{"id":27662,"date":"2026-02-02T11:53:37","date_gmt":"2026-02-02T10:53:37","guid":{"rendered":"https:\/\/www.bordier.com\/?p=27662"},"modified":"2026-02-16T17:28:18","modified_gmt":"2026-02-16T16:28:18","slug":"monday-report-en-02022026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/de\/monday-report-en-02022026\/","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 2 February 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/frCm_MSXXEU?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><\/p>\n\n\n\n<p>The statistics published in the United States were not particularly surprising. However, it is worth noting the disappointing decline in consumer confidence, which fell much more than expected, from 94.2 to 84.5 (vs. 91 est.) in January. Durable goods orders date from November and, excluding transport, exceeded expectations (+0.5% m\/m vs +0.3% m\/m est.). Rising by +0.5% m\/m, producer prices were above the expected level (+0.2%). In the eurozone, EC confidence indices were all above consensus in January: from 97.2 to 99.4 (vs. 97.1 est.) in the economy, from -8.5 to -6.8 (vs. -8.2 est.) in industry, and from +5.8 to +7.2 (vs. +6 est.) in services. Q4 GDP also surprised on the upside (+0.3% q\/q vs +0.2% est.) and the unemployment rate was lower than expected (6.2% vs 6.3% est.). Finally, industrial profits rebounded in China from -13.1% y\/y to +5.3%!<\/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\">Artificial Intelligence<\/h2>\n\n\n\n<p>The software sector continues to underperform. Microsoft, SAP and ServiceNow have all been punished despite solid results. Investors are expressing two concerns: a persistent gap between massive investments and their translation into revenue, and uncertainty about the sustainability of per-user pricing models in a world where AI is automating tasks.<\/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>The announcement of the future appointment of K. Warsh as head of the Fed, who is less of a \u201cdove\u201d than other candidates, triggered a storm in precious metals, which fell sharply on Friday and at the opening. Over the week, gold still ended up 1.2% and the dollar index lost 0.6%. Ten-year sovereign yields rose by a few basis points in USD and fell slightly further in EUR. Emerging market equities (+1.8%) outperformed Europe (+0.4%) and the US (+0.3%). To watch this week: ISM manufacturing and services, consumer confidence (University of Michigan) and US employment report; consumer and producer price indices, retail sales and ECB meeting in the eurozone; manufacturing and services PMI (official and RatingDog) 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: December retail sales (FSO), November services sales (FSO), Q1 employment indicator (KOF), January purchasing managers\u2019 indices, economic survey (KOF), January unemployment (Seco) and foreign exchange reserves at the end of January (SNB).<\/p>\n\n\n\n<p>The following companies will publish their figures: Julius B\u00e4r, Medacta, UBS, Novartis, Financi\u00e8re Tradition, SPS, Valiant, EMS-Chemie, LEM, Vontobel and ZKB.<\/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><span style=\"font-size: revert; color: initial;\"><strong>AIRBUS <\/strong>(Satellite) will offer an extended version of the A220 regional aircraft, inherited from Airbus\u2019 acquisition of Bombardier. It will have an intermediate capacity of ~180 seats, compared to 110-160 seats for the existing version and 160-240 seats for the A320-321 family.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\">We are removing <strong>DANONE <\/strong>(Satellite) following the extension of infant milk recalls to Aptamil, the group\u2019s flagship brand, which accounts for one-third of operating profit. We will revisit the stock once visibility has been restored.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\">We are adding <strong>METSO <\/strong>(Core Holding) to our Core Holding Europe list. Metso is a global leader in mining equipment, present in 50 countries, with a recurring after-sales model and an installed base of 70,000 pieces of equipment. The group benefits from direct exposure to copper and gold and robust free cash flow generation.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>RIO TINTO<\/strong> (Satellite): According to Bloomberg, Rio and Glencore are preparing to ask the regulatory authority for additional time to continue negotiations with a view to a merger, with the deadline set for February 5 at 5 p.m. The two companies will publish their results on February 18 and 19.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>VERIZON <\/strong>(Satellite) delivered its best commercial quarter in five years with a transformation under its new CEO: $5 billion in savings, a significantly accelerated 2026 EPS target (+4-5% vs. -1% historically), and $25 billion in share buybacks over three years. Verizon remains our top defensive pick in the telecoms sector.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Bonds<\/h2>\n\n\n\n<p>In the US, the 10-year yield ended the week up 1 bp after a week marked by the FOMC meeting, which unsurprisingly kept rates unchanged, and Friday\u2019s announcement of K. Warsh\u2019s appointment to succeed J. Powell as head of the Fed. In Europe, the 10-year Bund fell by 7 bp and the OAT by 6 bp, with preliminary GDP in line with expectations and French PPI down. This week will be marked by the ECB meeting, which is expected to keep rates unchanged, as well as the ISM, NFP and JOLTS in the US.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-3.jpg\" alt=\"\" class=\"wp-image-4388\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sentiment of traders<\/h3>\n\n\n\n<p><strong>Stock markets<\/strong><\/p>\n\n\n\n<p>The appointment of K. Warsh as head of the Fed was given a cool reception by the markets, as he is not necessarily an advocate of lowering rates at all costs. Europe therefore opened in the red, following Asia. US employment statistics will be released on Friday, while in the eurozone we will have the PPI, CPI and the ECB meeting (no change expected).<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>The foreign exchange market is facing high volatility: the appointment of K. Warsh as head of the Fed reversed the trend on the dollar, which rose to$\/CHF 0.7730, \u20ac\/$ 1.1860 and $\/JPY 155.02. Currency traders remain focused on geopolitical risk in the Middle East. We anticipate the following ranges: \u20ac\/$ 1.1760-1.1920, \u20ac\/CHF 0.9120-0.9240, $\/CHF 0.7640-0.7870. Precious metals fell sharply: XAUUSD $4646\/oz, sup. 4400, res. 5170, XAGUSD $79\/oz.<\/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=\"714\" height=\"434\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/graphPourSite.jpg\" alt=\"\" class=\"wp-image-27675\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/graphPourSite.jpg 714w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/graphPourSite-300x182.jpg 300w\" sizes=\"(max-width: 714px) 100vw, 714px\" \/><\/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=\"813\" height=\"478\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site.jpg\" alt=\"\" class=\"wp-image-27678\" style=\"aspect-ratio:1.721387018759396;width:710px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site.jpg 813w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site-300x176.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site-768x452.jpg 768w\" sizes=\"(max-width: 813px) 100vw, 813px\" \/><\/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":28,"featured_media":25632,"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-27662","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\/27662","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\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/comments?post=27662"}],"version-history":[{"count":5,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/posts\/27662\/revisions"}],"predecessor-version":[{"id":27716,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/posts\/27662\/revisions\/27716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/media\/25632"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/media?parent=27662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/categories?post=27662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/tags?post=27662"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/news_country?post=27662"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/de\/wp-json\/wp\/v2\/news_language?post=27662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}