Fed focus César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. The week in review Global stocks rose last week on robust corporate earnings and cooler-than-expected US inflation, which reinforced expectations that the Federal Reserve will cut interest rates this week. Expectations for the cut,…

The third quarter of 2025 stood out for a spectacular rebound in global markets, driven by the signing of trade agreements between Washington and its partners, corporate earnings far exceeding expectations, and the first interest rate cut by the U.S. Federal Reserve in over a…

Cockroaches in the market César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. US 10-year Treasury yields fell below 4.0% last week on concerns about banks’ exposure to private credit as some regional lenders said they had been exposed to fraudulent loans, sparking a warning about…

Last year, we identified a deteriorating fiscal backdrop in the US and argued that the unique status of the dollar as the world’s reserve currency and the depth of the US capital markets provide exceptional fiscal leeway. We also said US debt and deficit reduction…

When Chinese artificial intelligence startup DeepSeek launched a large language model in January with a similar performance to that of US rival OpenAI at a fraction of the cost and computing power, it did not just set the stage for a battle between the US…

Trade headwinds César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. US equities retreated after President Trump threatened to impose additional 100% tariffs on all Chinese imports from 1 November. Trump’s latest tariff salvo was a response to China's strict new restrictions on rare earth exports. Diplomatic…

César Pérez Ruiz, Chief Investments Officer Pictet Wealth Management. Japan’s ruling Liberal Democratic Party (LDP) elected Sanae Takaichi as its new president, putting on her course to become the country’s first female prime minister. Takaichi is seen as favouring fiscal expansion – a prospect that sent…