Monthly Report, November 2026
Updated: 1 hour ago
Editorial
Emerging market assets: A wake-up call from Brazil
The historic turmoil in the Brazilian market.
The "hangover" of October 26.
Such a debacle (in a single day) has never occurred in a developed market.
What consequences can we expect for the markets?
The much higher volatility of emerging markets (and, above all, liquidity that tends to dry up at the slightest shock) can trigger market movements that are not suitable for the vast majority of investors. It is important to keep this in mind when building portfolios and not to become complacent about this asset class. After such a "wake-up call," the pool of investors in Brazil will shrink significantly.
- by Kim Muller, CIO (Switzerland)
Assessment of the economic situation
Economic growth remains solid and resilient, with GDP rising 3.4% in the third quarter. Private consumption remains at a high level, while the balance between exports and imports is strongly negative (imports > exports). In Europe, the picture is less robust, as the lockdown in France over the past month has weighed on economic activity. Energy prices continue to rise, while inflation further erodes the purchasing power of households in the eurozone.
U.S. GDP rose 3.4% in Q3 compared with an expected 3.2%.
Europe is "playing for time" with its natural gas reserves.
The ECB (and France) are looking for a new President.
What about the SNB's monetary policy?
The SNB reported a profit of 44.2 billion francs for the first three quarters of 2026. Foreign currency positions generated a profit of 43.3 billion francs. Interest income totaled 10.7 billion francs, dividend income 2.3 billion, and interest expense 0.7 billion. Interest-bearing securities and interest-rate instruments incurred market losses of 22.6 billion francs, while equity securities and equity instruments recorded market gains of 23.7 billion. Finally, foreign exchange gains totaled 29.8 billion francs. A dividend of at least 2 billion appears certain.
Financial markets during the month
Stock markets showed mixed performance, with those exposed to the technology sector falling sharply and those with a defensive bias rising significantly. After coming under heavy pressure early in the month, bond markets recovered somewhat thereafter. Energy continued its upward trend, while precious metals fell fairly sharply.
Nasdaq under pressure, SMI in the spotlight.
Long-term interest rates are easing slightly but remain high.
Gold and silver are hovering near their danger zone.
Our convictions
Comments on investment decisions
The overall trend for the indices has been somewhat bearish, particularly for those heavily exposed to the semiconductor sector. In contrast, defensive and energy sectors have performed well, benefiting from significant sector rotations. Long-term bonds have rebounded, despite oil prices remaining near their highs. Gold and silver are under pressure.
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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