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Outlook
News found: 51
Rates strategy
Bund: Three is a magic number
The German government surprised the market with the announcement of a fiscal easing package that was more aggressive and frontloaded than expected.
A blurred stock market graph overlays a faded American flag, symbolizing finance and patriotism. 07.21.25
Equity strategy
Decelerating not stopping
At this stage, the balance of risks appears fairly balanced.
Stock market dashboard displaying fluctuating graphs with red and green trends, showing various financial metrics and performanc 07.21.25
FX/Emerging Markets strategy
Back on track
In H1, the turbulent onset of Trump’s second term disrupted traditional market correlations, weakening the USD’s role as a safe haven during risk-off periods.
A digital display showing stock prices and data, with reflections of colorful lights from surrounding bank signage. 07.21.25
Global Outlook
OUTLOOK H2 2025:Uncertainty and resilience
In the second half of 2025 we expect a slowdown in US economic activity, albeit without recession, while as for Eurozone’s growth we expect a deceleration in the quarters ahead. The disinflation process will continue on both sides of the Atlantic Ocean. In this context, we still believe that the Federal Reserve and European Central Bank will cut rates twice before the end of the year. In China, an intervention by the Authorities seems crucial to sustain growth until 2026.
A modern glass skyscraper with reflective windows, featuring a sleek overhang and metal supports in the foreground. 07.14.25
Equity strategy
Chasing the rally
We are turning tactically LONG (from previously NEUTRAL). We believe there is still room for stock prices to rise, supported by a series of positive catalysts that include a manageable impact from tariffs and the fact that both US and China want to avoid further escalation in the trade war.
Stock market interface displaying fluctuating graphs and percentage changes in various financial metrics. 06.19.25