Economy
Climate
Markets
Swiss Market
Equities
APPLE (Core Holdings) is set to roll out App Tracking Transparency (ATT) in version 14.5 of iOS. Much is at stake, with Chinese internet companies trying to find ways around Apple’s new data protection rules.
ASTRAZENECA (Core Holdings) has reported interim data from the US trial of its COVID-19 vaccine. The vaccine proved 79% effective for the whole population with two injections administered four weeks apart, and 80% for over-65s (20% of the trial population). It proved 100% effective in preventing serious illness and hospitalisation. On the safety front, no increased risk of blood clots was identified.
ENEL (Satellites and b-Transition): on reporting its (strong) annual results, the Italian group upgraded its 2030 renewable electricity capacity installation target by almost 50% to over 200 GW on a total budget of €150bn.
SAINT-GOBAIN has been added to our European Satellites with the b-Transition label. The group, trading at a discount to its peers, claims that 60% of its sales derive from products that help lower CO2 emissions. The appointment of Benoit Bazin – currently COO and Deputy CEO with responsibility for the “Transform and Grow” plan – as new CEO should see some value finally realised.
VISA (Core Holdings) is being investigated by the US Department of Justice for anticompetitive practices in the debit card space. The share lost 6% on the news.
Bonds
Sentiment of traders
Stock market
Markets lacked fuel to rise any higher last week, with the Fed withdrawing support for US banks. This week will see European and US PMI numbers but will be fairly quiet in terms of figures. With yields still stretched and indices at peak levels, we remain cautious.
Currencies
Following the Fed’s decision to maintain the status quo, USD tested major support at USD/CHF 0.9220, EUR/USD 1.1980 and GBP/USD 1.3970 before rallying to end the week at EUR/USD 1.1880, USD/CHF 0.9305 and GBP/USD 1.3840. With EUR under pressure as a result of fresh lockdowns, we expect the following ranges this week – EUR/USD: 1.1836-1.2010; USD/CHF: 0.92-0.94; EUR/CHF 1.0950-1.1110. After a 2% rise in interest rates and the sacking of the governor of Turkey’s central bank, the Turkish lira has plummeted 18% against the dollar. Gold has consolidated at around $1,729/oz.
Today’s graph
Performances
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