Monthly Report, September 2025
- groupepleion
- Sep 2
- 3 min read
Updated: Sep 3
Editorial
Back to school, pack your school bag
And brace yourself for a good dose of patience.
Defense spending.
And France?
What consequences can we expect for the markets?
Since 2022, American wages have been on the rise, household consumption has remained strong, and this has enabled U.S. companies to report solid quarterly results at the end of July, pushing the stock market to record highs.
- by Benoît Derwael, Head of Investment Solutions (Switzerland)
Assessment of the economic situation
Jerome Powell took advantage of Jackson Hole to reinforce the impression that a cut in US central bank rates was planned for September.
But why are US rates at 4.5%?
The comeback of uranium for electricity.
Happy birthday Warren: 95 years old.
What about the SNB's monetary policy?
The SNB cut its benchmark rate to 0% in June 2025 following declining inflation figures and with the franc still remaining strong. The 39% tariffs imposed by the U.S. administration are changing the picture, with a less dynamic labour market and mounting uncertainty. The probability of rates remaining unchanged in September now seems firmly established, despite the currency still being sought as a safe haven, even against the euro.
Financial markets during the month
The S&P 500 reached a new historic high, briefly surpassing 6’500 points. It continues to be driven by a concentration of a few technology stocks, despite weaker growth momentum.
Earnings per share are too high.
Main concern: the US dollar.
China is benefiting from this.
Our convictions
Comments on investment decisions
In September, we will see the beginning of the U.S. rate-cutting cycle. If the process is measured and well communicated, it will support U.S. companies by lowering their financial burden. This should trigger a repositioning toward so-called riskier assets. Stay diversified.
Equities.
Bonds.
Precious Metals and 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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