{"id":29633,"date":"2026-06-01T11:16:29","date_gmt":"2026-06-01T10:16:29","guid":{"rendered":"https:\/\/www.bordier.com\/?p=29633"},"modified":"2026-06-01T14:32:53","modified_gmt":"2026-06-01T13:32:53","slug":"monday-report-en-01062026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-01062026\/","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 1st June 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/9FtRpIOofbs?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 class=\"wp-block-paragraph\">The statistics released in the US were somewhat mixed. On the positive side, orders for durable goods rose by +7.9% m\/m (vs +4% est.), exceeding expectations. Similarly, PCE inflation provided some reassurance by rising less than expected in May (+0.4% m\/m vs +0.5% est.). On the other hand, Q1 GDP growth was revised downwards (from +2% q\/q annualised to +1.6%) due to weaker consumption (+1.4% vs +1.6% in the first estimate), and house sales contracted by 6.2% m\/m in April (vs -3.2% est.). In the eurozone, the EC indices stabilised in May: economic confidence rose from 93.2 to 93.5 (vs 93 est.), industrial confidence fell from -7.7 to -8 (vs -8 est.) and services confidence rose from +1.4 to +2.2 (vs +0.3 est.). In China, annual industrial profit growth accelerated in April from +15.8% y\/y to +24.7% 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<h2 class=\"wp-block-heading\">Artificial Intelligence<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At GTC Taipei, Nvidia unveiled a new generation of Windows PCs incorporating more AI power directly into the machine. The aim is to evolve the PC from a simple productivity tool into a platform capable of running AI assistants and agents locally. For Nvidia, this is a way of extending its ecosystem beyond data centres, towards personal computers, desktops and workstations.<\/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 class=\"wp-block-paragraph\">Hopes of a deal between the US and Iran fuelled risk appetite, causing oil prices to fall by more than 11% and sovereign interest rates to drop by around 10 basis points in USD and EUR. Equities benefited more in emerging markets (+3.9%) and the US (+1.5%) than in Europe (+0.1%). The dollar depreciated by 0.3%, allowing gold to rebound by 1.8%. To watch this week: ISM manufacturing and services indices, the employment report and consumer credit in the US; consumer and producer price indices, unemployment figures and retail sales in the eurozone; manufacturing and services PMIs (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 class=\"wp-block-paragraph\">Coming up this week: reference mortgage rate (OFL), April retail sales (FSO), March services turnover (FSO), Q1 GDP (SECO), May PMI purchasing managers\u2019 indices, April foreign trade\/watch exports (FDFO), nominal wage growth (FSO), May inflation (FSO), May unemployment (SECO) and foreign exchange reserves at the end of May (SNB).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elsewhere, Burckhardt will publish its 2025\/2026 results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/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 class=\"wp-block-paragraph\">We are taking profits on <strong>BASF <\/strong>(+14.6% including dividends since February 3) and removing the stock from the Satellites list. In our view, BASF is now vulnerable to market underperformance regardless of the scenario in the Middle East: 1\/ a continued blockade of the Strait of Hormuz poses a risk to future demand for chemicals; 2\/ conversely, a reopening would lead to an imminent return of Chinese competition and a deterioration in pricing power.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We are taking advantage of the correction in gold stocks to add <strong>NEWMONT Corp.<\/strong> to the US Satellites list. The company benefits from a geographically diversified portfolio of assets, mostly Tier-1 quality or on track to become so. Newmont is the world\u2019s largest gold miner and the only one listed on the S&amp;P 500. The FCF yield is attractive at 8.8% in 2026. With cash generation estimated at $10 billion this year, shareholder returns (dividends + share buybacks) are expected to be among the highest among its peers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>NVIDIA<\/strong> (Core Holding US) presented an expanded AI roadmap at GTC, extending beyond PC chips, with its upcoming Rubin\/Vera Rubin platform, \u2018AI factories\u2019 and the strengthening of its network, servers and software. The message is clear: Nvidia wants to remain at the heart of AI infrastructure, from the data centre right through to end-user agents and applications.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>SALESFORCE <\/strong>(Satellite US) reported a solid quarter and has raised its FY2027 guidance to $45.9\u201346.2 billion, whilst confirming a non-GAAP margin of 34.3%. Despite a market that remains sceptical about AI, the traction of Agentforce, Data Cloud and Slack remains encouraging. We remain positive, with an expected improvement in the second half of the year.<\/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 class=\"wp-block-paragraph\">In the US, the 10-year yield fell by 12 basis points over the week, driven by hopes of an imminent end to the conflict in Iran. Europe followed suit, with the 10-year Bund falling by 10 basis points and the 10-year OAT by 11 basis points, further supported by inflation figures pointing to a sharp slowdown in the eurozone, particularly in Spain and France. Market expectations for ECB rate hikes have been revised downwards, with the market now pricing in only 2.4 this year. This week, the market will be watching the US ISM figures closely, ahead of central bank meetings, with the ECB kicking things off next week.<\/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 class=\"wp-block-paragraph\"><strong>Stock markets<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the geopolitical situation unchanged and Wall Street hitting record highs thanks to tech stocks, all eyes will be on the release of US employment figures this Friday. We will also see the US ISM figures, whilst in the eurozone, unemployment, CPI, PPI and GDP figures will be published. Interest rates were rising again this morning, which is likely to bring volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Currencies<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currency traders remain on tenterhooks awaiting a deal between Iran and the US. The major currencies are trading within narrow ranges. Buoyed by expectations of an ECB rate hike, the euro has rebounded to \u20ac\/$ 1.1658; a test of the res. 1.1737 is possible, whilst the sup. 1.1575 remains valid. Despite the BOJ\u2019s significant intervention last month, the JPY is falling again: $\/JPY 159.45, sup. 155.20, res. 160.72. The CHF remains firm against a backdrop of geopolitical instability: \u20ac\/CHF 0.9125, $\/CHF 0.7828; our ranges are \u20ac\/CHF 0.9080\u20130.9178, $\/CHF 0.7750\u20130.7910. Gold is at $4,506\/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=\"640\" height=\"388\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite-3.jpg\" alt=\"graphpoursite\" class=\"wp-image-29649\" style=\"aspect-ratio:1.646059343343631;width:588px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite-3.jpg 640w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite-3-300x182.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/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=\"528\" height=\"316\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/06\/perfANG-pour-site.jpg\" alt=\"perfang pour site\" class=\"wp-image-29656\" style=\"aspect-ratio:1.721387018759396;width:574px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/06\/perfANG-pour-site.jpg 528w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/06\/perfANG-pour-site-300x180.jpg 300w\" sizes=\"(max-width: 528px) 100vw, 528px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">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 class=\"wp-block-paragraph\"><\/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_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[19,134],"tags":[132],"news_country":[13],"news_language":[38],"class_list":["post-29633","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\/29633","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=29633"}],"version-history":[{"count":3,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29633\/revisions"}],"predecessor-version":[{"id":29663,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29633\/revisions\/29663"}],"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=29633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=29633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=29633"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=29633"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=29633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}