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Private banking

Economic outlook - Strategy Investment

Our Investment committee defines the asset allocation strategy.

December 2016 - Quarterly views

In a nutshell The last three decades have witnessed a profound transformation in global commerce In this context, political and popular scepticism about the benefits of free trade has risen –...

September 2016 - Quarterly views

In a nutshell A heavy political agenda (USA, Italy, France, Germany) may trigger short-lived spikes in volatility and risk aversion The combination of sluggish, irregular growth and low rates we...

June 2016 - Quarterly views

Growth is set to remain uneven and sluggish across major economies this year. It will stay above potential in the eurozone, narrowing the gap with the United States which should remain the strongest...

March 2016 - Quarterly views

Despite a less supportive macro backdrop, we still do not see a recession looming. Slow global trade flows are impacting heavily industrialised economies. Conversely, consumer spending on goods and...

December 2015 - Quarterly views

Financial markets often seem fickle. Some of the strongest returns in equities, for example, are recorded when the outlook appears bleakest. Part of the explanation for this can be found in the study...

October 2015 - Quarterly views

After a slowdown in global growth, notably in manufacturing output and world trade, we expect a pick-up helped by robust consumer spending, low energy prices and abundant liquidity. The only large...

June 2015 - Quarterly views

• Another winter slump in the US, stronger growth in the eurozone thanks to external factors and continued slowdown in China. The global economy will remain out of sync as we enter the second half of...

March 2015 - Quarterly views

• The outlook for the global economy remains mixed. US growth is broadening but not accelerating, Japan is picking up after last year’s brief recession, and the eurozone has begun to recover. Emerging...

December 2014 - Outlook 2015

• Divergences in economic performance will persist in 2015: solid growth in the US and UK, a positive contribution from Japan, sluggish growth in the eurozone and continued slowing of emerging market...