{"id":23909,"date":"2025-09-15T10:57:11","date_gmt":"2025-09-15T09:57:11","guid":{"rendered":"https:\/\/www.bordier.com\/?p=23909"},"modified":"2025-11-24T14:55:29","modified_gmt":"2025-11-24T13:55:29","slug":"monday-report-en-15092025","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-15092025\/","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 15 September 2025\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/-ZAC9feu_hc?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 United States were once again mixed. The consumer price index accelerated in August, from +2.7% to +2.9% year-on-year, but in line with expectations. However, consumer confidence (University of Michigan) fell much more than expected in September (from 58.2 to 55.4 vs. 58 expected) and inital weekly jobless claims rose from 236,000 to 263,000, whereas stabilisation had been anticipated. In the eurozone, Sentix investor confidence fell from -3.7 to -9.2 in September, whereas an improvement to -2 had been expected. In China, price pressure remains: the consumer price index contracted (-0.4% y\/y vs. -0.2% est.) in August after stagnating in the previous month. The producer price index also contracted (-2.9% y\/y), but in line with expectations and less pronounced than previously (-3.6% y\/y).<\/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 the European agency Copernicus, August 2025 was the 2nd warmest August on record, with an average surface temperature of 16.6\u00b0C, or +0.49\u00b0C above the 1991-2020 average. The average surface temperature of the oceans reached 20.85\u00b0C, the 3rd highest average for an August behind 2023 and 2024, with 70% of surfaces above normal and 13% affected by marine heatwaves.<\/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 fragility of the US job market is overshadowing the acceleration in prices, and expectations of a Fed rate cut have increased. Ten-year US sovereign bond yields fell by a few basis points. They rose by 5 basis points in Germany, with the ECB approaching the end of its easing cycle. The change of government in France was anticipated and did not cause any movement. Equities rose in most markets (US: +1.6%; Europe: +1%; emerging markets: +3.9%; Switzerland: -1.4%). The dollar was fairly stable (dollar index: -0.2%) and gold continued to climb (+1.7%). To watch this week: retail sales, industrial production, home builders confidence, housing starts, building permits and the Fed meeting in the United States; the ZEW confidence index and industrial production in the eurozone; retail sales, industrial production and investment 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: August PPI production-import prices (FSO), August accommodation statistics (FSO) and August foreign trade\/watch exports (FDFA).The following companies will publish their figures: Curatis, Newron and Aevis.Finally, SMG Swiss Marketplace Group will be listed on the SIX stock exchange.<\/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>A<span style=\"font-size: revert; color: initial;\">BBVIE <\/span><\/strong><span style=\"font-size: revert; color: initial;\">(Core Holding) settled its dispute with generic manufacturers over Rinvoq. No generic version will be marketed in the United States before April 2037. This date represents upside potential for the consensus, which factors in a generic risk from 2033 onwards in its estimates.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>APPLE <\/strong>(Core Holding) unveiled the iPhone 17 range, with an expected repositioning of the \u201cAir\u201d model to replace the \u201cPlus\u201d. Prices remain broadly unchanged for the same capacity, and no significant advances on Apple Intelligence have been announced. According to Ming-Chi Kuo, pre-orders are up compared to last year, which could support Q3 results.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\">According to the NY Post, <strong>UBS <\/strong>(Satellite) is considering relocating to the United States if Swiss \u201cToo Big To Fail\u201d rules prove too restrictive, but this seems mainly a lobbying tactic. The outcome is considered unlikely, given the group\u2019s importance to Switzerland and its image in WM. Otherwise, the parliamentary debate remains tense over the timetable for the new capital requirements.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>VOLKSWAGEN <\/strong>(Satellite) has appointed advisers for the possible sale of Everllence SE, which specialises in ship engines and power plant turbines and is estimated to be worth more than EUR 5 billion.<\/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, inflation was in line with expectations (headline 2.9% y\/y), while weekly jobless claims rose (263k vs. 236k expected). Nevertheless, the market is already anticipating a significant cycle of rate cuts and US rates rose slightly over the week (2-year +5 bp\/5-year +5 bp). In Europe, Christine Lagarde said that disinflation in Europe was over, confirming market expectations that the cycle of monetary easing would come to an end. EU rates ended the week higher (10-year Bund +5 bp\/OAT +6 bp).<\/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>With Wall Street setting new records, all eyes will be on Wednesday\u2019s FOMC meeting, which is expected to cut rates by 25 basis points, but more importantly to see whether J. Powell gives any indication of future cuts. The BOE will also meet on Thursday (no change expected). On the micro side, Fedex will publish its results on Friday after the close. Markets remain buoyant.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>The end of last week was turbulent due to tensions between Russia and Poland, as well as Fitch\u2019s downgrade of France\u2019s credit rating. The rise of the \u20ac\/$ to 1.1737 is running out of steam and is failing to break through the 1.18 resistance level. This week will be dominated by the FED, BOC, BOE and BOJ central banks. The geopolitical context is supporting the CHF at \u20ac\/CHF 0.9348 and $\/CHF 0.7960. The \u00a3 is consolidating at 1.3590, sup. 1.3480, res. 1.3680. Gold is correcting at $3,640\/oz after a record high of $3,674\/oz. Our ranges: \u20ac\/$ 1.1608-1.1829, $\/CHF 0.7910-0.8100, \u20ac\/CHF 0.9267-0.9395.<\/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 fetchpriority=\"high\" decoding=\"async\" width=\"721\" height=\"437\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/graphPourSite-2.jpg\" alt=\"US Headline vs Core CPI trends 2024-2025 graph.\" class=\"wp-image-23929\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/graphPourSite-2.jpg 721w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/graphPourSite-2-300x182.jpg 300w\" sizes=\"(max-width: 721px) 100vw, 721px\" \/><\/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 decoding=\"async\" width=\"841\" height=\"470\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/perfANG-pour-site-3.jpg\" alt=\"Financial data comparison, indexes, currencies, as of 2025.\" class=\"wp-image-23924\" style=\"width:823px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/perfANG-pour-site-3.jpg 841w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/perfANG-pour-site-3-300x168.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/09\/perfANG-pour-site-3-768x429.jpg 768w\" sizes=\"(max-width: 841px) 100vw, 841px\" \/><\/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":15637,"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-23909","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\/fr\/wp-json\/wp\/v2\/posts\/23909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/comments?post=23909"}],"version-history":[{"count":5,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/23909\/revisions"}],"predecessor-version":[{"id":23963,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/23909\/revisions\/23963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/15637"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=23909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=23909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=23909"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=23909"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=23909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}