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The USA are proving resilient thanks to a booming technology sector; consumer sentiment is recovering, although inflation rose again in May, straining purchasing power.
In the Eurozone – particularly Germany – growth remains weak, but sentiment indicators are brightening.
The SNB and the Fed left their key interest rates unchanged in June—the SNB at 0% amid low inflation of 0.6%, and the Fed at 3.50–3.75%.
The ECB, on the other hand, raised its policy rate by 25 basis points to 2.25% for the first time since September 2023, thereby countering rising inflationary pressures.
The central inflation dilemma remains unresolved.
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The war in Iran is currently dominating global stock markets. According to the latest Aquila Wealth Managers Index, independent asset managers in Switzerland have therefore become significantly more pessimistic for the current year.
Since the end of February, the conflict between the USA, Israel, and Iran has been escalating. Attacks on energy facilities and the blockade of the Strait of Hormuz are leading to massive oil and gas shortages on the world market.
Last Saturday, the USA and Israel attacked civilian and military targets in Iran. Ayatollah Ali Kamenei, the Iranian revolutionary leader, was killed in the attack. The Iranian government has announced 40 days of national mourning.
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