Aquila Focus #3

President-elect Donald Trump can implement his policies without restriction with the support of both chambers, which can have an inflationary effect in extremis.
"America First" will have a positive impact on US growth. The international effects depend on the specific implementation of the measures, as well as the countermeasures - as the example of China shows.
Western central banks are expected to cut interest rates further by 2025 to support the economy, while the BOJ is likely to move further away from its zero interest rate policy.
Lower financing costs are also welcomed due to the high and rising national debt in some cases.
The bond markets have calmed down following the US presidential election. Investors are keeping a close eye on the development of government debt.
There was profit-taking on the US stock markets following the US election. In Europe, the markets have been under pressure since the end of September. We remain cautiously positive about further developments. Geopolitical risks and customs discussions could weigh on the stock markets.
The US dollar is trending firmer after the election, while the Swiss franc is showing relative strength, especially against the euro.
The long overdue technical correction in gold has taken place. We remain positive in our medium-term assessment.

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