Newsletter | June 2025

Newsletter | June 2025

The US Congress has passed a tax bill that will boost the budget deficit. 7.2% PERFORMANCE OF THE EUROPEAN MID-CAP INDEX IN MAY Investment perspective Geopolitical and economic factors persisted in May, most notably the ongoing impact of punitive tariffs introduced by...
Newsletter | May 2025

Newsletter | May 2025

The IMF has cut its growth forecast for global economic growth this year to 2.8%, compared with 3.3% in January 25.3% PERFORMANCE OF GOLD SINCE THE BEGINNING OF THE YEAR Investment perspective April will be remembered as the month of tit-for-tat tariffs, with the...
Newsletter | April 2025

Newsletter | April 2025

The Swiss National Bank cuts its key interest rate by 25 basis points to 0.25 per cent in March 11.4% PERFORMANCE OF COPPER Investment perspective We have an almost unanimous consensus that recent soft data, such as surveys, are pointing to a likely deterioration in...