Chart Outlook

The report warns of a shift from reflation to inflation as global bond prices break down and yields rise, threatening overextended equity markets currently at major resistance levels.

Key Takeaways

• 1.Global equity markets have reached key resistance levels, suggesting a significant pullback is more likely than an upward breakout.
• 2.The bond markets are breaking to the downside while yields rise, signaling a fundamental market shift from reflation to inflation.
• 3.Japanese 10-year yields are accelerating upward following hotter-than-expected PPI data, the strongest annual increase since May 2023.

Table of Contents

• WORLD – Bloomberg World Large & Midcap EQUAL WEIGHT Price Index (.WORLDEW)
• WORLD – MSCI World Index Price Return (.MSCIWO)
• WORLD – iShares MSCI World CHF Hedged UCITS ETF (IWDC.S)
• WORLD – iShares Global Government Bond UCITS ETF (IGLO.L)
• GLOBAL – Economic and Financial Markets Seasonality Model
• SWITZERLAND – Swiss Market Index SMI (.SSMI)
• SWITZERLAND – SMI Equal Weight Price Return Index (.SMIEWPR)
• SWITZERLAND – Swiss Real Estate SHARES Index (.REALX)
• SWITZERLAND – Swiss Real Estate FUNDS Index (.CHREFX)
• SWITZERLAND – Swiss 10-year Confederation Bond YIELD (CH10YT=RR)
• SWITZERLAND – iShares Swiss Domestic Government Bond 7-15 years ETF (CSBGC0.S)
• SWITZERLAND – Swiss Market Index Constituent Stocks
• SWITZERLAND – Swiss Life
• SWITZERLAND – Zurich Insurance Group
• GERMANY – DAX Index (.GDAXI)
• GERMANY – German 10-year Bund Continuous PRICE Future (FGBLc1)
• GERMANY – German 10-year Bund YIELD (DE10YT=RR)
• U.K. – UBS MSCI United Kingdom UCITS ETF (CHF-hedged) (UKCHF.S)
• U.K. – U.K. 10-year Gilt Continuous Price Future (FLGc1)
• U.K. – U.K. 10-year Gilt YIELD (GB10YT=RR)
• USA – S&P 500 Index
• USA – Nvidia
• USA – Vanguard S&P 500 Index UCITS ETF (VUSA.S)
• USA – iShares Nasdaq 100 Index US$ (CSNDX.S)
• USA – 10-year T-Note Continuous Future (TYc1)
• USA – iShares US T-Bond 20+ years UCITS ETF CHF-Hedged (DTLC.S)
• Japan – iShares MSCI Japan CHF Hedged UCITS ETF (IJPC.S)
• Japan – Japanese 10-year Government Bond YIELD
• Japan – Japanese 10-year Government Bond Continuous Future (JGBc1)
• China – iShares China Large Cap UCITS ETF (FXC.S)
• South Korea – Korea Composite Stock Price Index (.KS11)
• India – Amundi MSCI India Swap UCITS ETF USD (LYINR.S)
• COMMODITIES – Brent Crude Oil – December 2026 contract (LCOZ6)
• COMMODITIES – Gold per Ounce Spot in US dollar
• COMMODITIES – ARCA Gold Bugs (.HUI)
• COMMODITIES – Silver per Ounce Spot in US dollar
• COMMODITIES – Swisscanto (CH) Silver ETF EA CHF (ZSIL.S)
• FOREX - Swiss franc per US DOLLAR
• FOREX - US dollar per EURO
• FOREX - Swiss franc per EURO
• CRYPTO – Bitcoin in US dollar

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