
Editorial
The year begins against the backdrop of strong stock market performances in 2024, but recent developments have introduced volatility and a more subdued sentiment. Markets ended 2024 on a weaker note, with December seeing declines as investors digested signals of slower monetary easing from the Federal Reserve.
The global economic environment is marked by divergence. The U.S. continues to lead with robust growth, buoyed by resilient consumer spending and corporate earnings. However, inflationary pressures and potential policy shifts under the Trump administration (such as tariffs) add layers of unpredictability. In contrast, Europe struggles with weak domestic demand and competition from subsidized Chinese exports, while China’s economy remains under pressure despite an export boom.
While optimism persists for moderate growth in corporate earnings and economic activity, we are entering 2025 with a more cautious tone than in previous years. We will remain focused on key events such as upcoming earnings reports and potential policy changes under the new U.S. administration.
We hope you enjoy reading and find these updates helpful for the month ahead.

Joan Bürgy
Investment Specialist

Jérôme Tobler, CIIA
Partner Senior Financial Advisor
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