Skip navigation Scroll to top
Scroll to top


8 entries

Jun 19, 2023 1:41:00 PM | LGT Beacon

LGT Beacon: Investment perspectives June 2023


  • The “soft landing” scenario of continued disinflation without a major recession becomes the more likely base case  
  • The Federal Reserve’s pause in its rate-hiking campaign is a factor that improves market confidence
  • Market breadth starts to tentatively improve, as tech-driven rally trickles down to other sectors and regions 
  • Anticipated US monetary policy easing is still not fully priced out and premature in our assessment
  • The cumulative tightening of the past 15 months and any further rate hikes might still bite in the coming quarters  

May 25, 2023 9:00:00 AM | LGT Beacon

LGT Beacon: Investment perspectives May 2023

  • The major economies successfully avoided a recession to date, with forward indicators pointing to resilient demand
  • Inflation will continue to decline, but economic resilience will keep it above target levels in the coming months
  • Q1 corporate earnings well above expectations in most sectors, in line with stronger-than-expected economy  
  • Anticipated US monetary policy easing this year is thus premature, while the ECB will keep hiking interest rates  
  • We expect US Congress to reach an agreement on the debt ceiling, limiting duration of potential disruptions
  • Tightening credit conditions lead to challenges and decreasing valuations in private markets but also to opportunities

Apr 19, 2023 10:00:00 AM | LGT Beacon

Investment perspectives April 2023

  • Equities and credit markets have rebounded since the US bank failures, led by Europe and tech-sector shares

  • The authorities' responses have reduced the risk of the banking sector issues spreading to other segments and regions

  • The fundamental economic picture has only slightly improved, not as much as implied by the current rally

  • Inflation remains too high for central banks to cut rates this year, weakening the main driver of the tech rally

  • However, the bearish investors’ position suggests that markets may continue to "climb the wall of worry" regardless

Mar 28, 2023 10:00:00 AM | LGT Beacon

LGT Beacon: Investment perspectives March 2023

  • Equities and especially bond market volatility surges, as US and European bank woes revive macro uncertainty

  • Somewhat forgotten safe-haven assets such as gold or the JPY temporarily benefit due to the bank sector turmoil

  • Still, the underlying cyclical outlook has slightly improved, as services in the West remain robust and China reopens

  • Authorities have swiftly responded to address acute lack of confidence in the banking sector and liquidity issues

  • We view today’s banking sector issues as not systemic and are sceptical about the prospect for near-term rate cuts

Feb 23, 2023 9:47:00 AM | LGT Beacon

LGT Beacon: Investment perspectives February 2023

  • Global equities extend gains in February, as investors now expect the US and even Europe to avoid a recession 

  • US yield curve shifts higher and US dollar rises on prospect of stronger economy and continued policy tightening 

  • Latest US data show that prices in the services sector continue to rise, keeping prospect of hawkish surprises alive 

  • Chinese equities retreat after a three-month rally, as geopolitical tensions and domestic policy concerns return   

Showing 1 to 5 of 8 entries