Insights
Our team of expert economists, researchers and strategists bring clarity to the latest market trends and developments that matter
Higher Volatility Ahead for Fixed Income
8th April 2021 The expected improvement in global growth will intensify the debate about the timeline for the removal of monetary accommodation in the Developed Markets’ (DM) rate space.
A Rising Yet Bumpy Path Ahead
30th March 2021 Equity markets have been in a goldilocks environment in recent months. The combination of rising inflation expectations and falling real yields has supported earnings expectations on the one hand and valuations on the other.
The Return of Inflation
16th March 2021 Inflation is back on investors’ radars. Commodity prices have increased sharply over the last several months and emerging bottlenecks across supply chains should cause producer prices to rise more rapidly over the next few months.
Interest rates become less of a headwind for risk assets
9th April 2021 Gold is the worst performing commodity and real estate one of the worst performing equity sectors since the beginning of the year – a period during which rising inflation expectations drove markets.
CIO Update: Fortunately, interest rates are rising
11th March 2021 It is hard to believe that one year has already passed since the lockdowns first began. The good news is there appears to be light at the end of the tunnel, with case counts and hospitalizations plummeting.
Global View Q2 2021
9th March 2021 The global economy is set to improve markedly in the second half of 2021 as the negative impact of the COVID pandemic fades and the global services sector comes back online.
Market Views: Our Macro and Markets Forecast for 2021
10th December 2020 We are prepared for some nastic economic data in the winter months, but warmer weather and the rollout of the COVID vaccines will change the macro picture substantially starting from Q2 2021.
Time for a break
26th March 2021 The remarkable run of equity markets over the past year has pushed global cyclicals to record highs...
The Fed holds the line
19th March 2021 Wednesday’s dovish Fed meeting has led bond investors to price additional inflationary risks over the next several years...
The US economy roars ahead – our monthly forecast update
12th March 2021 We have revised our 2021 US GDP growth forecast up to 6.9%, from 6%, as President Biden has delivered fully on the pace and size of his fiscal relief package...
Increasing bond yields – a new challenge for central banks
5th March 2021 The upward pressure on bond yields is not only weighing on financial markets, it is also a concern for central banks that do not want to see a premature tightening of financing conditions...
Global reflation proceeds
26th February 2021 Mirroring higher vaccination rates and the prospect for a stronger fiscal impulse, economic indicators this week improved more strongly in the US than in continental Europe...
A bumpy road ahead – lessons from the ‘taper tantrum’
19th February 2021 We look back at the ‘taper tantrum’ episode in 2013, when Fed comments led to a sharp increase in US real rates and a broad sell-off in risk markets...
Locked down and waiting for the second quarter to come up
12th February 2021 This winter feels longer than usual. It thus might seem strange to see investors worry about financial markets running hot and that an overheating economy could lead inflation to overshoot this year...
CIO Update: Onwards and Upwards
11th February 2021 One of the most important skills for successful investors is to distinguish the essential market information from the rest, the so-called noise. In this sense, the media story of retail investors banding together on social media to fight hedge funds falls into the noise category. ..
Inflation is coming back and here to stay
5th February 2021 After experiencing an almost perfect combination of falling real rates and rising macro momentum over recent months, the road ahead for global equities has narrowed...
Reflationary efforts and where to hide when it comes
29th January 2021 The economy has rarely been as divided as it is now – with a strong manufacturing sector that is further stimulated by global trade and a services sector that is suffering from COVID-related restrictions....
Monitoring the Rebound in Inflation
22nd January 2021 Financial markets are once again in a Goldilocks-scenario: expansionary fiscal policy and high household savings trigger expectations of a strong rebound in economic growth once COVID-related restrictions can be lifted...
CIO Update: Follow the trends
15th January 2021 If I had to sum up the year 2020 in three words, they would be: unexpected, extreme, and exciting. At the beginning of the year, we were all taken completely by surprise by a global pandemic in the middle of a positive sentiment. As a result, we experienced extreme movements in financial markets within a short period of time and unprecedented economic lockdowns.
Our new macro and market forecasts including a new US-fiscal package
15th January 2021 December seems to be a long time ago considering what has happened since first we presented our forecasts for this year and next...
