Macro-economic update for February 2023

Last year’s rigid interest rate hikes are now starting to be felt in the real economy, and a further slowdown in economic growth cannot be ruled out. On the other hand, there is positive news from China: The country has reopened its economy and introduced more welcoming economic policies. In addition, the ongoing decline in inflation, particularly in the United States, is also having a positive impact on the markets.

Against this backdrop, we see potential for emerging markets equities and have upgraded them from underweight to neutral. Swiss equities have been trimmed from overweight to neutral.