Investment Commentary
July 2025

Switzerland

Solid start, growing headwinds

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European Union

Growth expectations exceeded

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United Kingdom

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USA

The "Big Beautiful Bill" under the roof

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China

Buying mood despite headwinds: China's data in conflict

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Japan

Economic dynamics

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Emerging Markets

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Stocks

When currency effects turn profits into losses

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Interest

Tensions between government debt and interest rate policy

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Currencies

Is the USD seeing a turning point?

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Oil

Sufficient oil supply

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Precious Metal

Gold: safe haven & geopolitical risks

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