Portfolio August 2025

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.

What does the current situation mean for investors? Read the views of our experts in the latest edition of “Portfolio”.