{"id":17985,"date":"2023-06-14T10:49:45","date_gmt":"2023-06-14T08:49:45","guid":{"rendered":"https:\/\/www.banquecramer.ch\/market-insights-may-2023\/"},"modified":"2023-06-14T10:54:44","modified_gmt":"2023-06-14T08:54:44","slug":"market-insights-may-2023","status":"publish","type":"post","link":"https:\/\/www.banquecramer.ch\/it\/market-insights-may-2023\/","title":{"rendered":"Market Insights &#8211; May 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17985\" class=\"elementor elementor-17985 elementor-17970\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-748db1e elementor-section-height-min-height elementor-section-items-stretch elementor-section-boxed elementor-section-height-default\" data-id=\"748db1e\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8ffcd2\" data-id=\"e8ffcd2\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c31218 elementor-widget__width-initial elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"5c31218\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Market Insights <br>May 2023<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c7b52d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c7b52d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79cab35\" data-id=\"79cab35\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba7af1d elementor-widget elementor-widget-heading\" data-id=\"ba7af1d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Climbing the wall of worry<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e41d0c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e41d0c4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-428fc03\" data-id=\"428fc03\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1123916 elementor-widget elementor-widget-text-editor\" data-id=\"1123916\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Last month, all eyes were on US politics being able to reach an agreement on the debt ceiling. A deal was reached under the wire, which brought back investors\u2019 positive sentiment. Recession fears have been pushed out towards 2024. Even the most bearish economists are now turning less negative on the US and European economies.<\/p>\n<p>Tech replaced safe havens like Consumer Staples and Utilities, as they hold large cash positions and are responsible for most of the performance of the main indices like the S&amp;P 500. Is \u201cAI\u201d a hype or a complete reshaping of the use of technology in many fields of our daily lives?<\/p>\n<p>We are now entering summer, which is historically known for storms and stress in the markets, caused by less liquidity and little appetite from investors to enter new positions. The focus will remain on economic numbers and especially on how much positive or negative surprises are already priced in. The US consumer data have shown resilience, is it going to last? Are current valuations sustainable going into H2 of 2023? We are climbing the Wall of Worry \u2026<\/p>\n<p>China will also play a central role in the second act of 2023. Everyone is waiting for the great recovery that is playing hard to get, and that will be the main driver for commodity prices such as copper, steel and oil. The Middle Kingdom needs a stimulus package in order to return back to growth and achieve the growth target set by its government.<\/p>\n<p>Credit Spreads still seem too low, as the refinancing of debt has become much more expensive, and usually the effects of higher financing costs are lagging. Watch out for High Yield with low quality.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ff5688 elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"4ff5688\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Hans Itburrun<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79e74fc elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"79e74fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Chief Investment Officer, <br \/>Head of EAM &amp; Head of Asset Management<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee11f77 elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"ee11f77\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Hans Itburrun<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e250b4 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5e250b4\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xl elementor-animation-float\" href=\"https:\/\/www.banquecramer.ch\/wp-content\/uploads\/2023\/06\/Banque-Cramer-Market-Insights-May-2023.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Download the full document<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0a1c157\" data-id=\"0a1c157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1379f2 elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"c1379f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Hans Itburrun<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9be4f8a elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"9be4f8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Chief Investment Officer,<br \/>\nHead of EAM &amp; Head of Asset Management<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Market Insights May 2023 Climbing the wall of worry Last month, all eyes were on US politics being able to reach an agreement on the debt ceiling. A deal was reached under the wire, which brought back investors\u2019 positive sentiment. Recession fears have been pushed out towards 2024. Even the most bearish economists are now [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":16675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[150],"tags":[165],"_links":{"self":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17985"}],"collection":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/comments?post=17985"}],"version-history":[{"count":2,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17985\/revisions"}],"predecessor-version":[{"id":17996,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17985\/revisions\/17996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/media\/16675"}],"wp:attachment":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/media?parent=17985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/categories?post=17985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/tags?post=17985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}