Hope prevails
8th January 2021 Despite the shocking pictures from Washington D.C. this week, we remain hopeful for the US economy. This view is only partly based on the solid economic data reported over recent days...
Trust and the success of populism
18th December 2020 As you may remember from previous years, shortly before the holiday season, we try not to bother you with economic data and financial market views in our last Weekly of the year...
Well calibrated but slightly underwhelming ECB package
11th December 2020 Parents know that the best way to ensure a positive surprise and a happy face on their kids’ birthdays is to pretend to having forgotten it in the days prior, or at least having lost their whish list. Central banking is not that different....
Outlook 2021: Solid economic rebound to favour risk assets
4th December 2020 Unprecedented fiscal and monetary support, which has been deployed to fight the negative impact from the pandemic, will continue to drive the global economic expansion in 2021...
Global View 2021 Outlook
1st December 2020 The COVID pandemic and resulting restrictions are set to weigh on the global economy over the winter months. Yet the breakthrough to an effective vaccine, sets the stage for a broader global economic recovery in 2021, which will be supported by generous fiscal transfers and monetary accommodation.
Second COVID-wave weighing on Europe
27th November 2020 This week was a reminder that the COVID-pandemic is far from over despite the positive vaccine news that we received in the past few weeks...
US small caps have more upside
20th November 2020 Small cap equities in the US have had a remarkable run since September – outperforming their large cap peers by 11%...
Preparing for a healthier 2021
13th November 2020 The news of the week was without any doubt the announcement that an effective vaccine against COVID-19 may have been found...
CIO Update: Uncertainty Would be Reduced
6th November 2020 In October, a number of key factors came to the fore, which created uncertainty and moved the financial markets..
After the US elections and in a new COVID-wave
6th November 2020 It feels like that this has been the longest US election campaign ever. And it might just fit that it takes longer than usual to declare who the winner is...
The Second Wave is Here
30th October 2020 The number of new Covid-19 infections has accelerated sharply in the past few weeks, both in Europe and the US...
Monitoring the second European Covid-wave
23rd October 2020 The number of new Covid-19 cases has been reaching new record highs in many European countries almost every day in the past week...
Market implications of the US election
16.10.2020 With less less than three weeks to go until the US presidential election, investors have started to price in a victory for Joe Biden...
CIO Update: Recovery Continues
8th October 2020 In the coming weeks, the US presidential election will be the main focus of investors. The recent past has taught us that such elections are highly unpredictable to the very end...
A constructive outlook despite an uneven recovery
09.10.2020 The rise in new Covid-19 infections in Europe and the lack of agreement on a new fiscal package in the US are likely to weigh on economic activity in the near term...
Perspectives for economic growth and financial markets after the Covid-recession
02.10.2020 Our new long-term economic projections show that potential output growth will decline over the next decade, while inflation is likely to trend higher...
CIO Update: A balanced portfolio
04.09.2020 Probably the most important finding of recent months is that we are beginning to learn how to deal with the corona pandemic and that a second economic lockdown will not be necessary despite the temporary increase in COVID-19 cases...
Switzerland will face a strong currency for many years
25.09.2020 This week, the Swiss National Bank (SNB) confirmed its medium term inflation forecasts at only slightly above 0%...
The desperate hunt for inflation
18.09.2020 Persistently low inflation rates when policy rates are close to the zero lower bound keep central bankers up at night...
Global View Q4 2020
01.09.2020 The global economy is recovering from the collapse in production in the spring caused by the many restrictions on mobility imposed at the peak of the coronavirus epidemic..
CIO Update: Surfing the wave carefully
09.07.2020 During the lockdown phase, our full attention was focused on daily statistics regarding new COVID-19 infections and their growth rates. These data were soon joined by daily mobility figures, which serve as an indicator of economic recovery...
CIO Update: Turning a bit cautious
11.06.2020 As quickly and surprisingly as the global economy plunged into recession due to the corona lockdown and financial markets crashed, the recovery now seems to be taking place as quickly, too...
Global View Q3 2020 Outlook
12.06.2020 The global manufacturing cycle appears to be bottoming out and we expect the recovery to strengthen into 2020. However, growth will probably remain moderate, so that central banks should maintain an easing bias and maintain accommodative liquidity conditions...
