core inflation is keeping central banks on their toes, and policy rates have yet to peak. In the latest episode of Perspectives from Wealth Management Switzerland, Laura Künlen and Global Investment Strategists Kevin Gardiner and Victor Balfour discuss why a more dramatic economic setback still feels neither necessary nor likely and why we should question artificial intelligence pessimists. Subscribe to Perspectives on Apple Podcasts and Spotify.

Italian merchant Marco Polo spent 25 years travelling across Asia at the end of the 13th century, seeking insight into new communities and cultures. In this Quarterly Letter we explore how there is still long-term value in looking beyond borders today.

Headline inflation rates have turned lower, spending power is getting some relief, and transatlantic business surveys have softened. But there are still geopolitical, environmental, and social concerns impacting the long-term outlook. We provide an update on the macroeconomic environment.

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.

Pese al repunte experimentado por las acciones del sector tecnológico de gran capitalización de Estados Unidos en mayo, los valores de renta variable mundiales perdieron un 1,1% y la deuda pública internacional descendió un 2,2% (en USD, sin cobertura).

What does the job profile of a private banker look like and what are the challenges when it comes to preserving wealth? Laura Künlen and Giovanna Lagutaine, Market Head Switzerland, discuss these questions and more as well as explore the Rothschild & Co Art Collection.

Markets have quickly regained some poise, but it is still too soon to conclude that we are out of the banking and economic woods. In this edition of Market Perspective, we review cyclical risk and update our inflation monitor, before evaluating economic performance of different countries.

The 11th edition of Mosaique Insights takes a closer look at the first three months of 2023, unpacks the outlook for Fixed Income and sheds some light on the Private Markets asset class. This edition also features an interview with a data science professor who will discuss most recent developments in the artificial intelligence space. Furthermore, we will present Rothschild & Co's philanthropic group approach to empower future generations.

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.

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.

A pesar de la preocupación por el sistema bancario (el índice MSCI World Banks cayó un 12,2%), la renta variable mundial subió un 3,1% y la deuda pública mundial repuntó un 3,7% en marzo (ambos en USD, sin cobertura). Más información en el último Resumen mensual de mercados de Wealth Management Switzerland.

Is the collapse of Silicon Valley Bank (SVB) —and other recent banking system events—the butterfly that will cause a financial tornado? This edition of Market Perspective provides an update on the banking system and how inflation is continuing to moderate, albeit patchily.

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.

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.

This International Women's Day we open the door to the Rothschild Archive. In the latest episode Wealth Management Switzerland's Perspectives podcast, Laura Künlen and Melanie Aspey, Director of the Rothschild Archive, shed light on how the women of the Rothschild family shaped the early days of the business and how their legacy translates till today.

Lower commodity prices, including energy prices, are trickling down to consumers, affecting both sides of the Atlantic slightly differently. In this strategy blog, we examine how the energy crisis has abated a year after the outbreak of war in Ukraine and its impact.

Febrero resultó ser un mes difícil para los mercados de capitales, ya que el nuevo riesgo de tipos de interés derivado de un mayor endurecimiento de la política monetaria ocupó un lugar central. Tanto la renta variable mundial como la deuda pública cayeron el mes pasado.

As incoming data shows inflation rolling over—despite low unemployment—the good news may not last. But what happens next? In this Strategy Blog, we discuss the state of inflation and why interest rates look more like plateaus than peaks, leaving us at odds with the money markets.