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A bowl of tricky treats

During October there were several factors for investors to focus on and think about, including whether the US equity market had entered an AI driven bubble, the implications of the earnings season, and when the shutdown might be resolved. Despite some temporary setbacks, equities managed to move higher. Gold had a setback in the second half of the month, as its price fell by about 10% from peak to trough, but still closed the month higher. In our view, the global economy is still well supported, both by policy support (monetary and fiscal) in various countries in combination with support from AI related investments. In our view, gold remains an attractive diversifier for equity risk.

Revving up

Investors have been running on optimism since the summer, but the US Federal Reserve’s first interest-rate cut of the year has given markets some extra horsepower to shift up a gear. We believe that short term cyclical US risks together with opportunities stemming from the technology side, and particularly European fiscal and monetary stimulus, are keeping the outlook for equities balanced. With regards to other assets, lingering concerns about debt sustainability, fiscal deficits and the ongoing loss of confidence in fiat currencies3 should keep US bond yields higher relative to other developed bond markets. It also leaves room for portfolio stabilizers like gold.

Of carrots and sticks

During the summer investors have been focused on trade tariffs and trade deals and when or whether the Fed could start cutting interest rates again. With more trade deals announced over the summer months in the larger economic blocks, the tariff topic could move somewhat to the background. Investor sentiment improved gradually, coinciding with equity markets moving higher and amid softer US labor market data, a September Fed rate cut has become more likely. Some investors continue to question whether markets have become too optimistic on equities. We maintain an equity allocation that is in line with the strategic allocation. Our preference across assets is to remain being invested with a tactically balanced stance. We remain underweight in cash.

Vontobel agrees to sell cosmofunding to Zürcher Kantonalbank

Vontobel has entered into an agreement to sell cosmofunding, its digital financing platform for private placements, public bonds and loans, to Zürcher Kantonalbank

Vontobel 9-month 2025 trading update

During the first nine months of 2025, Vontobel recorded strong positive net inflows, higher assets under management and a client transactional activity broadly in line with the same period last year.

Vontobel appoints Dominique Gerster as Head of Corporate Communications

Vontobel today announced the appointment of Dominique Gerster as Head of Corporate Communications, effective 1 November 2025.