Publications

2024: From Crisis to Normalisation

As we reflect on 2024—a year marked by economic normalisation and market resilience—what can we expect for 2025? In this video, our CIO, Jean-Christophe Rochat, shares his analysis on the evolving global landscape and the challenges ahead.

From the stabilisation of inflation in 2024 to the heightened volatility anticipated in 2025, Jean-Christophe Rochat examines the key drivers, including U.S. economic policies, Europe’s persistent struggles, and China’s ongoing headwinds.

Strategic selectivity and diversification will be essential in the year to come.

👉 Watch now and prepare for what’s next

December 19, 2024

Publications

Geopolitical Shock in the Middle East: Short-term Volatility, Fundamentals Still Prevail

- Markets are pricing in an energy risk premium: oil is approaching USD 100. - Geopolitical crises have historically had a limited impact on markets. - Higher oil prices act as a global tax on consumption.

March 17, 2026

Publications

Affordability, America’s Achilles’ Heel

In an economy that remains wealthy yet increasingly fragmented, purchasing power has become Washington’s primary test.

February 13, 2026

Publications

Letter from the CIO - February 2026

Markets in Transition: Fewer Obvious Trades, Greater Balance

February 12, 2026