Since the beginning of the year, investors’ concerns over a return of inflation have come back to the fore and triggered a sharp sell-off in US Treasury bonds. Investors were initially unfazed, as this move reflected solid US growth prospects.
Neue Zürcher Zeitung (NZZ) - Guy de Picciotto, CEO of Geneva-based bank UBP, believes the financial sector could be at the start of a new era, past problems have been solved, and banks now have the chance to draw on their traditional strengths.
Smaller companies have now performed strongly over a number of years following the financial crisis and have a history of strong relative returns over the long term. What are the main contributing factors to these positive returns, and will the outperformance that has been seen in 2017 be followed by further strength in 2018?
Contrary to some small- & mid-cap (SMID) segments of stock indices, the SPI Extra is not necessarily more of a reflection of the domestic economy than the wider Swiss equity market, where more than 90% of company revenues are generated abroad. Swiss SMIDs are broadly as international.
From the Desk of a Fund Manager (January): The global equity rally in 2017 stemmed not only from subdued geopolitical risks, but also in part from growing evidence of a pickup in world economic trade and a recovery in commodity prices.
Finanz und Wirtschaft (24.01.2018) - Guy de Picciotto, CEO of UBP, talks about the 2017 financial year, and explains why his international clients are not showing much concern about negative interest rates on the Swiss franc. The head of one of the biggest family-owned banks also tells us where UBP is looking to expand in the future.