{"id":23047,"date":"2025-08-18T10:49:55","date_gmt":"2025-08-18T09:49:55","guid":{"rendered":"https:\/\/www.bordier.com\/?p=23047"},"modified":"2025-08-18T15:43:33","modified_gmt":"2025-08-18T14:43:33","slug":"monday-report-en-18082025","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/de\/monday-report-en-18082025\/","title":{"rendered":"Monday Report"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Monday report of 18 August 2025\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/UZbYq-SmRIk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Economy<\/h2>\n\n\n\n<p>Statistics published in the US were mixed. SME confidence (NFIB index) rose from 98.6 to 100.3 in July, exceeding expectations (98.9), while household confidence (University of Michigan) disappointed, falling from 61.7 to 58.6 in August. Retail sales, with revisions to the previous month (from +0.6% to +0.9%), were better than expected in July (+0.5% m\/m). Industrial production fell by -0.1% m\/m in July (vs +0% est.). While consumer prices were in line with expectations in July (+0.2% m\/m, +2.7% y\/y), producer prices (+0.9% m\/m vs +0.2% est.) and import prices (+0.4% m\/m vs +0.1% est.) accelerated&#8230; In the eurozone, industrial production contracted more than expected in June (-1.3% m\/m vs -1% est.). In China, retail sales (+3.7% y\/y vs +4.6% est.), industrial production (+5.7% y\/y vs +6% est.) and investment (+1.6% y\/y vs +2.7% est.) disappointed.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\">Planetary Boundaries<\/h3>\n\n\n\n<p>According to an article by researchers from the Potsdam Institute for Climate Impact Research and the University of Queensland in Australia, published in Nature, increased exposure to extreme heat waves has led to a 25-38% reduction in bird populations in tropical regions compared to what they would have been without the impact of human activities on the climate.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-1.jpg\" alt=\"\" class=\"wp-image-4375\" style=\"object-fit:cover\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Markets<\/h2>\n\n\n\n<p>Neither the turmoil on the geopolitical front nor the approach of the central bankers\u2019 symposium in Jackson Hole are disrupting equities. Indices continue to rise across the board (US: +0.9%; Europe: +1.2%; emerging markets: +1.5%) and 10-year sovereign yields are up ~10 bp in EUR and a few basis points in USD (and CHF). The dollar is suffering a little (dollar index: -0.3%), but gold is not benefiting (-1.5%), falling victim to RISK ON sentiment. Oil prices are also down 1.2%. To watch this week: NAHB housing market index, building permits, housing starts, manufacturing and services PMIs and Fed minutes in the United States; manufacturing and services PMIs in the eurozone; 1- and 5-year borrowing rates in China.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Swiss Market<\/h2>\n\n\n\n<p>Coming up this week: Q2 industrial production (FSO), July accommodation statistics (FSO), Q2 labour market survey (FSO) and July foreign trade\/watch exports (FDFA).<\/p>\n\n\n\n<p>The following companies will publish figures: Hiag, Medartis, PSP Swiss Property, Huber+Suhner, BCGE, DocMorris, Phoenix Mecano, Skan, Basilea, Alcon, Sensirion, Implenia, Emmi, Geberit, Gurit, Novavest, BCV, Orior, Siegfried, BKW, SPS, Sunrise and Allreal.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-2.jpg\" alt=\"\" class=\"wp-image-4383\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Equities<\/h2>\n\n\n\n<p><strong>AIRBUS <\/strong>(Satellites) delivered 67 commercial aircraft in July, compared with 63 in June and a monthly average of 51 in the first half of the year: positive and necessary vs our investment thesis.<\/p>\n\n\n\n<p><strong>AMRIZE <\/strong>(Satellites): CEO Jan Jenisch has bought back 1.095 million shares for USD 52 million since the publication of the company\u2019s first half-year results (spin-off from Holcim for the North American market). This is a positive signal.<\/p>\n\n\n\n<p><strong>HEIDELBERG MATERIALS<\/strong> (Satellites): Moody\u2019s confirmed its Baa2 rating (equivalent to BBB at S&amp;P) but raised its outlook from neutral to positive.<\/p>\n\n\n\n<p><strong>SIKA <\/strong>(Core Holding): According to Allied Market Research, the global market for sustainable building materials is expected to grow from USD 342 billion in 2023 to USD 688 billion in 2033, an average of 7.2% per annum.<\/p>\n\n\n\n<p><strong>TENCENT <\/strong>(Satellites) reported better-than-expected Q2 results, with balanced growth across gaming (+16% YoY), advertising (+20%) and financial\/cloud services (+10%). Advertising should continue its strong momentum in H2 thanks to the growing monetisation of Video Accounts. Tencent remains our top pick in China.<\/p>\n\n\n\n<p><strong>VOLKSWAGEN <\/strong>(Satellites) and China\u2019s XPENG announced the expansion of their collaboration in electric and electronic vehicle architecture: a strategic move for VW, whose in-house development efforts in this area have failed.