Market Review April
THE financial markets are giving us a "Progpzhin"
The month of June 2023 will be remembered for Yevgeny Prigozhin's about-face. In the space of a few hours, the head of the Wagner group was toppled from power in Russia before returning to normal and isolating himself in Belarus. The financial markets hardly reacted to these announcements and had a 'Prigozhin' June, ending the month broadly unchanged but with investors in an ambivalent mood..
Equity markets were slightly positive worldwide, with the Swiss market lagging behind due to the negative impact of Nestlé and Novartis. After rebounding the previous month, the USD resumed its decline against the CHF, while the EUR was relatively stable.
Interest rates have not moved for several weeks. Bonds are therefore maintaining the performance achieved in the first half of the year. Swiss real estate, meanwhile, is under pressure and unfortunately has not made any money since 1 January. Finally, commodities are up, with the notable exception of precious metals.
The risk indicator is low overall, with commodities, financials and fixed-income components remaining high.
XO Risk Aversion Index - Composite 250D
XO Risk Aversion Index - Components