
Editorial
October was a pretty eventful month for global markets. In the U.S., job gains slowed to their lowest in years, mostly because of temporary setbacks from strikes and weather events. Nevertheless, the unemployment rate held steady, indicating a stable labor market environment. At the same time, inflation remains a focus, with the recent rise (MoM) in U.S. inflation figures sparking debate about future policy moves, while in Europe the ECB responded with another rate cut, aiming to balance growth with inflation control.
European markets also showed mixed signals. Germany managed to pull itself out of a technical recession and the UK posted positive economic results as inflation eased. The spotlight is now on the upcoming U.S. election, which has the potential to influence both economic and market direction.
On the corporate side, tech and communications earnings have been impressive, although some are eyeing potential pressure on tech margins this season. For those seeking an inflation hedge, TIPS may offer some value as inflation is expected to remain elevated under both candidates.
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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