Equity markets are proving more resilient than often portrayed. Despite interim setbacks, a broad market dislocation has not materialised. There is no sign of a structural downturn. Recent movements are more a reflection of positioning adjustments and increased uncertainty than of fundamental weakness. Accordingly, we remain constructively positioned for the remainder of the year. <\/p>\n
In the United States, the fundamental backdrop remains solid. Earnings growth is intact, particularly in technology-driven sectors. However, valuations are demanding in parts of the market, increasing sensitivity to short-term disappointments. <\/p>\n
Europe presents a mixed picture. More attractive valuations are offset by greater dependence on external factors, particularly energy prices. As a result, market developments are less stable and more volatile. <\/p>\n
We continue to see advantages in Switzerland. The market stands out for quality, robust business models, and a defensive sector structure. In an environment of heightened uncertainty, Swiss equities offer stability, complemented by reliable dividend income, which contributes significantly to total return. <\/p>\n
Emerging markets are gaining importance. Structural growth, improved earnings prospects and more attractive valuations support a selective allocation. In addition, many of these markets benefit from global capital shifts and a potential weakening of the US dollar. <\/p>\n
The current market phase is characterised by increasing differrentiation. Broad market bets are losing attractiveness, while the importance of quality, valuation and sustainable cash flows continues to rise. <\/p>\n","protected":false},"excerpt":{"rendered":"
Markets show more resiliance than expected. <\/p>\n","protected":false},"author":10,"featured_media":6608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":1,"footnotes":""},"categories":[63],"tags":[],"class_list":["post-6609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-equities"],"_links":{"self":[{"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/posts\/6609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/comments?post=6609"}],"version-history":[{"count":0,"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/posts\/6609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/media\/6608"}],"wp:attachment":[{"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/media?parent=6609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/categories?post=6609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belvedere-am.com\/en\/wp-json\/wp\/v2\/tags?post=6609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}