{"id":31375,"date":"2026-08-24T10:45:27","date_gmt":"2026-08-24T09:45:27","guid":{"rendered":"https:\/\/www.bordier.com\/?p=31375"},"modified":"2026-08-24T13:38:13","modified_gmt":"2026-08-24T12:38:13","slug":"monday-report-en-24082026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-24082026\/","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 24th August 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/20XjIBz3K04?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<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/playlist?list=PL56xCvkO-lVnO8UkHKFEWI8GBRxcXAmUC\">Discover this Monday Report, available in 12 languages<\/a><\/p>\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 United States were fairly reassuring. Real estate developer confidence rose from 34 to 35 in August (vs. an estimate of 33), as did building permits in July (+5% vs. +0.6% estimated), while housing starts disappointed (-12.4% m\/m vs. -5.9% estimated). While the manufacturing PMI fell from 53.9 to 53.2 in August, it remains firmly in expansionary territory, and its services counterpart rebounded from 54.6 to 56.8, exceeding expectations (54). In the eurozone, the PMIs were a pleasant surprise: the manufacturing PMI rose from 51.9 to 52.8 (vs. 51.8 est.), and the services PMI remained unchanged at 51.7, despite expectations of a decline (51.5). China posted a string of disappointments in July: retail sales at +0.6% y\/y (vs. +1.5% est.), industrial production at +4.5% y\/y (vs. +5% est.), and investment at -6.7% y\/y (vs. -6.2% 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 class=\"wp-block-paragraph\">OpenAI has slowed down part of the training of its most advanced models in order to strengthen their \u201calignment\u201d\u2014that is, their ability to remain reliable and consistent with defined objectives. Anthropic may already be facing similar constraints, without necessarily disclosing them. Beyond performance, security is thus becoming an increasingly significant factor affecting costs, timelines, and the pace of innovation in AI.<\/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\">Ahead of the central bankers\u2019 symposium in Jackson Hole, renewed tensions on the Iranian front are pushing oil prices higher (+6.6%) and driving up 10-year sovereign yields in USD (+4 bp), EUR (+7 bp), and CHF (+3 bp). This upward trend also reflects concerns about excessive government deficits, which S. Bessent was unable to control despite his intervention. This is why gold prices are rebounding by +4.6% and the dollar is depreciating by 0.9%. Equities are suffering in this environment (U.S.: -1.5%; Europe: -0.6%), except in emerging markets (+1.2%). To watch this week: home prices (FHFA and S&amp;P Cotality), new home sales, consumer confidence, PCE inflation, and durable goods orders in the United States; EC confidence indices (economy, industry, and services) in the eurozone; industrial profits 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: 2025 national accounts (FSO), Q2 employment barometer (FSO), and August business climate barometer (FSO).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The following companies will report earnings: Allreal, Metall Zug, Orior, SMG, TX Group, VP Bank, Arbonia, BCGE, Epic, Molecular Partners, Intershop, Gurit, Kudelski, SoftwareONE, Stadler Rail, Accelleron, Feintool, Investis, Jungfraubahn, Zurich Airport, and ZKB.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/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\"><strong>METSO <\/strong>(Core Holding) is set to acquire Valmet\u2019s pumps division, whose technologies\u2014designed for transporting abrasive, corrosive, or high-solids-content slurries\u2014complement Metso\u2019s existing offerings in mineral processing. We estimate this division\u2019s sales at 10\u201320 million EUR per year, representing 0.2\u20130.4% of the group\u2019s total sales.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>NEWMONT <\/strong>(Satellite): The deteriorating fiscal situation in the United States, high debt levels, growing pressure from authorities against interest rate hikes, and the depreciation of the dollar are creating an increasingly favorable environment for gold. We are raising our price target to $145 to reflect the rise in the price of gold, with upside potential should the price exceed the $5,000\/oz level.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>NOKIA <\/strong>has been added to our Satellites list. The company combines a mature telecommunications base with growing exposure to data center infrastructure, driven by optical and IP technologies. The integration of Infinera strengthens its technological positioning, its access to hyperscalers, and its industrial capabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>SHELL <\/strong>(Satellite): According to the FT, Shell\u2019s chemical assets in the United States are attracting interest from both industry players and investment funds. Their value is estimated at $8 billion, and non-binding offers were reportedly submitted to the Anglo-Dutch group last month. Stay tuned&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/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 U.S., the 10-year yield rose 4 basis points over the week amid generally positive economic data on the employment and activity fronts. In Europe, the 10-year Bund rose 4 basis points following a PPI and a flash manufacturing PMI that exceeded expectations, and the 10-year OAT rose 9 basis points as attention begins to shift toward the budget and the upcoming presidential campaign. This week, the market will be closely watching statements from the central bankers\u2019 meeting in Jackson Hole.<\/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\">It\u2019s back-to-school season, and this one is shaping up to be busy and could be volatile. We\u2019ll kick things off on Monday with Scott Bessent, who will show us how to bring Iran to its knees economically. On Wednesday, Nvidia will report its earnings, and as it does every quarter, it can\u2019t afford to disappoint\u2014or else the AI theme could take a bit of a hit. We\u2019ll wrap up the week with Kevin Warsh\u2019s keynote speech at Jackson Hole, where the fight against inflation is expected to be the central theme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Currencies<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The dollar hit its lowest levels in three months following S. Bessent\u2019s announcement of bond purchases, triggering widespread selling of the USD: $\/CHF 0.8014, sup. 0.7950, res. 0.8120. Hedge funds are building up their short positions ahead of K. Warsh\u2019s speech in Jackson Hole. The \u20ac\/$ is at its highest level since February: \u20ac\/$ 1.1675, sup. 1.1590, res. 1.1765. The price of gold surges to $4,646\/oz, with res. at $4,770\/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=\"956\" height=\"580\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/08\/graphPourSite-3.webp\" alt=\"graphpoursite\" class=\"wp-image-31431\" style=\"aspect-ratio:1.646059343343631;width:588px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/08\/graphPourSite-3.webp 956w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/08\/graphPourSite-3-300x182.webp 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/08\/graphPourSite-3-768x466.webp 768w\" sizes=\"(max-width: 956px) 100vw, 956px\" \/><\/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\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/08\/perfANG-pour-site-3.jpg\" alt=\"perfang pour site\" class=\"wp-image-31437\" style=\"aspect-ratio:1.721387018759396;width:574px;height:auto\"\/><\/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-31375","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\/31375","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=31375"}],"version-history":[{"count":4,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/31375\/revisions"}],"predecessor-version":[{"id":31460,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/31375\/revisions\/31460"}],"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=31375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=31375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=31375"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=31375"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=31375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}