In this latest edition of our monthly report:
De-dollarisation, myth or reality?
- The US dollar’s hegemony is shrinking;
- China’s emergence and the militarisation of the dollar;
- Non-G7 countries have learned their lesson;
Assessment of the economic situation
Inflation continues to fall, but the base effect will fade rapidly. Commodity prices are recovering, as the cycle of centralbank rate hikes draws to a close.
- US inflation continues to normalise;
- Commodity prices on the rise again;
- Last rate hike by the Fed?;
Financial markets during the month
The Hang Seng index recovered somewhat over the month, but is still lagging since the start of the year.
Japanese stocks are consolidating their uptrend, and gold is back up towards the USD 2,000 level.
- Chinese stocks finally join the uptrend;
- US 10-year yields approach 4% again;
- Currencies and precious metals;
Comments on investment decisions
Inflation continues to fall, but the favorable base effect of the second quarter will fade over the coming months.
Gold has bounced back well from its support at USD 1,900 and could soon return to its all-time highs.
The very low equity markets volatility prompts us to adopt a cautious stance in the short term.
- Precious metals, listed real estate (REIT);
- Equity performances, and
- Performance of bonds, currencies and commodities.
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