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.

While the customs duties imposed on the EU and Japan are ultimately a lesser evil, the 39% imposed on Swiss industry is a real blow that is sure to weigh on the prices of many Swiss stocks in the coming quarters.

The third quarter has the potential to be one of “all hazards”, as markets enter it with no real margin of safety. Keeping some cash in reserve to seize opportunities will be the right option in case of bad weather.