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.

Our Investment Office thinks equities will be an especially attractive asset class over the coming months – a view now embedded in its Tactical Asset Allocation. While mandate clients need not worry about implementing this assessment, those who take care of their investments themselves face a continuous stream of new challenges. Should an allocation be implemented via direct investments or investment funds? Should the focus be regional or global? In this publication we take a closer look at a global equity fund.

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.

September was an important month in monetary policy terms, with the US central bank resuming its rate-cutting cycle and lowering its benchmark interest rate by 25 basis points. The move was accompanied by an unusually high degree of political turbulence, with Fed governor Lisa Cook suing Donald Trump following the president’s decision to remove her. At the same time, the Swiss National Bank and European Central Bank kept their key rates unchanged. Although issuance activity remained modest overall, a number of Swiss industrial firms took advantage of the favourable environment to place new bonds. We take a look back at developments on interest rate and bond markets in September, as well as turn to market expectations for the months ahead.

At the UBS Best of Switzerland Equities Conference at the end of September, companies reported that economic growth continued to be dogged by uncertainties on trade as well as inflation. Throughout the summer months, consumers and producers alike remained cautious in terms of their investment decisions. A number of firms are nevertheless cautiously optimistic on account of their structural strength and transformation, Germany’s investment initiative and the ongoing boom in investment for data centres. At the same time, companies are having to contend with a weak Chinese economy. In view of the economic backdrop and company presentations, we have divided our feedback and assessment on individual firms into three categories: “Optimistic”, “Realistic” and “Cautious”. Taking into account valuations and short-term business momentum, we regard SGS, Georg Fischer and Bachem as attractive investment ideas; however, we think there are grounds for caution on shares in Straumann and Aryzta.

Our business policy is reflected in a responsible approach to the investment business. We have therefore made it our mission to apply explicit, binding guidelines for our investment products. Incorporating ESG criteria into the investment decision-making process is designed to reduce ESG risks in the portfolio while seizing ESG opportunities. With Zuger Kantonalbank, investors have access to a broad range of investment funds that take a responsible investment approach.

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.

The new investment year started turbulently – at least where geopolitical developments are concerned. The pace in this trend was set by the US.

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.

The new investment year started turbulently – at least where geopolitical developments are concerned. US markets stuttered temporarily. By contrast, our overweight in Europe is paying off. Hopes of a solution to the war in Ukraine and fresh elections in Germany are buoying markets.

The events of the last 12 months have once again brought it home to investors that a broadly diversified portfolio offers good protection in times of political uncertainty and general market turbulence. Our “Review & outlook” publication provides you with in-depth information on our assessments of possible developments over the coming year.

With the victory of Donald Trump, the balance of power in the US Congress for the next four years has been clarified: everything is now in place for a basically business-friendly policy in the US. The global rate-cutting cycle continues, and the SNB is sending a clear signal against deflationary risks. The ECB is also easing, with the Fed likely to follow suit. This situation should be viewed as fundamentally positive for the financial markets and for the start of the new year.

Over the last few months, the financial markets have repeatedly reacted to fluctuations in the latest polls on the 2024 US presidential election – particularly after the challenger on the Republican side turned out to be Donald Trump. With the withdrawal from the race of incumbent President Joe Biden and the nomination of Kamala Harris, the outcome of the election was thrown wide open again. A neck-and-neck race had long been on the cards. As of yesterday, we know that Donald Trump will be the next occupant of the White House. The Senate too will fall into Republican hands, whereas the composition of the House of Representatives will not be known for some weeks yet.

Donald Trump is gaining on Kamala Harris again. In a few days’ time, the US electorate will choose who they want to sit in the White House for the next four years, as well as deciding the balance of power in the Senate and the House of Representatives. Tension and volatility look a given here. But investors shouldn’t lose their cool in this situation.

The leading economic indicators painted a chiaroscuro picture in August. The US central bank (Fed) remained unmoved and stuck to its restrictive monetary policy. This combination triggered quite a rollercoaster ride for stock markets. Our basis scenario is still unchanged: we remain overweight in equities.