CIO Update: Let's wait and see
07.05.2020 The situation in financial markets remains tense. The strong correction in March was followed by a strong recovery in financial markets until the end of April...
CIO Update: Glimmers of Hope
09.04.2020 The flattening of the coronavirus curve in Europe indicates that the containment measures of the past weeks are showing positive results......
CIO Update: Resilient financial markets
10.02.2020 Financial markets have been subjected to two endurance tests so far this year. After the markets quickly absorbed the shock from the escalation of tensions between the USA and Iran at the beginning of January, it also appears that the fast-spreading coronavirus has not become a stumbling block...
CIO Update: Cautious stance
06.03.2020 The exponential spread of coronavirus cases outside China has led to great uncertainty in financial markets in recent weeks....
Global View - Outlook 2020
02.12.2019 The global manufacturing cycle appears to be bottoming out and we expect the recovery to strengthen into 2020. However, growth will probably remain moderate, so that central banks should maintain an easing bias and maintain accommodative liquidity conditions...
CIO Update: What is priced in?
10.01.2020 2019 was one of the best years ever recorded for investing in financial markets. Double-digit returns for multi-asset portfolios were not the exception but the rule.
CIO Update: Trade war rollercoaster ride
06.12.2019 After recent months saw an easing of the US-China trade war with both sides dialing down the rhetoric, negotiations have now reached a critical stage...
CIO Update: "In a good place"
08.11.2019 Jerome Powell, President of the US Federal Reserve Bank (Fed), pointed out on numerous occasions in recent months that the US economy was «in a good place»...
CIO Update: In gold we trust
04.10.2019 Despite mounting growth concerns, we do not believe a global recession is the most likely scenario...
Global View - Outlook Q4 2019
02.09.2019 The escalation in the trade war is likely to weigh on corporate investment. While the risk of a global recession has clearly risen, we still expect the expansion to persist in the foreseeable future.
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Read more about our pioneering thought leadership and research on investing sustainably
Sustainable Funds Comply with SFDR Disclosures
12th April 2021 We are therefore pleased to announce that all of J. Safra Sarasin's EU sustainable funds will be classified under Article 8. In addition, four of our funds will be classified under Article 9.
Biodiversity and its Materiality for Investors
29th March 2021 "Biodiversity loss is among the top global risks to society according to the World Economic Forum. In what scientists call the Anthropocene – the age of mankind – the planet is facing its sixth mass extinction, this time caused by humans.
The World's Carbon Budget
24th March 2021 The cyclical upswing we are currently in is creating additional demand for commodities and is also pushing up oil prices and oil stocks. But the securities of companies with exposure to fossil fuels carry long-term risks. These arise not so much from a possible scarcity of fossil resources, but rather from a shortage of the earth's atmosphere's capacity to absorb carbon dioxide emissions.
How to Tap Green Revenues As Opportunities
3rd February 2021 Political pressure and the demand for solutions to the enormous ecological problems are steadily growing. We see “green revenues” as opportunities to invest in and incorporate them systemically into our investment process.
Assessing Corporate Alignment With the Paris Accord
28th January 2021 Ever since the previous Bank of England governor Mark Carney's speech in 2015, which introduced the notion of climate-related risks, investors have scrambled to integrate this issue into their investment decisions.
Three Avenues of Reflecting Climate Change in Portfolios
20th January 2021 Given the long-term economic impact, climate change is becoming recognized as a significant risk in investment portfolios. We provide a framework on how to integrate climate change into investment decisions.
The Climate Transition: High Noon for Investors
4th January 2021 "We only have 7 years left until global warming reaches 1.5°C." This is the sober, albeit abridged, conclusion of the scientific studies of the Intergovernmental Panel on Climate Change (IPCC).
Achieving the UN SDGs with Real Estate
30th November 2020 Real estate plays an important role in our transition to a greener and more sustainable future. For us, the UN Sustainable Development Goals (SDGs) serve as a valuable framework to help achieve positive impact during the entire life cycle of properties.
