{"id":27000,"date":"2026-01-05T12:09:25","date_gmt":"2026-01-05T11:09:25","guid":{"rendered":"https:\/\/www.bordier.com\/?p=27000"},"modified":"2026-01-14T11:01:36","modified_gmt":"2026-01-14T10:01:36","slug":"monday-report-en-05012026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-05012026\/","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 5 January 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/mY6W4ChhuCM?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, few statistics were released. New weekly jobless claims came in below expectations at 199,000, a sign that the labour market remains resilient for now. House prices (S&amp;P\/Case-Shiller index) rose 0.32% month-on-month in October and 1.3% year-on-year, slightly above expectations. In the eurozone, M3 growth remained stable at +2.9% year-on-year in November, whereas a slowdown to 2.7% had been expected. In China, the manufacturing PMI rose more than expected in December, from 49.2 to 50.1 (vs. 49.2 est.), and the non-manufacturing PMI rose from 49.5 to 50.2 (vs. 49.9 est.): these levels are consistent with the stabilisation of activity at the current pace.<\/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>After a record year in 2025, AI chip manufacturers expect further acceleration in 2026, driven by the construction of data centres. The main risk is no longer demand, but execution: industrial capacity, energy availability and delivery times. Conversely, if major customers slow down, the chain can quickly shift from shortage to overcapacity. The market remains risk-on and is favouring semiconductor equipment manufacturers at the start of the year.<\/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>Analysis of last week&rsquo;s asset performance is less relevant due to the New Year celebrations (the arrest of President N. Maduro by the US armed forces is not yet visible on the financial markets). Nevertheless, it is worth noting the 4.8% fall in gold prices: this looks more like profit-taking after its excellent performance over the year than the start of a trend reversal. To watch this week: ISM manufacturing and services, consumer confidence (University of Michigan) and US employment report; Sentix confidence index, retail sales, unemployment rate, producer and consumer price indices and EC confidence indices (economy, industry and services) in the eurozone; manufacturing and services PMI (S&amp;P Global\/RatingDog), producer and consumer price indices and foreign exchange reserves 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: November retail sales figures (FSO), October service sector sales figures (FSO), December PMI purchasing managers&rsquo; index, December and 2025 inflation (FSO), December and 2025 unemployment (SECO) and foreign exchange reserves at the end of December (SNB).<\/p>\n\n\n\n<p>Jungfraubahn will publish its 2025 passenger figures and the SNB will publish its provisional 2025 results.<\/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;\">We believe <strong>EXXON <\/strong>(Satellite) will be one of the main beneficiaries on the stock market in the short term following the US operation in Venezuela.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>ING <\/strong>(Satellite): the local press (ZR) reports that ING is interested in acquiring Garanti Romania (controlled by BBVA) for more than EUR 400 million. The deal would make ING the third-largest player in terms of market share. Romania is an attractive market (growth, fragmented market, low penetration) and the acquisition would be easy for ING to integrate.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>NVIDIA <\/strong>(Core Holding) has reportedly reached an agreement worth around USD 20 billion with Groq, aimed at securing key technologies for inference and talent, while reducing the competitive intensity of a player often presented as an alternative to GPUs.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>SGS <\/strong>(Core Holding) is acquiring India&rsquo;s Panacea Infosec (90 employees), which specialises in IT security, cybersecurity and payment security.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>VESTAS <\/strong>(Satellite) recorded 6.1 GW of orders in Q4 2025, 3% above consensus, and management confirms that recovery efforts in execution continue to progress.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>VOLVO <\/strong>joins our list of Satellite Europe recommendations, based on expectations of normalisation of heavy truck inventories in the United States and a cyclical recovery in Europe. The stock is valued at multiples just above mid-cycle levels for earnings at a low point, in our view.<\/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><\/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 rose 6 bps last week, supported by lower-than-expected initial jobless claims (199k vs. 218k expected) and a lower-than-expected and sequentially declining number of existing claims (1,866k vs. 1,902k expected and 1,923k the previous week). In Europe, the 10-year Bund rose 4 bps and the 10-year OAT rose 5 bps, in a week without any particular publications due to the end-of-year holidays. This week, the market will be watching developments in Venezuela, as well as the ISM, JOLTS and NFP 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>European markets opened higher, buoyed by technology stocks. It will be a busy week, with ISM, Core PCE Price Index and unemployment statistics for the US, and CPI, PPI and unemployment figures for the eurozone. The geopolitical situation could prove disruptive.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>In a sluggish market, the dollar strengthened thanks to its status as a safe haven following geopolitical events involving the US and Venezuela. The USD\/CHF briefly touched 0.7900 on 2 January before climbing back to 0.7950 this morning. At the same time, the greenback appreciated against the euro, pushing EUR\/USD down from 1.1720 to 1.1680. Precious metals are trading very volatilely. Gold started the year at around $4,331 per ounce, climbed to $4,400, then corrected to $4,310 before rising again to $4,420.<\/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=\"720\" height=\"436\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/12\/graphPourSite-7.jpg\" alt=\"\" class=\"wp-image-27367\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/12\/graphPourSite-7.jpg 720w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/12\/graphPourSite-7-300x182.jpg 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/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=\"823\" height=\"468\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/01\/perfANG-pour-site.jpg\" alt=\"\" class=\"wp-image-27382\" style=\"width:823px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/01\/perfANG-pour-site.jpg 823w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/01\/perfANG-pour-site-300x171.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/01\/perfANG-pour-site-768x437.jpg 768w\" sizes=\"(max-width: 823px) 100vw, 823px\" \/><\/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-27000","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\/27000","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=27000"}],"version-history":[{"count":5,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/27000\/revisions"}],"predecessor-version":[{"id":27412,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/27000\/revisions\/27412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/25632"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=27000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=27000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=27000"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=27000"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=27000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}