Tag Archives: Perspectives

Download issue:Sisyphus was punished by the gods by having to repeatedly roll a boulder up a hill after it rolled back down each time he reached the summit. Today, markets are subjecting the world’s central bankers to the same punishment. According to César Pérez Ruiz, PWM’s Head of Investments & CIO, “each time central banks attempt to normalise monetary policy, the ‘market gods’ compel them to revert to easing mode and lower rates. The result is we are living in an era of economic...

Download issue:English /Français /Deutsch /Español /ItalianoWith all major central banks now having turned dovish, we can expect the continuation of ultra-low global interest rates in 2019. This is a relief for markets, which have already rallied in response. The greater concern is whether global growth can make a comeback.César Pérez Ruiz, Pictet Wealth Management’s (PWM) Head of Investments & CIO, will be looking for stabilisation in earnings revisions against the current backdrop of...

Download issue:English /Français /Deutsch /Español /ItalianoAfter a difficult year for markets in 2018, with very few asset classes posting positive returns, we anticipate that 2019 will be a year when the “three amigos”— consisting of a bear, a bull and a kangaroo—stake out their territory in financial markets. In other words, we expect plenty of ups and downs—but also think that investors sufficiently smart to exploit volatility spikes will, like a kangaroo, be able to bounce ahead.In the...

Download issue:English /Français /Deutsch /Español /ItalianoAs the recent upsurge in volatility shows, the outlook for risk assets is becoming more uncertain than ever. Trade wars, doubts about economic and corporate growth prospects, big fluctuations in oil prices and the winding down of expansionary monetary policies, not to mention gathering political and geopolitical tensions, have all contributed to market wobbles since early October.How to respond, especially as, according to César...

Download issue:English /Français /Deutsch /Español /ItalianoFresh US tariffs against Chinese imports, followed swiftly by Chinese retaliation, are casting a shadow over prospects for the global economy. But just how much could they hurt growth? And what are the implications for various asset classes and for investors?In this special edition of Perspectives, experts at Pictet Wealth Management (PWM) set out to answer these questions.Christophe Donay, PWM’s Chief Strategist and Head of Asset...

Risk assets have disappointed this year and global equities were trendless, but as long as fundamentals can re-assert themselves, there could still be some life in risk markets. Global equities were trendless and the overall performance of risk assets lacklustre in the first half of 2018. But while trade tensions have been causing jitters and could continue to do so in the short term, as long as fundamentals are able...

Download issue:English /Français /Deutsch /Español /ItalianoRisk assets have disappointed this year and global equities were trendless, but as long as fundamentals can re-assert themselves, there could still be some life in risk markets.Global equities were trendless and the overall performance of risk assets lacklustre in the first half of 2018. But while trade tensions have been causing jitters and could continue to do so in the short term, as long as fundamentals are able to re-assert...

Download issue:English /Français /Deutsch /Español /ItalianoOur annual Horizon publication contains Pictet Wealth Management’s analysis of expected returns over a 10-year horizon. Simply put, major asset classes are expected to deliver lower returns. But alternatives offer greater potential — in exchange for a degree of illiquidity.This abridged edition of Horizon sets out our rationale behind our expected returns forecasts relative to risk for the next ten years across some 35 asset...

Download issue:English /Français /Deutsch /Español /ItalianoThe latest issue of Perspectives is a special edition devoted to Pictet Wealth Management’s (PWM) analysis of expected returns across 35 asset classes over a 10-year investment horizon, as well as the secular economic and market trends that will underpin those returns. This special edition resumes the more detailed analysis contained in our annual publication, Horizon.Simply put, PWM expects the major asset classes to deliver lower...

Download issue:English /Français /Deutsch /Español /ItalianoThe early weeks of 2018 were full of twists for financial markets, with a rapid rise in bond yields leading to a short, sharp sell-off in equities. And while volatility subsequently fell back, it has still not returned to the low levels of 2017.What is going on? According to Christophe Donay, Head of Asset Allocation & Macro Research at Pictet Wealth Management (PWM), the correction we saw in early February was “the most visible...