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Roughly two months after our last update, the macroeconomic picture has not changed meaningfully. The trends that we observed in April have persisted; while coincident indicators remain strong, leading economic indicators continue to contract. The big news of the quarter is that economic weakness has begun to emerge also out of the services sectors.

MARABESE, storica azienda italiana leader nel design, nella progettazione e nell’industrializzazione di moto e scooter, annuncia l’ingresso nel suo capitale, con una quota del 30%, di un veicolo di investimento gestito da Zest SA, società appartenente al gruppo svizzero LFG HOLDING avente un patrimonio gestito di circa 3 miliardi di Franchi Svizzeri.

Alberto Conca, CIO di Zest, è un ospite ricorrente nel programma televisivo Index TV condotto da Lino Terlizzi. Abbiamo selezionato alcuni minuti salienti in cui Alberto offre una panoramica sintetica sullo stato di salute dei mercati finanziari e delle principali economie mondiali.

The FED's balance sheet after the outbreak of the COVID-19 grew significantly, as the central bank injected large amounts of liquidity into the market and the government offered important fiscal aid to citizens and businesses to support the economy.

We don’t know how much the comedian Jerry Seinfeld knows about macroeconomics and the makings of recessions, but the phrase he pronounced in a 1997 episode of the sitcom Seinfeld very well describes the current global macroeconomic picture. High inflation (and high interest rates) are the invisible arms that press against the coke machine, trying to knock it over.

Congratulazioni al gestore del fondo Zest Global Equity 

The market is actually pricing an average scenario, is not pricing a recession, is not pricing a growth resumption of the economy. It is very undecided, and every new coming data will clarify the market picture and will indicate the market direction.

The current macroeconomic scenario remains rather uncertain looking ahead to the coming months as the economy does not seem to have taken a concrete direction on which to base future economic forecasts. In fact, by analysing different themes, we can see that the economic indicators are not aligned in signalling a market direction.

L’operazione ha già ricevuto l’approvazione da parte di FINMA

The final quarter of 2022 delivered an early Christmas for investors; two consecutive inflation prints below-expectations were seen as the prelude to the Federal Reserve (FED) adopting a softer stance in its monetary policy. Interest rates fell over the course of the quarter, and equities rose sharply.