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.