Monthly Report, December 2025
- Matthieu
- Nov 30
- 3 min read
Updated: Dec 5
Editorial
Electricity is the new black gold
Future demand expected to rise (very) sharply.
From nuclear to gas, including renewables.
A true revival of the industrial sector.
What consequences can we expect for the markets?
The technology sector, which has recently experienced a slowdown in market momentum, could well cede its “yellow jersey” to the industrial sector in 2026. A less “glamorous” sector, but one that is more predictable and resilient.
- by Kim Muller, CIO (Switzerland)
Assessment of the economic situation
The US economy is showing some signs of weakness in certain areas. Leading indicators are pointing upward, while consumer confidence is waning, despite record spending on Black Friday.
US consumer confidence is crumbling.
Gold is also available in limited quantities.
A rate cut by the Fed and a rate hike by the BoJ?
What about the SNB's monetary policy?
After briefly breaking through the psychological threshold of 0.92 in November, the EUR/CHF pair rebounded to close the month above 0.93, a more “acceptable” level at present. Some suspected that the SNB intervened at that point to prevent the franc from appreciating further, but there is currently no evidence to support this hypothesis. Since the SNB only publishes its transactions with a quarter's delay, the question remains so far unanswered. We will soon know for sure...
Financial markets during the month
Investors appear to be showing signs of “fatigue” with AI, while the healthcare sector made a marked comeback in November. Unsurprisingly, the SMI index was the “star performer” this month.
SMI outperforms in November thanks to healthcare.
Japan’s yield shift threatens global carry trades.
The myth of “digital gold” takes a beating.
Our convictions
Comments on investment decisions
A certain degree of “AI fatigue,” coupled with several sector rotations, particularly in favour of the healthcare sector, left most indices unchanged. Bond yields rose very slightly, while precious metals performed well. Cryptocurrencies are entering a difficult phase.
Equities.
Bonds.
Precious metals and listed real estate (REITs).
Currencies.
Performance Summary
Equity.
Bonds, currencies and commodities.
Disclaimer
This document has been prepared using sources believed to be reliable but should not be assumed to be accurate or complete. The statements and opinions it incorporates were formed after careful consideration and may be subject to change without notice. The author and distributors of this document expressly disclaim any and all liability for inaccuracies it may contain and shall not be held liable for any damage that may result from any use of the information presented herein. Past performance is not indicative of future results. Values of an investment may fall as well as rise. This document is intended for information purposes only and should not be construed as a recommendation, an offer, or the solicitation of an offer to buy or sell any investment products or services. The use of any information contained in this document shall be at the sole discretion and risk of the user. Prior to making any investment or financial decisions, an investor should seek individualized advice from his/her financial, legal, and tax advisors that consider all of the particular facts and circumstances of an investor's own situation.
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