Investment views

While the approaching US election has some investors on edge, we remain confident that the American economy will experience a soft landing whoever secures the White House. As a result, we remain overweight stocks and upgrade US equity.

The prospects for emerging market stocks and bonds outside China are improving as interest rates fall worldwide.

With interest rates set to fall further and the global economy heading for a soft landing, prospects for Swiss and financial stocks look bright.

Equities have had a good start to the year, but the summer could be an opportune time to take some profits, with the rest of the year likely to bring weaker growth and fewer earnings beats.

Conditions remain favourable for equity markets overall but we trim exposure to tech stocks following their stellar run.

Prospects for the world economy have improved and interest rates are about to fall. That's a positive backdrop for stock markets in the near term.

Economic conditions in Europe are improving while interest rates in the region could soon head lower. This augurs well for European stocks, which we upgrade to overweight.

Equities should extend their rally as interest rate cuts appear imminent in the US and other developed economies.