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Personal opinions and comments on financial topics of all kinds.

perspectives 03/2024

The central banks once again proved to be the key market drivers in the second quarter. The Swiss National Bank set the tone and surprised the world by cutting interest rates in March, and then again in June. The European Central Bank is keen to demonstrate its independence from the Fed and also risked a cut in June.

The Swiss financial centre competing internationally

Interview between Luca Carrozzo and the Swiss Association of Wealth Managers.

House opinion in June

Every month we publish our opinion on the macroeconomic environment.

House opinion in April

Every month we publish our opinion on the macroeconomic environment.

Opinions on the stock market: What next for central banks?

After a long period of negative interest rates and rising inflation, central banks have hiked interest rates. But how did we get to this turning point, what impact will it have on the global economy and what does the future hold? Find out more in our blog.

Gold as a safe haven

Gold is seen as a safe haven in times of uncertainty. Read our blog post to find out more about how the gold price has performed and the factors that affect it.

Opinions on the stock market: sandoz

As a global market leader in generics and biosimilars, Sandoz benefits more than average from rising patent expiries. The first annual financial statements as an independent company released in mid-March showed that the high-margin biosimilars business in particular is growing strongly (+15%). The company is looking to expand this division. Total revenue was up 7% in 2023, but the margin fell to 18% due to one-off costs from the spin-off, amongst other things. Financial analysts were originally looking for a target of CHF 40, but the stock price has moved sideways around the CHF 25 level since the IPO on 4 October 2023. Given the forecast revenue growth of 5% and margins that should hit 20%, a price/earnings ratio of 11 is far too low.

perspectives 02/2024

The first quarter is already behind us and performance was positive. Artificial intelligence remained a focus of attention and was one of the main drivers of the positive return from financial markets. According to a study published recently, the number of companies mentioning AI in their financial reports has reached a new record: 36%.

Caught between strength and stagnation: a glance at the franc, interest rates and dividends

At a time when stock market indices all over the world are hitting new highs, the Swiss market is standing out for its remarkable restraint. The DAX, CAC 40, DJII and S&P500 have all been putting in impressive performances and setting new records, but the Swiss equity market is stuck some 10% below its all-time high at the end of 2021. This raises questions, especially as the Swiss franc has appreciated strongly against the dollar and the euro, and as major stocks like Roche and Nestlé show signs of weakness. In our interview with Chief Investment Officer Luca Carrozzo we investigate the reasons behind the poor performance of the Swiss market, discuss the role of the strong franc and consider whether the Swiss National Bank (SNB) needs to cut interest rates to get the equity markets going again. Find out why Swiss securities are out of favour at the moment and what this means for investors.

Opinions on the stock market: Swatch

The Swatch share is at the same price level as in the year 2000, even though the company has more than doubled its turnover and profit during this time. The weak share price can be attributed to the vague corporate strategy, a lack of vision and poor communication with shareholders and financial analysts.

Is ESG worthwhile for investors?

ESG is becoming an increasingly prominent issue for private clients, and for younger ones in particular sustainable investing is essential. Even more attention will be focused on the issue from 1 January 2024, when the mandatory minimum investment standards of the Swiss Bankers Association come into effect.

Opinions on the stock market: Roche

from the collapse in demand for COVID tests. Even so, it grew 7% in the third quarter and reported double-digit growth rates in the high-margin pharma division for the first time in years. Patent expires on the three big cancer drugs (Avastin, Herceptin and Rituxan) are becoming less significant, as are the COVID tests, and from 2024 onwards Roche will be back on track for double-digit growth.

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