{"id":25907,"date":"2025-10-27T17:51:45","date_gmt":"2025-10-27T16:51:45","guid":{"rendered":"https:\/\/www.bordier.com\/?p=25907"},"modified":"2025-10-27T17:57:11","modified_gmt":"2025-10-27T16:57:11","slug":"monday-report-en-27102025","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-27102025\/","title":{"rendered":"Monday Report"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Monday report of 27 October 2025\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/LYsd5IjR93Q?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>In the United States, the statistics published were fairly encouraging. Purchasing managers\u2019 confidence improved more than expected in October in services (from 54.2 to 55.2 vs. 53.5 est.) and in manufacturing (from 52 to 52.2 vs. 52 est.). Consumer price growth was lower than anticipated (+3% y\/y vs. +3.1% y\/y est.) and reassuring in September. In the eurozone, purchasing managers\u2019 confidence rose in services (from 51.3 to 52.6 vs. 51.2 est.) and in manufacturing (from 49.8 to 50 vs. 49.8 est.) in October. In China, GDP slowed in Q3 (from +5.2% y\/y to +4.8% y\/y) and investment disappointed in September (-0.5% y\/y vs +0.1% y\/y est.). On the other hand, industrial production accelerated (from +5.2% y\/y to +6.5% y\/y vs +5% est.) and retail sales slowed in line with expectations (from +3.4% y\/y to +3% 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 World Resources Institute\u2019s \u201cState of Climate Action 2025\u201d report, none of the 45 climate action indicators are on track to meet the 2030 targets. While most are moving in the right direction, the pace and scale of progress are alarming and will lead to risks that are incompatible with a sustainable future.<\/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>Good economic news and strong corporate results in Q3 boosted equities (+1.9% in the US; +1.7% in Europe and +2% in emerging markets). Ten-year sovereign yields were unchanged in the US and rose a few basis points in the eurozone. The dollar index rose 0.5% and oil prices soared 7.6% following the announcement of new sanctions against Russian exports. Gold fell 2.9% on profit-taking amid renewed risk appetite. This week to watch: durable goods orders, consumer confidence, Fed meeting, preliminary Q3 GDP estimate and PCE inflation in the US; EC confidence index (economy, industry and services), ECB meeting and consumer price index in the eurozone; manufacturing and services PMI 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>To watch this week: Q3 property price index (FSO), October economic barometer (KOF), SNB results, September retail sales (FSO) and August services sales (FSO).<\/p>\n\n\n\n<p>The following companies will publish their figures: Bucher, Landis+Gyr, Novartis, SIG Group, Temenos, Logitech, Amrize, UBS, Straumann, Avolta, Clariant, Idorsia, Phoenix Mecano, Sandoz, Swiss, Vontobel and Molecular Partners.<\/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>HERM\u00c8S <\/strong>\u2013 removed from the Core Holding list: its upside potential will be lower than its more cyclical peers over the coming months, particularly LVMH (Core Holding), which will benefit from a more favourable basis for comparison and specific measures to boost activity. Herm\u00e8s outperforms its peers during periods of slowdown in luxury goods consumption but tends to underperform during recovery phases. After a 450% increase including dividends since the recommendation (July 2017), we recommend taking profits.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>HSBC <\/strong>(Satellite) has announced a provision of $1.1 billion related to an old Madoff case. Herald Securities was claiming up to $5.6 billion in the Luxembourg courts. The impact on capital is limited: -15 bp of CET1, or less than 0.5% of capitalisation. An unpleasant surprise, but not a material one.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\">This week will be decisive in gauging AI momentum with the publication of results by <strong>MICROSOFT <\/strong>(Core Holding), <strong>ALPHABET <\/strong>(Core Holding) and Amazon. We expect Microsoft to perform strongly, buoyed by Azure and the roll-out of Copilot. Amazon will need to confirm a rebound for AWS. Alphabet, for its part, is beginning to open up its TPU infrastructure to external customers, a strong signal to boost the competitiveness of its Cloud division.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>VOLKSWAGEN <\/strong>(Satellite): Porsche published better-than-expected results for Q3 2025 this morning, particularly in terms of underlying operating margin, at 9.6% vs. 7.9% expected, and cash generation at around \u20ac900 million vs. around \u20ac100 million expected. Reassuring.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/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 unchanged, torn between a lower-than-expected CPI and a potential trade agreement with China. In Europe, activity figures were generally positive, with eurozone manufacturing and services PMIs exceeding expectations. This led to a general rise in European rates, with the 10-year Bund ending up 5bp and the 10-year BTP up 6bp. The ECB and the Fed will meet this week, with the market expecting a cut in the US and no further cuts in Europe.<\/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>Markets got off to a flying start this week, with all eyes on the FOMC meeting (expected cut of 25 basis points) and the publication of quarterly results from Microsoft, Alphabet, Meta, Amazon and Apple. Thursday\u2019s meeting between Trump and Xi is expected to produce a positive agreement, with Scott Bessent having already laid the groundwork over the weekend.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>Hopes and optimism surrounding Sino-American relations are supporting the dollar this morning: \u20ac\/$ 1.1625, $\/JPY 152.92, $\/CHF 0.7965. Economic officials on both sides are talking about pauses in US tariffs and controls on rare earth exports. Currency traders are anticipating a 0.25% rate cut by the Fed this week. The \u20ac\/CHF is consolidating at 0.9260, sup. 0.9230, res. 0.9332. Gold is down at $4057\/oz, sup. 4000, res. 4200. Our ranges are \u20ac\/$ 1.1543-1.17, $\/CHF 0.7910-0.8040, $\/JPY 151.75-153.40, \u00a3\/$ 1.3275-1.3365.<\/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=\"719\" height=\"436\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/10\/graphPourSite-3.jpg\" alt=\"Eurozone PMI trends, services rising over manufacturing.\" class=\"wp-image-25880\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/10\/graphPourSite-3.jpg 719w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/10\/graphPourSite-3-300x182.jpg 300w\" sizes=\"(max-width: 719px) 100vw, 719px\" \/><\/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=\"696\" height=\"414\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/10\/perfANG-pour-site-3.jpg\" alt=\"Financial market indices and currency exchange rates table.\" class=\"wp-image-25908\" style=\"width:823px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/10\/perfANG-pour-site-3.jpg 696w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/10\/perfANG-pour-site-3-300x178.jpg 300w\" sizes=\"(max-width: 696px) 100vw, 696px\" \/><\/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-25907","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\/25907","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\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/comments?post=25907"}],"version-history":[{"count":4,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/25907\/revisions"}],"predecessor-version":[{"id":25979,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/25907\/revisions\/25979"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/15629"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=25907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=25907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=25907"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=25907"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=25907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}