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Bonds<\/h2>\n\n\n\n<p>In the US, 10-year yields ended the week up 4bp after the release of a higher-than-expected PPI (+0.9% MoM vs +0.2% expected), with the market now pricing in an 84.5% chance of a Fed rate cut in September. In Europe, the 10-year OAT gained 12 bp over the week and the 10-year Bund 10 bp, due to a mix of fiscal and budgetary uncertainties linked to the conflict in Ukraine. This week in the US, all eyes will be on housing construction figures, the Fed minutes and PMIs.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-3.jpg\" alt=\"\" class=\"wp-image-4388\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sentiment of traders<\/h3>\n\n\n\n<p><strong>Stock markets<\/strong><\/p>\n\n\n\n<p>It will be a quiet week on the macro front, with only a few figures on real estate and the leading index in the US, while in the eurozone we will have the final CPI and manufacturing PMI. Attention will be focused on the aftermath of the Trump\/Putin meeting on Ukraine and J. Powell\u2019s speech in Jackson Hole on Friday. Geopolitics could prevail over the economy this week.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>Neither the US figures nor the Trump-Putin meeting managed to revive volatility. The dollar consolidated at $\/CHF 0.8058, sup. 0.7970, res. 0.8135. The single currency stagnated around \u20ac\/$ 1.1695 and failed to rise above the res. A break of the sup. 1.1600 would confirm a downward trend. The CHF remains dependent on the geopolitical situation and is consolidating at \u20ac\/CHF 0.9426, sup. 0.9350, res. 0.9500.  Gold is up slightly at $3350\/oz. The pound is up at \u00a3\/$ 1.3547, sup. 1.3370, res. 1.3780.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Today\u2019s graph<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img alt=\"\" fetchpriority=\"high\" decoding=\"async\" width=\"717\" height=\"434\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/08\/graphPourSite-2.jpg\" alt=\"\" class=\"wp-image-23016\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/08\/graphPourSite-2.jpg 717w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/08\/graphPourSite-2-300x182.jpg 300w\" sizes=\"(max-width: 717px) 100vw, 717px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Performances<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img alt=\"\" decoding=\"async\" width=\"538\" height=\"310\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/08\/perfANG-pour-site-2.jpg\" alt=\"\" class=\"wp-image-23048\" style=\"width:823px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/08\/perfANG-pour-site-2.jpg 538w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/08\/perfANG-pour-site-2-300x173.jpg 300w\" sizes=\"(max-width: 538px) 100vw, 538px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\">This document has been issued for information purposes and is exclusively supplied by Bordier &amp; Cie SCmA in the framework of an existing contractual relationship with the recipient of this document. The views and opinions contained in it are those of Bordier &amp; Cie SCmA. Its contents may not be reproduced or redistributed by unauthorized persons. The user will be held liable for any unauthorized reproduction or circulation of this document, which may give rise to legal proceedings. All the information contained in it is provided for information only and should in no way be taken as investment, legal or tax advice provided to third parties. Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any investment services or advice to \u201cUS persons\u201d as defined by the Securities and Exchange Commission rules. Furthermore, the information on our website \u2013 including the present document \u2013 is by no mean directed to such persons or entities.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the latest weekly report on the financial sectors and financial market, by Bordier Switzerland<\/p>\n","protected":false},"author":15,"featured_media":15629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[19,134],"tags":[132],"news_country":[13],"news_language":[38],"class_list":["post-23047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-monday-report","tag-monday-report","news_country-switzerland","news_language-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/posts\/23047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/comments?post=23047"}],"version-history":[{"count":3,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/posts\/23047\/revisions"}],"predecessor-version":[{"id":23070,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/posts\/23047\/revisions\/23070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/media\/15629"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/media?parent=23047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/categories?post=23047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/tags?post=23047"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/news_country?post=23047"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/news_language?post=23047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}