Notizie

Overly defensive positioning has failed to benefit from fluctuations stemming from tariff tensions.

The prospect of continued Fed rate cuts will weigh on the US dollar

Relief from US tariffs has fuelled renewed optimism, though commercial frictions remain, notably with India and Switzerland. Hope of a Russia–Ukraine ceasefire and rising expectations of a Federal Reserve rate cut have further buoyed equities. However, with equity valuations increasingly stretched, markets may face bouts of short-term volatility.

While the US earnings season has underpinned the equity rally, emerging risks – such as tariffs slowing the economy and fuelling price pressures – warrant investors’ attention. However, these risks remain insufficient to prompt a shift in our portfolio positioning, and we continue to maintain a broad diversification across asset classes.

The United Kingdom, Europe, South Korea, and potentially China in the near future: the list of US-negotiated trade deals continues to grow, yet uncertainty persists with several key partners. At the same time, investor focus is shifting back to economic fundamentals, with softer-than-expected US employment data released on Friday triggering a sell-off. Nonetheless, recent tech earnings results reaffirmed the sector’s enduring dominance.

Global professional services provider, JTC, and Union Bancaire Privée, UBP SA (“UBP”), a leading Swiss wealth and asset manager, are pleased to announce they have reached an agreement on JTC’s proposed acquisition of Kleinwort Hambros Trust Company (CI) Limited and its subsidiaries (together "KHT"), which are wholly owned subsidiaries of UBP.

AI is rapidly transforming the landscape of equity investing. For positive impact investors, AI presents a powerful enabling technology, one that, like electricity or the internet, can be used for both good and bad depending on how it is applied. Our focus is on how AI can serve as a catalyst for positive social and environmental outcomes while generating sustainable financial returns.

Commercial agreements are fuelling market optimism, reinforcing confidence in a clear path for corporate earnings growth. As the earnings season progresses, 34% of S&P 500 constituents have published their results, with 80% surpassing analysts’ estimates. This week, attention will be focussed on key economic data and potential new trade agreements as the 1 August tariff truce deadline approaches.

US banking giants led the start of the earnings season, with their management expressing confidence about consumer resilience despite economic uncertainty and price pressures, with the latter being confirmed by more solid June US headline inflation data which came in at 2.6% year-on-year. This figure also supported further consolidation of the US dollar, although we expect this to be short-lived. More corporate results are due this week and are likely to play a key role in steering market sentiment.

Union Bancaire Privée registra un aumento del patrimonio gestito di oltre l’11% a 171,7 miliardi di franchi