Credit Suisse, the world's sixth-largest wealth manager, is advising clients to take a pause from
investing in stocks.
"We think that now is a good time to review equity portfolios, lock in some gains and protect investments,"
Nannette Hechler-Fayd'herbe, the bank's director of investment strategy and research, said in an interview in Zurich on Thursday, adding that she isn't telling clients to sell.
"Generally it's hard to predict political risks -- we don't know what it's going to be."
Credit Suisse's recommendation to wealthy investors to consider portfolio allocations came ahead of a slide in stocks on Friday triggered by mounting concerns about U.S. policy and after terrorists struck a crowded tourist street in Barcelona, killing 13 people. The worries are worsening the mood for traders after last week's escalation of tensions on the Korean peninsula.
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Region's economic diversification gives way to resurgence of wealth managers
Qatar sovereign wealth fund trims Credit Suisse stake
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Credit Suisse is keeping a neutral stance on equities but voicing some concerns over its valuations: stocks should continue to rise, the bank said in a separate monthly investment letter, but "valuations seem full." Low volatility could present an opportunity for investors to protect realized gains making
use of option strategies, it said.
Volatility indices spiked recently but are still bouncing around historically low levels. The CBOE Volatility index - a key measure of U.S. market volatility - stood at around 10 for most of the year, while the long-term average of the index is closer to 20.
Switzerland's second-largest bank, along with other rivals including UBS Group AG and Julius Baer, is struggling with muted client activity as the very wealthy hold more cash than was traditionally the case, amid fears that valuations across asset classes remain stretched.
"What I see for instance is that clients are ready for rotation," Hechler-Fayd'herbe said, citing a move with equities from broader indices to longer-term investment themes such as clean energy.
England v South Africa schedule:
- First Test: At Lord's, England won by 219 runs
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
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'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
