Publications & Press

August reinforced the SNB's "lower for longer" message. With a current policy rate of 0% and a 94% probability of no change at the September meeting, Switzerland offers the cheapest funding currency among major developed economies. As a result, some investors are even starting to view the franc as an alternative to the yen for their carry trade operations.

The binary view of the market - namely, a positive outlook on AI and a negative outlook on the software sector and hyperscalers - is over. Going forward, investors will need to take a more nuanced approach and analyse individual stocks in these sectors, even though the revolution brought about by AI remains unquestioned.

If clients choose people who are like them, the same logic applies to mergers between independent fund managers. Here, Patrick Héritier examines the real obstacles to consolidation, the lessons to be learnt from the Probus-Pleion merger, and the conditions that will enable the platforms of the future to emerge.

With a combined market capitalisation of more than 21,000 billion dollars, the Mag 7's cumulative performance of -2.1% in 2026 clearly weighed on the flagship U.S. S&P 500 index and the global stock index, despite the major surge in the semiconductor sector.

The progressive normalisation of energy flows has dramatically reduced the risks to growth and inflation for the global economy. The most affected countries are therefore expected to join the US in seeing improving growth in the coming months, albeit at a slower pace. The US economy remains on the strongest footing, but the foundation of its growth has become increasingly reliant on the continuation of the AI boom.

By investing in the S&P 500 index through ETFs, many people, whether consciously or not, will be supporting Elon Musk's capitalist strategy. At this point, the company's valuation will have little to do with its fundamentals.

Patience is more important than ever. Trying to predict when the crisis will end seems futile, but keeping some cash on hand to buy quality stocks on dips remains for us to be the best strategy for the coming weeks.

The prospect of a global economy mired in stagflation is gaining momentum, and there is little time left before it becomes a tangible reality. In the meantime, we must avoid drastic measures and remain as flexible as possible. In other words, we must be cautious without panicking.

The goldilocks environment of early 2026 has been upended by the significant rise in energy prices resulting from the Iran war. Every passing day without a resolution increases the odds of an inflationary bust, i.e. slowing growth and rising inflation. While every economy is set to be affected if the situation persists, net importers of energy with limited reserves will be affected the most. The US should fare relatively better, while Europe and many Asian countries appear pa

We are proud to announce that Probus Pleion features among Switzerland's most influential independent asset managers for 2026...

The positive economic figures published recently could well be revised downward in the event of a prolonged conflict in the Middle East. Oil prices are rising, as is the overall level of uncertainty.

The latest economic data from the US and Europe point to an acceleration of the upturn seen in recent months. Geopolitical turmoil is not (for the moment) hampering these positive figures...

A new geopolitical shock that the world could have done without, orchestrated without congressional approval by an uncontrollable American president. The idea of Venezuelan oil flooding the markets will remain a fantasy for the next 10 years.

The outlook for the global economy remains encouraging, given accommodative fiscal deficits, recent rate cuts, low energy prices, and a weak USD. The US government shutdown has raised concerns about the economy, particularly the labour market, but the (fragile) combination of...

Probus Pleion Middle East Limited features in Citywire Middle East's Top Independent Asset Managers 2025