Investment Commentary

July 2025

Switzerland

Solid start, growing headwinds

European Union

Growth expectations exceeded

United Kingdom

USA

The "Big Beautiful Bill" under the roof

China

Buying mood despite headwinds: China's data in conflict

Japan

Economic dynamics

Emerging Markets

Stocks

When currency effects turn profits into losses

Interest

Tensions between government debt and interest rate policy

Currencies

Is the USD seeing a turning point?

Oil

Sufficient oil supply

Precious Metal

Gold: safe haven & geopolitical risks