Investment Commentary

November 2025

Switzerland

Between stress and relaxation

European Union

Stronger GDP growth expected

United Kingdom

empty

USA

Boom or bubble?

China

Export engine running, domestic market cools down

Japan

In upheaval: stimulus boost, yen weakness and monetary policy considerations

Emerging Markets

empty

Stocks

Europe Strikes Back

Interest

Global bond markets - yields normalize

Currencies

Foreign exchange markets in the political arena

Oil

Market remains well supplied

Precious Metal

Gold as an anchor of stability - tailwind from real interest rates, geopolitics and central bank purchases