Insights

Monthly global house view & investment perspectives

After a strong June, markets enjoyed another positive month in July with the MSCI World index rising around 2% over the month. Global equities have now returned more than 16% year-to-date and are close to recouping the losses experienced in 2022. Fixed income markets also mostly registered positive returns in July. The Bloomberg Barclays Global Aggregate index was up about 1% for the month, though the year-to-date returns are significantly more muted than equities at just over 2%.

IMF: Near-term resilience, persistent challenges

On 26 July the International Monetary Fund (IMF) released an update to its World Economic Outlook (WEO).* Although the forecast for global growth was revised slightly higher for 2023, the global recovery is slowing amid widening divergences across economic sectors and regions. In this Macro Flash Note, Amanda Cotti summarises the changes.

Game, set and match Gstaad!

The second year of our partnership with the EFG Swiss Open Gstaad was once again considered a great success. This year, the flagship tournament set against the backdrop of the Swiss Alps, ran from 15-23 July 2023. A week of outstanding tennis culminated in a sold out final, which produced a surprise winner, as well as some homegrown success in the final of the men’s doubles match.

A preview of the BoJ’s July meeting

Inflation in Japan has been above the Bank of Japan’s 2% target since April 2022. Despite this, the central bank has remained the global outlier and maintained ultra-loose monetary policy. In this Macro Flash Note, Economist Sam Jochim looks at what can be expected from the BoJ’s meeting on 28 July.

Giorgio Pradelli: “We delivered strong performance and record net profit in the first-half 2023”

A preview of the Fed’s and the ECB’s July meetings

On 26 and 27 July, the Federal Reserve and the European Central Bank will meet to set monetary policy. In normal conditions, setting monetary policy involves weighing the outlook for inflation against the outlook for economic activity. Often there is tension between these objectives as higher interest rates slow both inflation and economic growth, requiring a careful calibration of monetary policy.