Tag Archives: Pictet view

The CIO office’s view of the week ahead.Trade disputes between the US and almost everybody else are reaching a climax, with US tariffs on imports prompting inevitable retaliation. Things could get worse before they get better, if President Trump puts his words into action. At this stage, global growth indicators are still flashing green and we have some hope that tough negotiations will yield to trade deals, but trade is a risk to upbeat scenarios for global economy and markets alike.It is...

The CIO office’s view of the week ahead.The ECB’s chief economist, Peter Praet, hinted that there could be an announcement on the winding-down of the bank’s bond-buying programme this week rather than in July, as many had thought, with Praet expressing confidence that inflation would rise toward the ECB’s 2% target. Coming at a particularly sensitive time, with the euro area economy continuing to work through a prolonged soft patch and the new populist government in Italy still an unknown...

Since the beginning of the year, many asset classes have recorded negative or only marginally positive returns. Where do we go from here?Christophe Donay, Chief Strategist, Head of Asset Allocation & Macro Research, Pictet Wealth ManagementSince the beginning of the year, depending on currency, many asset classes have recorded negative or only marginally positive returns. In US dollar terms, US and global equity indices (MSCI World) have produced total returns of below 0.5% since 1...

Published: 24th November 2017Download issue:English /Français /Deutsch /Español /ItalianoThe upturn in economic growth, benign central banks and improving corporate fundamentals have all ensured that most asset classes are set to finish 2017 in positive territory. But will the good times last?In the view of Pictet Wealth Management’s (PWM) chief investment manager, Cesar Perez Ruiz, next year “currently looks set to be a case of more of the same, at least in the first half”. After nine...

Published: 4th October 2017Download issue:English /Français /Deutsch /Español /ItalianoThe strong equity gains of early 2017 petered out over the summer, in spite of buoyant earnings, reflecting the market’s belief that remaining upside in equites remains limited, especially in the absence of meaningful tax stimulus in the US. Reflecting relatively modest prospects, Pictet Wealth Management (PWM) recently moved from a positive to a neutral position on a number of sectors in both the US and...

Published: 12th July 2017Download issue:English /Français /Deutsch /Español /ItalianoRisk assets showed a considerable loss of momentum in the second quarter. Annualised rises of over 50% on the S&P500 for much of the first quarter declined to 5% in the second. The reason was the fading of any belief in the reflation trade that the election of Donald Trump was meant to foster via tax cuts and infrastructure spending. There has also been a palpable loss of momentum in European markets as...

Published: 24th May 2017Download issue:English /Français /Deutsch /Español /ItalianoWith the election of Emmanuel Macron as French president, the tide of populism may have been stemmed for the moment in western Europe. Has Europe’s political class found the formula for dealing with the phenomenon? “I wouldn’t bet my investment career on it,” answers Pictet Wealth Management’s (PWM) chief investment manager, Cesar Perez Ruiz, in the June-July issue of ‘Perspectives’. Signs of ‘peak populism’...

Published: 28th March 2017Download issue:With President Trump’s plans to ‘reform and repeal’ Obamacare suffering a serious setback in Congress in March, attention is once again turning to the new administration’s plans for tax cuts and fiscal reform. The so-called ‘reflationary trade’, while in large part based on improving economic dynamics, also owes something to expectations that the new US administration will push through with other parts of its economic agenda. This means, writes Pictet...