Markus Alefelder, Senior Investment Advisor, Neue Bank:

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The year 2025 once again proved exceptional for financial markets. Swiss equities underperformed slightly, and the domestic bond market became even less attractive due to the SNB’s zero-rate policy.

We expect the Swiss economy and its capital markets to remain under pressure, given the franc’s status as the last remaining «safe-haven currency» and the burden of U.S. tariffs.

«For global capital markets, we expect an exciting year driven by rising corporate earnings and efficiency gains through the use of AI.»

For global capital markets, we expect an exciting year driven by rising corporate earnings and efficiency gains through the use of AI – making today’s sometimes ambitious valuations broadly justifiable.

Based on our 2025 experience, erratic U.S. politics, heavier interference with institutions, and the global debt overhang remain major unknowns. These factors can push markets sharply in either direction, and we therefore expect elevated volatility that may also open trading opportunities. This uncertainty should continue to support precious metals.

European interest rates will remain historically low, and we hope economic activity will recover with support from significant public programs. In the U.S., provided inflation stays around the tolerated 2.5–3 percent range, the Fed is likely to continue cutting rates, supporting both the economy and markets.

We look forward to 2026.

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