The Swiss equity market has achieved an upside breakout after several months of consolidation, with all three technical momentum indicators confirming the positive technical picture. From a technical analysis perspective, we expect further upside potential for the Swiss equity market and are taking the opportunity to highlight the technical merits of our top five stocks: Holcim, ABB, Galderma, BB Biotech and Sandoz.

The US Fed didn’t disappoint, cutting interest rates in December for the third time in succession. Although little is expected from the ECB or SNB in 2026, in the US the stage is set for an interesting year: There is evidence of a growing split within the Fed, and it remains to be seen whether the new Chair will be able to unite the Committee behind them. We take a look back at developments on interest rate and bond markets in December, as well as turn to market expectations for the months ahead.

Equity markets have held up well in 2025 – despite high tariffs, wars and plenty of uncertainty. “Driving on sight” will continue to be important in 2026. Positive stimuli thanks to monetary policy, economic programmes and solid corporate profits will be competing against political uncertainty and high investor expectations.

As part of our 2025 review and 2026 outlook, we have made changes to our Top Picks list for Swiss equities. The changes, which include a stronger focus on healthcare and small-cap stocks, reflect the fact that the investment climate and 2026 outlook have improved thanks to reduced risks in connection with US tariff and healthcare policies. The new entries are Alcon (ophthalmology) and Dätwyler (pharmaceutical packaging), both of which are poised for a new product and growth cycle. On the other hand, Schindler is fairly valued after a strong rally and has been removed from the Top Picks list.

All eyes are on the Fed, with the last US rate decision of the year due on 10 December. The outcome remains uncertain and will shape financial markets in the run-up to the year-end. No rate changes are likely for Switzerland or Europe, although inflation and growth forecasts will provide clues as to possible rate cuts next year. We take a look back at developments on interest rate and bond markets in November, as well as turn to market expectations for the months ahead.

BB Biotech AG’s share price is breaking out of a head and shoulders pattern and confirming a long-term bottom formation. From a technical analysis perspective, we expect further upside for BB Biotech AG as well as a continuation of the intact relative outperformance versus the SPI.

An exciting, opportunity-laden investment year is drawing to a close. Financial markets have remained remarkably resilient in the face of geopolitical turbulence and a hyperactive US administration. Economic momentum is subdued, yet companies are doing well. Equities remain our no.1 choice.

Shares in Galderma and Logitech have made significant gains in relative strength versus the SPI benchmark index, with both stocks showing positive technical trend and momentum indicators. From a technical analysis perspective, we expect further upside for Galderma and Logitech as well as a continuation of the intact relative outperformance versus the SPI.

With the Fed having resumed its rate-cutting cycle in September, the US still calls the tune on the interest-rate front: in October the central bank proceeded to reduce interest rates a second time – notwithstanding the absence of official economic numbers due to the current shutdown. While the SNB and ECB are on hold for the time being, the corporate reporting season has begun, and new issuance therefore remains quite limited. We take a look back at developments on interest rate and bond markets in October, as well as turn to market expectations for the months ahead.

All precious metals have enjoyed a spectacular run since the start of 2025. Gold has significantly beaten our USD 4,000 price target and continues to gain technical momentum. Silver has wasted no time breaking through the long-term resistance level at USD 50, while platinum is nearing resistance at USD 1,743, and palladium has likewise made solid gains. In technical terms we expect further upside potential for all four precious metals, thus reaffirming our positive assessment.

It was a hot summer – for financial markets and geopolitics alike. US companies delivered good first-half numbers, while the Trump administration hit the headlines on an hourly basis. Swiss National Day was a total wash-out, however: 39% tariffs on exports to the US came as a shock, and this autumn the economy is expected to cool alongside the weather.

Equity markets experienced a rollercoaster ride in a turbulent first half of the year. The tension is set to continue as the impact of tariffs hits home, the economic slowdown continues and the US administration’s tax package is on the home straight. For Swiss investors, opportunities are few and far between right now.

The new US Administration under President Donald Trump has ushered in a turbulent market environment. Equity markets initially breathed a sigh of relief following the postponement of the planned tariffs, but there are plenty of reasons to anticipate a continuation of the uncertain environment and headwinds for the economy. Our positioning remains defensive for the time being.

The announcement of new tariffs by US President Donald Trump triggered sharp falls on the equity markets. Initially the US stock market above all was badly affected by the sell-off. But last Friday the European bourses and Swiss stocks also took a beating. The sell-off has been continuing today, and the past months’ encouraging gains have vanished into thin air. We had already reacted to the growing economic and political uncertainties by aligning ourselves more defensively. Currently we are continuing to take profits and reducing our equity exposure.

Equity markets consolidated over the summer months. The prospect of an economic downturn gave rise to uncertainty. Capital market interest rates barely declined, despite perceptible concerns over the development of the economy and lower rates of inflation. In the US, interest rates actually rose significantly. This environment opens up investment opportunities.

US technology stocks have soared in recent weeks. By contrast, equity markets as a whole have trended sideways. The focus now is on the increasingly pronounced economic downturn and its impact on companies. Inflation rates are still too high, central banks remain hawkish.

Our essentially positive expectations with regard to the first six months of 2023 were borne out. Mixed investment portfolios clawed back some of the losses of the previous year, with investors favouring equities, primarily European and US technology stocks.

The consequences of the rapid rise in interest rates have become all too apparent over the last few weeks. In Switzerland, turbulence in the banking sector triggered the downfall of Credit Suisse. Measures taken by central banks and government brought the situation under control, and the storm abated. The economic slowdown continues to gather pace, but companies are performing well. Time to adjust the compass.

UBS is acquiring Credit Suisse (CS) by means of a share swap. This takeover was made possible by the combined support of the Swiss government, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB). The financial markets have swallowed this sedative pill for now, but are likely to remain jittery over the coming weeks. Investors should nonetheless keep calm and remain invested.

Optimism proved the dominant emotion in the markets during the first few weeks of the 2023 investment year. The threats posed by inflation and risks of a recession disappeared almost entirely from the perception of investors. But a considerable amount of the ground gained was then conceded in February.