Monthly Report, June 2026
- 3 days ago
- 3 min read
Updated: 1 day ago
Editorial
SpaceX, Musk's "heist of the century"?
The largest initial public offering in history.
Will the rules be changed to include the stock in the indices?
Index funds will be forced to buy the stock.
What consequences can we expect for the markets?
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.
- by Kim Muller, CIO (Switzerland)
Assessment of the economic situation
U.S. economic growth in Q1 has been revised downward, while hopes for a resolution to the crisis in Iran have caused crude oil prices to drop significantly—even though no agreement has been announced.
U.S. Q1 growth revised downward from 2.0% to 1.6%.
Oil prices down, but no solution yet for the Hormuz Strait.
The Dow Jones Industrial celebrates its 130th anniversary.
What about the SNB's monetary policy?
The Swiss National Bank (SNB) will not be authorized to mint coins or issue circulation coins. The National Council rejected a motion to that effect by Manuela Weichelt (Greens/ZG) by a vote of 132 to 62. Since its founding, the SNB has had the exclusive right to issue banknotes, but the right to mint coins belongs to the Confederation. The Federal Council, for its part, believes that no significant synergies would result from such a change.
Financial markets during the month
The tech sector is stealing the spotlight while other sectors remain on the sidelines. Bond yields continue to rise, reflecting expectations of tighter monetary policy from the ECB or the Fed.
Software is (finally) joining the semiconductor "party".
Have Japanese 10-year and 30-year yields peaked?
The highly uneven trends in commodity prices.
Our convictions
Comments on investment decisions
The stock market is focusing on technology stocks and shunning most other sectors. Bond yields rose sharply at first, before easing slightly at the end of the month. Oil prices fell.
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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