How Biodiversity's Loss Can Cost Investors
26th November 2020 Biodiversity has recently become the new buzzword in the world of sustainable finance. When most of us think of biodiversity, what comes to mind are usually pictures of threatened animals. However, few of us are able to truly grasp the meaning of biodiversity and its impacts on our lives.
The UN SDGs: Impact or Opportunity?
23rd November 2020 Since the United Nations’ Sustainable Development Goals (SDGs) were introduced and raised onto the global political agenda, it has served as a guiding framework for many sustainable investors. However, some of the most hotly debated issues about this topic revolve around whether investors can truly make a positive impact to achieving the SDGs. In this video, we discuss the differences between impact and sustainable investing, and how investing in public markets can contribute to the SDGs.
Green Real Estate Funds:
Providing a Future-Fit Portfolio while Reducing Carbon Emissions
19th November 2020 This case study provides a roadmap derived from sustainable real estate funds with direct holdings. The author describes how to actively manage properties of an investment fund based on a strategy that has provided attractive financial returns over the years, while successfully reducing carbon emissions.
Systematic Integration of the UN SDGs into the Investment Processes
16th November 2020 As founding signatories of both the Principles for Responsible Investments and the Principles for Responsible Banking, we have made a commitment to include SDG considerations in our business decisions. The following article describes our approach in including SDG data and criteria into our sustainable investment process, as well as our ESG (environmental, social, governance) reporting and active ownership activities.
Engagement: COVID-19 Shifts the Focus
29th October 2020 With the disruption caused by the COVID-19 crisis, “social” considerations are back at the forefront of ESG. While corporates work to navigate near-term challenges, it is important to keep in mind that decisions affecting a company's human capital, customers, and the communities in which they operate can have lasting implications, both positive and negative.
Key Principles of Impact Investing
16th October 2020 The sharp rise in demand for sustainable investments over the last decade can be explained by the fact that investors increasingly require their investments to meet social and environmental goals, in addition to generating financial returns. They not only want to know where their money is invested, but whether it also creates an impact.
Aligning Real Estate with the Paris Agreement's 1.5°C Scenario
5th October 2020 In President von der Leyen’s State of the Union address at the European Parliament Plenary, she outlined a vision for the real estate sector to emerge out of the current pandemic more resilient against an even greater looming crisis: climate change.
Targeting the UN SDG: Impact or Opportunity?
30th September 2020 The year 2015 has gone down in history as the "Bretton Woods" of sustainability. In that year, the two frameworks of the Paris climate agreement and the UN Sustainable Development Goals (SDG) were raised onto the global political agenda.
Do Airlines Have A Carbon Problem?
24th September 2020 The airline industry faces its worst downturn in recorded history and while the near-term focus is on survival, longer-term environmental headwinds remain a challenge.
Imagining a post-COVID world
4th August 2020 In the past few months, much of the world’s focus has been on “flattening the curve” of COVID-19’ spread. While this is crucial, we should not forget the climate crisis, which poses a larger long-term threat.....
Our Climate Pledge
4th August 2020 In the past few months, much of the world’s focus has been on “flattening the curve” of COVID-19’ spread. While this is crucial, we should not forget the climate crisis, which poses a larger long-term threat...
The coming green recovery
27th July 2020 In the past few months, much of the world’s focus has been on “flattening the curve” of COVID-19’ spread. While this is crucial, we should not forget the climate crisis, which poses a larger long-term threat.....
Sustainability country rating for sovereign bonds
17th June 2020 In our latest video, In our latest video, Nico Frey, Sustainable Investment Analyst, tells us more about how considering ESG aspects can give a more comprehensive and holistic risk assessment of countries....
New ESG country rating for sovereign bonds
12th April 2020 As a pioneer in sustainable investment, Bank J. Safra Sarasin already produced one of the very first sustainability ratings for countries back in 2002 and integrated them into its investment strategy. Since then, the rating has been continuously updated and developed further. This Spotlight explains in detail the rating, as well as the latest methodology update and the 2020 results....
A sustainable path out of the Corona Crisis
29th June 2020 The latest issue is devoted to the Corona Crisis. The publication gives you an overview of why sustainable companies were better able to cope with the crisis, what awaits us in the world after COVID-19 and what lessons we can learn for the future...
