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Monthly house view | November 2023

Pictet Wealth Management’s latest positioning across asset classes and investment themes. Macroeconomy Business surveys offer tentative signs that world growth may be reaching a trough. Barring further escalation in geopolitical tensions, we could begin to see a modest uptick in global growth trends.US GDP growth…
LFI
08 November 2023
a circular mirror reflecting the sky in a metal structureNews

Uncertainties feed into higher Treasury yields

‘Higher for longer’ base ratees together with an increase in the term premium keep pressure on 10- year US Treasury yields. Lauréline Renaud-Chatelain, Fixed-income strategist, Pictet Wealth Management. The US 10-year yield has risen substantially since September, briefly touching 5% on 23 October (before retreating…
LFI
08 November 2023
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A short cut to better bond returns

The volatility of the fixed income market has left investors wary. But the yields offered by shorter- dated bonds are as attractive as they have been in quite a while. Mickael Benhaim, Head of Fixed Income Investment Strategy & Solutions Pictet Asset Management. With bonds…
LFI
08 November 2023
the sun is setting over a body of waterInvesting

Barometer: Geopolitical risks cast shadow over stocks

The conflict in the Middle East threatens to further destabilise the economy and financial markets. As a result, we remain neutral stocks and overweight bonds. Luca Paolini, Chief Strategist at Pictet Asset Management. Asset allocation: geopolitical vulnerabilities Just as the markets had started taking the…
LFI
08 November 2023
beige desk globe front of mirrorNews

Weekly View: Not thinking about thinking

Powell’s soft pivot César Pérez Ruiz, Chief Investment Officer Pictet Wealth Management. Financial markets switched to risk-on mode last week, as a dovish pivot from the Federal Reserve and a big slowdown in US job creation fuelled expectations that US interest rates have peaked. The…
LFI
08 November 2023
white high-rise buildingsNews

FOMC: Fed hints no easing in sight

Matthew Ryan, CFA - Ebury. There were no major surprises from the Federal Reserve on Wednesday, with interest rates kept unchanged and Chair Powell striking a hawkish note on the US economy. Fed fund futures were assigning effectively zero chance of a hike this month,…
LFI
06 November 2023
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ESG ratings under the microscope

ESG corporate ratings are redrawing the financial landscape, yet investors often struggle to interpret them. Caroline Reyl, Senior Investment Manager, Stephen Freedman, Head of research and sustainability -Thematic Equities & Faisel Syed, ESG Specialist Pictet Asset Management. Overview Britain’s system of imperial measurements has long…
LFI
06 November 2023
round gold-colored 2 euro coinInvesting

Euro area (GDP and Inflation) Macro update

Euro area GDP: slight GDP contraction in Q3 Nadia Gharbi, Senior Economist Pictet Wealth Management. According to Eurostat’s preliminary estimate, euro area GDP fell by 0.1% q-o-q in Q3, while the Q2 figure was revised up to +0.2% q-o-q (from +0.1%). The Q3 number was a bit…
LFI
06 November 2023
man on grass field looking at skyNews

Fund Insight : ODDO BHF AM Future of food

Story of the month The recent flotations of Arm (semiconductor, USA), Klaviyo (digital marketing, USA) and Instacart (food delivery, USA) are stirring hopes for a revival of the dormant IPO market for a year and a half now. All the three IPOs priced in the…
LFI
31 October 2023
a tall brick building with lots of windowsNews

AllianzGI expects the Fed “to hold steady”

Comments by Franck Dixmier, Global CIO Fixed Income at Allianz Global Investors, ahead of the Fed meeting on 31 October and 1 November. Why we expect the Fed to hold steady We anticipate no change to rates at the next meeting of the Fed's monetary…
LFI
31 October 2023