Monthly report

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.

• Equities;
• Bonds;
• Precious metals, listed real estate (REIT);
• Currencies;

Performance summary

• Equity performances, and
• Performance of bonds, currencies and commodities.

Click here to read our weekly financial markets update report.

Disclaimer
This document is solely for your information and under no circumstances is it to be used or considered as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. All information and opinions contained herein has been compiled from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy or completeness. The analysis contained herein is based on numerous assumptions and different assumptions could result in materially different results. Past performance of an investment is no guarantee for its future performance. This document is provided solely for the information of professional investors who are expected to make their own investment decisions without undue reliance on its contents. This document may not be reproduced, distributed or published without prior authority of Pleion SA.