Nachrichten

The US government shutdown, which began on 1 October, has delayed the release of the closely watched non-farm payrolls report. Other economic data published last week were downbeat, reinforcing our expectation that the Federal Reserve will implement two 25-basis-point rate cuts (on 29 October and 10 December) to counter labour market weakness. Meanwhile, negotiations over government spending between the Democrats and Republicans are set to continue in the run-up to the third-quarter earnings season.

Equities are priced to perfection, yet we remain constructive but cautious, while staying upbeat on gold, where we have raised our conviction rating to 5/5.

From the resurgence of Switzerland as a wealth hub, the value of global diversification, and the personal journey that shaped Teresa Lee's leadership philosophy.

Union Bancaire Privée (UBP) is a leading partner for external asset managers (EAMs). With decades of experience working alongside EAMs, UBP stands out for its expertise and long-standing commitment to this strategic clientele. SPHERE spoke with key managers from the team to understand how the Bank is responding to the evolving needs of EAMs while consolidating its position as a market leader.

Divergent remarks from Federal Reserve members combined with US macroeconomic data that was generally resilient have weighed on optimism for future rate cuts. Attention now turns to this week’s labour market report as a key gauge of job creation, while President Trump is set to meet Democratic and Republican leaders in an effort to avert a government shutdown.