Heading to Paris: net zero emissions by 2050
6th April 2020 The latest issue is devoted to the challenge of Climate Change and the question how investors can identify the winners and losers and embed climate considerations into their equity, bond and real estate portfolios...
Lessons from the Corona crisis
30th March 2020 The Global Corona Crisis, which has swept the world in 2020, will be remembered as a turning point in history..
SDGs: The decade of action is dawning
3rd January 2020 This latest issue is devoted to the impact investors can have by aligning themselves with the Sustainable Development Goals (SDGs)...
Targeting the SDGs: Impact and Performance in Listed Equities
3rd July 2019 All investments have an impact - not only on individual investors, but also on communities, the environment and the economy at large..
J. Safra Sarasin celebrates 30 years of sustainable investing
2nd October 2019 In this special edition, we highlight J. Safra Sarasin’s 30-year anniversary and key achievements in sustainable investments. It is devoted to the Bank’s journey in becoming a pioneer and leader in sustainable investments.
Active Ownership is making an impact
1st April 2019 When it comes to the concept of sustainable investments, many investors still only think of exclusions for the time being. However, the range of instruments has been greatly expanded over the years.
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Delve deeper and learn about the investment strategies that set us apart
Climate Opportunities - Fighting Climate Change One Cow at a Time
March 2021 If cows were a country, they would be the third-largest greenhouse gas emitter in the world. What types of innovative solutions can tackle this challenge? Watch the video to learn more.
Semiconductors: Driving the Future of Cars
March 2021 Over the last few months, a global shortage of semiconductor chips has forced several carmakers, including Volkswagen and Ford, to halt production, hurting their efforts to recover from depressed demand on the back of COVID-19 lockdowns. The crisis has shone a spotlight on the auto industry’s growing reliance on chips, and the implications for both industries.
Investment Spotlight: Future-proofing Investments Against Climate Change
March 2021 Today, we see growing impetus from more countries to reduce their greenhouse gas emissions. In this inevitable transition to a low-carbon future, there will be many winners and losers. It is crucial for investors to ensure that their portfolios are resilient and “future-proof” against climate change.
Sustainable Equity Global Thematic Investors Update
February 2021 There are three major issues facing equity investors today: Does the US political environment change anything? Is there any value in growth? Where will we see permanent change and are there any emerging themes worth looking at? Read more and learn about our 2021 outlook.
Developments in Sustainable Investing
9th February 2021 2020 was a landmark year for J. Safra Sarasin Sustainable Asset Management, as we further strengthened our commitments to sustainable investing.
FAB Five 1st Quarter 2021 Investment Ideas
2nd February 2021 With its ups and downs, 2020 turned out to be an exciting year for investors. We are hopeful that 2021 will bring us some normalisation, with the US election behind us and the roll-out of vaccine programmes.
Analog Semiconductors: Key Enabler of the EV Revolution
29th January 2021 The world is at the beginning of an electric vehicle revolution, with volumes expected to rise significantly over the coming years. This transformation will likely be followed by one in the autonomous driving space.
Climate-Proofing Your Investments
25th January 2021 In the inevitable transition to a low-carbon future, there will be many winners and losers. Some companies are already doing better than others. We group them into Climate Pledgers and Green Champions. Learn more in the latest video.
Investment Update: All China Equities
January 2021 Today, China is already the largest consumer and producer of new energy vehicles in the world. Going into 2021, we expect the transformation of China to continue, with sustainability and renewable energy becoming an additional pillar of its economy. What does this mean for our All China Equities strategy and where do we see attractive opportunities?
Thematic Insights Future Health — Transition to Home: The New Hub of Healthcare
21st January 2020 Home-based health players provide a multitude of healthcare services to chronically ill patients directly at home. COVID-19 revealed several shortcomings in the healthcare system, particularly hospitals and skilled nursing facilities as the central hubs of care delivery.
Investment Spotlight: COVID-19, Climate Change and the Implications for Thematic Investing
18th November 2020 Nearly a year into the COVID-19 pandemic, some clear implications for thematic investing can already be observed. In many ways, the risks and challenges posed by the pandemic are similar to those presented by another global threat – climate change. Both crises will change our world permanently, and in this Spotlight we explore some of the long-term fundamental shifts happening in our world, as well as what this means for thematic investors.
