{"id":29288,"date":"2026-05-04T11:01:28","date_gmt":"2026-05-04T10:01:28","guid":{"rendered":"https:\/\/www.bordier.com\/?p=29288"},"modified":"2026-05-04T13:08:03","modified_gmt":"2026-05-04T12:08:03","slug":"monday-report-en-04052026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-04052026\/","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 4th May 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/V77LSfrEIUE?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>The statistics released in the US have been fairly encouraging. GDP growth in Q1 was somewhat disappointing (+2% q\/q annualised vs +2.3% est.), but the breakdown is reassuring. The strength of investment is confirmed by the rise in orders for capital goods (excluding defence and aviation) in March (+3.3% m\/m vs +0.5% est.). The ISM manufacturing index remained unchanged at 52.7 in April (vs 53.2 est.), in expansionary territory. In the eurozone, the EC\u2019s confidence indices all disappointed in April: economy (from 96.2 to 93 vs 95.1 est.), industry (from -7 to -7.7 vs -7 est.) and services (from 4.1 to 0.9 vs 3 est.). Q1 GDP growth was 0.1% q\/q, below expectations (+0.2%). In April, inflation accelerated, unsurprisingly, from +2.6% y\/y to +3%. In China, the manufacturing PMI remained stable at 50.3 in April (vs 50.1 est.) but the services PMI fell from 50.1 to 49.4 (vs 49.8 est.).<\/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>A recently published study values the photonic integrated circuit market at $150 billion by 2033, driven by the optical interconnects required for AI clusters. Beyond the forecasts, strategic moves are accelerating: Marvell acquired Polariton Technologies in April to boost its throughput to 3.2T, whilst Lumentum has formed a partnership with NVIDIA at OFC 2026 for the next generation of AI optics. The transition from copper to optics is becoming a critical issue for AI data centres.<\/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 major central banks (Fed, ECB, BoE, BoJ) kept their key interest rates unchanged. The markets interpreted their messages as being less restrictive than expected, though this did not prevent 10-year government bond yields from rising by 7 basis points in USD and by just 2 basis points in EUR. Equities are mixed (US: +0.9%, Europe: +0.2% and emerging markets: -0.5%). The 0.4% depreciation of the dollar index is not helping gold (-1.8%), which is suffering from rising interest rates and higher oil prices (+2.6%). To watch this week: ISM services index, trade balance, consumer confidence (University of Michigan) and US employment report; EC confidence indices (economy, industry and services), Q1 GDP, producer price index, retail sales and investor confidence (Sentix) in the eurozone; 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>Coming up this week: Q2 employment indicator (KOF), April purchasing managers\u2019 indices (PMI), April inflation (FSO), economic survey (KOF), April unemployment (SECO), foreign exchange reserves at end-April (SNB) and April consumer confidence (SECO).<\/p>\n\n\n\n<p>The following companies will publish their results: Geberit, Alcon, Logitech, Lastminute, Swiss, Avolta, AMS Osram, Montana Aerospace, Swiss Re, Valiant, Swisscom, Landis+Gyr, Lonza and Clariant.<\/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 are re-adding <strong>AMAZON <\/strong>to our US Core Holding list to capture the re-acceleration of AWS as well as the recovery in FCF from 2027 onwards, which is currently constrained by the Capex cycle. Among the Mag 7, Amazon appears to us to be the best-positioned stock for 2026.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>ASTRAZENECA<\/strong> (Core holding): the FDA\u2019s Executive Committee voted against the approval of camizestrant (anti-SERD) for hormone-dependent cancer with an ESR1 mutation, due to 1\/ the trial design, which relied on the use of an innovative biomarker (not yet considered a gold standard), and 2\/ the absence at this stage of overall survival data (which are not yet mature). The impact on the share price is limited, as the sales potential anticipated by the consensus for this indication is modest.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>ATLAS COPCO<\/strong> (Core Holding) has completed the acquisition of the US firm LACO, which specialises in vacuum and leak testing, with 2025 revenue of USD 25 million. The group carries out around twenty such acquisitions per year.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>ENERGY SECTO<\/strong>R: OPEC+ now has only seven members, following the withdrawal of the United Arab Emirates: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The new group will increase its production by 188,000 bpd in June.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>ENGIE <\/strong>(Satellite) and the Belgian government have announced that they are in exclusive negotiations for Belgium to take over Engie\u2019s nuclear fleet in Belgium. A deal that would clarify the investment case for Engie.<\/span><\/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 by 7 basis points during the week of the Fed meeting, which kept rates unchanged but saw three members support a hike. Jobless claims below expectations and an unchanged ISM manufacturing index highlight the economy\u2019s relative resilience for the time being. In Europe, the 10-year OAT rose by 6 basis points and the 10-year Bund by 2, whilst the ECB also kept rates unchanged but signalled a potential hike in June, emphasising that economic data between now and then would be decisive. This week, the US ISM Services Index and JOLTS data will be closely watched by the market.<\/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>Inflationary risks stemming from the geopolitical situation and oil prices are having little impact on the markets. The resilience of the US economy and the strong quality of published quarterly results are attracting investors. Attention will turn to the US jobs report as well as the eurozone PMIs, whilst companies continue to publish their figures.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>The status quo maintained by central banks and the geopolitical deadlock in the Iran-US conflict kept currency volatility low last week. That was before the BOJ\u2019s confirmed intervention ($34.5 billion): the $\/JPY fell from 160 to 155.49. It is trading this morning at $\/JPY 156.88. The euro has risen to \u20ac\/$ 1.1727, sup. 1.1596, res. 1.1820. The Swiss franc is strengthening despite warnings from the SNB, trading at \u20ac\/CHF 0.9168 and $\/CHF 0.7820. Our ranges: \u20ac\/CHF 0.9100-0.9240, $\/CHF 0.7750-0.7930. The \u00a3 is rebounding to \u00a3\/$ 1.3570, with support at 1.3450 and res. at 1.3650. Gold is down slightly at $4,586\/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 is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"714\" height=\"434\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite.jpg\" alt=\"graphpoursite\" class=\"wp-image-29299\" style=\"aspect-ratio:1.646059343343631;width:588px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite.jpg 714w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/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 decoding=\"async\" width=\"441\" height=\"262\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/perfANG-pour-site.jpg\" alt=\"perfang pour site\" class=\"wp-image-29304\" style=\"aspect-ratio:1.721387018759396;width:574px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/perfANG-pour-site.jpg 441w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/perfANG-pour-site-300x178.jpg 300w\" sizes=\"(max-width: 441px) 100vw, 441px\" \/><\/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":15633,"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-29288","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\/29288","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=29288"}],"version-history":[{"count":3,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29288\/revisions"}],"predecessor-version":[{"id":29310,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29288\/revisions\/29310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/15633"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=29288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=29288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=29288"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=29288"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=29288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}