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The markets breathed a sigh of relief in April, thanks especially to signs of possible monetary policy easing by central banks. As a result, the world's major stock exchanges held up well overall, albeit with varying performances. However, concerns still persist about the high level of inflation and the resilience of the banking sector after the vicissitudes just experienced. At the aggregate level, the MSCI World index performed well for the month, closing at +1.9%. In the United States, the S&P 500 index did well, closing positive by 1.45%. Slightly positive also Nasdaq technology index that closed at +0.30% [...]

The month of March was marked by a lot of volatility and concern related to a possible financial crisis. The very rapid reversal of rates began to claim its first victims. In mid-March, U.S. banks Silicon Valley (SVB) and Signature Bank had to file for bankruptcy and were taken under surveillance by the authorities. Their problem was that they did not sufficiently hedge the risks of changing interest rates. Due to the sharp rise in interest rates, their bond investments suffered a significant loss in value. In order to fill the gap, SVB decided to intervene with a capital [...]

In contrast to January, where we saw a general rise in the main stock markets, the tone of the markets turned decidedly more negative in February. The main culprit for this change in direction was the release of some worse-than-expected inflationary data in both Europe and the United States. Upward surprises in economic growth as well as inflation that is struggling to decline significantly have had a consistent impact on expectations regarding the timing and magnitude of future central bank rate hikes, causing a slowdown in the stock market in February and a further sharp rise in bond yields [...]

Closing in 2022, the "annus horribilis" of financial markets, stock markets have rebounded tonically in 2023. January was an extremely strong month for almost all asset classes, the best start to the year for US and European equity markets since 2019 and 2015 respectively. Bonds rallied strongly as well. Indeed, the only major asset that did not rise in January was oil. What drove such a strong month? The answer lies in the market’s expectations of future events and how they have changed since October. Three factors matter most: firstly, a more accommodative tone from the Federal Reserve in [...]

STELINVEST SA is pleased to announce that from 01 January 2023 Mr. Stefano Veri is a member of its Board of Directors. Stefano has over 40 years of experience at UBS as a Senior Top Manager, where he served as Group Managing Director and was one of the top senior manager with the longest career tenue. As a member of various management committees, he actively participated, influenced and shaped the evolution and transformation of UBS Wealth Management in Switzerland and abroad. From 2015 until 2021, he was globally responsible for Global Financial Intermediaries (External Asset Managers). He has in-depth [...]

STELINVEST SA is pleased to announce the promotion of Franco Cardinale to Associate Director and front office support manager. The appointment is effective as of January 01, 2023. We congratulate Franco on his well-deserved promotion and wish him the best professional success.