EFI

Xiao Cui, Senior Economist Pictet Asset Management. We continue to expect the FOMC to cut rates by 25bps at its meeting next week. A hold is a non-negligible hawkish risk, but will likely only come after some well-placed weekend news article(s). The market-implied probability of…

Pictet Asset Management Global equities should build on their gains next year, with emerging market stocks delivering among the best returns. In fixed income and currency markets, government bond yields could edge higher over 2026 while the US dollar is set to depreciate further. Overview:…

Hawkish cut César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. Conflicting data about the health of the US labour market held stocks in a holding pattern last week ahead of this week’s Federal Reserve meeting, at which we expect a hawkish cut in interest…

Valentin Vigier, Head of Responsible Investment, La Financière de l’Échiquier (LFDE) – December 2025 According to the European Commission, a raw material is critical when it combines ‘high economic importance’ and ‘high vulnerability to supply disruptions’. This definition takes on particular significance in the current geopolitical…

Paul Reuge, European Equities Portfolio Manager Rothschild & Co Asset Management. Since the end of the Covid-19 pandemic, office Real Estate companies have continued to struggle on the stock market. They are underperforming the Eurozone Real Estate index across all sectors. Disrupted by the surge…

César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. The S&P 5001 rose 3.7% (in USD) last week on improved sentiment towards tech stocks and reinforced expectations the Federal Reserve will cut interest rates in December. US Black Friday retail sales rose 4.1% year-on-year, with new AI…

Thanksgiving ultimatum César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. The Trump administration issued Ukraine with an ultimatum to sign a peace deal by Thanksgiving on Thursday, triggering concern in Europe at a 28-point plan that envisages major concessions by Kyiv to end the…

Supreme Court reviews Trump tariffs César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. The US government shutdown, now the longest in history, is leaving markets to pore over private data to gauge the economy’s health – and last week they got a fright. US-based…

Emmanuel Petit, General Partner, Head of Fixed Income; Julien Boy, Fixed Income Portfolio Manager Specialisation: Govies & Inflation et Samuel Gruen, Fixed Income Portfolio Manager Specialisation: Relative Value Rothschild & Co Asset Management. While equity markets continue to grab the spotlight, fixed-income markets are entering…