Thematic Insights Tech Disruptors — Warehouse Automation: Reshaping Logistics
October 2020 Demand for warehouse automation equipment is expected to grow strongly over the coming years, driven by several megatrends such as e-commerce, urbanization and sustainability.
Thematic Insights Future Health — Improved Hygiene: Killing Germs, Saving Lives
October 2020 The COVID-19 pandemic has boosted demand for hygiene and personal protection equipment (PPE) products in hospital, elderly care and private settings.
Investment Spotlight: The Value of Sustainable Investing For High Quality Bonds
September 2020 Today’s markets are often characterized by uncertainties and volatility, and it remains increasingly challenging to search for yield. In such times, it becomes even more crucial to find a stable and resilient source of returns that can weather storms in the financial markets.
Why Invest in Sustainable Sovereign and Corporate Bonds?
August 2020 Despite the recent strong recovery in financial markets, the global economy still faces significant challenges. Therefore, it is crucial to bring stability to investment portfolios, while maintaining return potential.
Thematic Insights Tech Disruptors — Cybersecurity: Safety in the Digital Age
July 2020 The first half of 2020 was deeply shaped by the coronavirus outbreak, which urged millions of people to stay at home in order to help curb the pandemic.
Thematic Insights Water Solutions —The Fight Against COVID-19
July 2020 Water companies have a critical role to play in the fight against the coronavirus. Whether it is through simple solutions such as filtration systems with UV lights to more complex water analysis systems equipped with a technology that is also capable of identifying the virus.
Thematic Insights Consumer Brands — Welcome to the Cashless Society
July 2020 As the coronavirus continues to spread across the globe, millions of people are urged to stay at home to contain the spread of the pandemic.
Thematic Insights Future Health — Telemedicine: The New Normal
July 2020 The adoption of telehealth has taken off since the COVID-19 outbreak as patients prefer to get remote medical advice and monitoring rather than visiting doctor offices.
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Repositioning of Water to Green Planet
10th February 2021 JSS Sustainable Asset Management is proud to announce the launch of the Green Planet strategy, which is a natural progression of its commitment towards building a sustainable future, while generating attractive returns.
New Climate Strategy Launched
27th January 2021 JSS Sustainable Asset Management launches a new climate investment strategy that taps into the vast opportunities arising from the global transition to a low-carbon future.
J. Safra Sarasin Asset Management Funds Awarded Highest Rating by FNG
26th November 2020 We are pleased to announce that all four funds, for which we have submitted, have been awarded the highest possible rating by FNG (Forum Nachhaltige Geldanlagen)
New Fund Supporting Sustainable Development Goals
3rd November 2020 Bank J. Safra Sarasin has launched a compelling public equities solution offering investors a way to support the United Nations’ Sustainable Development Goals (SDGs) while also generating long-term returns.
Launch of New Responsible India Fund
30th September 2020 Bank J. Safra Sarasin recently launched the JSS Responsible Equity – India fund, which seeks to capture attractive opportunities in the country’s fast-growing economy.
Awarded Highest Score In UN PRI Assessment Report
2nd September 2020 Bank J. Safra Sarasin has been awarded A+, the highest score, by the UN-supported Principles of Responsible Investment (PRI), for its overall Sustainability Strategy and Governance.
Ranked #1 Across Responsible Investment Themes in Switzerland
3rd June 2020 We are pleased to announce that Bank J. Safra Sarasin is ranked #1 in Switzerland and #17 worldwide by ShareAction in their 2020 ranking of the world’s largest asset managers across responsible investment themes.
Climate Pledge Launched
15th May 2020 Bank J. Safra Sarasin is a founding signatory of the Principles for Responsible Banking and the Principles of Responsible Investing and is committed to contribute to achieving society’s goals as expressed in the UN Sustainable Development Goals and the Paris Climate Agreement.
Launch of New Healthcare Fund
4th May 2020 Bank J. Safra Sarasin recently launched the JSS Sustainable Equity – Future Health fund, which seeks to capture opportunities from the dynamic shifts in the health landscape.