Mercati

Macroeconomia · 25 set 2026

Energy independence and access to commodities in the era of electrification

Energy independence and secure access to commodities have become central to economic policy in the 2020s, shaped by geopolitical uncertainty, market volatility and the global climate transition.

Macroeconomia · 23 set 2026

The great scramble for resources

Today’s increasingly fragmented world is driving a dash to secure resource sovereignty. Across the globe, governments are prioritising energy security and access to key commodities in the face of conflicts, trade barriers and climate change.

Macroeconomia · 23 set 2026

From monetary independence to fiscal dominance?

In previous “Horizon” publications, we have highlighted several structural trends shaping economies, including demographics, deglobalisation, decarbonisation, debt and digitalisation. Successive crises – such as the Covid pandemic, the war in Ukraine, the trade war and the recent Middle East conflict – have exacerbated these trends.

Macroeconomia · 21 set 2026

Stablecoins versus the digital euro

The rapid evolution of digital finance has brought stablecoins and central bank digital currencies (CBDCs) to the forefront of global economic discussions. Stablecoins, which are digital assets designed to maintain a stable value, have experienced explosive growth. This is prompting new regulatory frameworks and raising important questions about their impact on financial stability, monetary policy and the international monetary system. At the same time, central banks are exploring digital currencies to preserve monetary sovereignty and adapt to changing payment landscapes.

Macroeconomia · 21 set 2026

Weekly house view | Xi-Trump, secondo round

Il punto di vista del CIO sulla settimana a venire.

Macroeconomia · 15 set 2026

Gli anni 2020 in prospettiva storica

Sir Niall Ferguson ha dedicato la sua carriera a spiegare come la storia economica possa contribuire a orientare le decisioni di politica contemporanea. La sua più recente teoria, denominata «legge di Ferguson», mette in luce come l’eccessiva espansione fiscale degli Stati Uniti minacci la sostenibilità nel tempo del potere americano proprio mentre emerge una seconda Guerra fredda tra gli Stati Uniti e la Cina.

Macroeconomia · 14 set 2026

Weekly house view | Le obbligazioni in difficoltà per il rialzo dei prezzi

Il punto di vista del CIO sulla settimana a venire.

Macroeconomia · 09 set 2026

«Reequitizzazione»: investire in un’era di ripresa delle emissioni

Per gran parte degli ultimi due decenni, gli investitori azionari hanno goduto di un potente vento a favore: il fenomeno della «deequitizzazione». In questo periodo, le società hanno riacquistato più azioni di quante ne abbiano emesse, riducendo in tal modo il volume delle azioni quotate e sostenendo i prezzi dei titoli. Quell’era sembra stia per finire.

Macroeconomia · 08 set 2026

Horizon 2026 – The race for resource sovereignty

A new era is upon us. The post-war, rules-based period of multilateralism has given way to multipolar rivalry and, by extension, heightened geopolitical tensions in a more uncertain world. At the core of this multipolar rivalry is a competition for supremacy between the US and China. And at the heart of their rivalry is a race for technological leadership – particularly in the field of artificial intelligence (AI ). The superpowers’ quest for digital dominance extends to a competition for the resources needed to power the AI economy. Their fragile trade truce is indicative of a highly charged environment, in which “resource sovereignty” is the defining imperative.

Macroeconomia · 07 set 2026

Weekly house view | La Fed in attesa dei dati sui prezzi per decidere

Il punto di vista del CIO sulla settimana a venire.

Macroeconomia · 07 set 2026

Monthly house view | Settembre 2026

Il più recente posizionamento di Pictet Wealth Management nelle varie classi di attività e temi d’investimento.

Macroeconomia · 02 set 2026

Barometer: Robust earnings growth to push equities higher

With corporate profit growth at remarkably healthy levels, we expect the stock market to add to its strong gains over the coming months.

Investimenti alternativi · 15 gen 2026

IPO, IA e il moltiplicarsi degli unicorni: i temi che interesseranno gli investitori tecnologici del private equity nel 2026 e oltre

Il team di private equity specializzato in tecnologia analizza gli aspetti della rivoluzione dell’innovazione, dall’IA alle IPO, in cima ai pensieri degli investitori all’inizio del 2026.

Investimenti alternativi · 31 ott 2025

Investire nella salute attraverso i mercati privati in un contesto di cambiamenti globali

A seguito di una tavola rotonda organizzata a Milano con investitori e imprenditori della sanità, condividiamo in una breve nota alcune riflessioni sull’investimento nel private equity in questo settore oggi.

Investimenti alternativi · 24 lug 2025

Uncertainty and tariffs: the impact on global real estate

In the current environment, investing in real estate isn’t just about pricing assets – it’s about pricing policy. Doing so can help manage risks and identify opportunities.

Investimenti alternativi · 09 ott 2024

GLP-1: Opportunity for humanity, risk for big pharma

New treatments for obesity could alleviate a global healthcare crisis, but also have the potential to disrupt some of the largest pharmaceutical incumbents.

Investimenti alternativi · 03 ott 2024

Fortune favours the bold: is it time to capitalise on real estate’s tailwinds?

Investimenti alternativi · 01 ott 2024

Private equity e sostenibilità: misurare per migliorare

Il secondo rapporto annuale sull’ESG Data Convergence Initiative che verte su oltre 550 aziende in cui investono le nostre strategie di private equity spiega come intendiamo utilizzare misurazioni più accurate dei dati per apportare miglioramenti maggiormente mirati.

Investimenti alternativi · 16 lug 2024

ASCO 2024: The art and science of cancer care, from comfort to cure

The premier annual gathering of oncology experts brought exciting news across a number of pioneering treatments, with implications for investors.

Rapporto speciale · 02 mar 2026

The long-term performance of Swiss equities and bonds (1900–2025)

Pictet Wealth Management has released the updated edition of its study on the long-term performance of Swiss equities and bonds. The analysis now extends back to 1900 – previously 1926 – and includes the performance of Swiss equities and Swiss franc-denominated bonds from 1900 to 2025.

Azioni · 22 mag 2025

Lessons from 40 years of company returns

US policy is pushing investors to look beyond the US, a reallocation that is set to include private assets.

Azioni · 26 apr 2024

Pictet Wealth Management rolls out a new strategic asset allocation

Yannick Bigeard, Head of Portfolio Structuring at Pictet Wealth Management, was interviewed by EQDerivatives on PWM's evolving strategic asset allocation and some important upcoming projects.

Rapporto speciale · 26 gen 2023

La collezione di Aarti Lohia è lo specchio del gusto e del percorso personale

Appassionata d’arte e filantropa, sostiene che diventare collezionista non sia mai rientrato nei suoi piani. Tuttavia, ora non solo è una voce autorevole, ma la sua opinione è tenuta in grande considerazione nel panorama dell’arte contemporanea.

Azioni · 17 gen 2023

Things look up for Chinese equities

Faster-than-anticipated re-opening together with a range of technical and fundamental factors mean we are raising our year-end forecasts.

Azioni · 22 dic 2022

Our 2023 outlook for developed markets equities

Margin pressure will stifle 2023 earnings growth.

Azioni · 21 dic 2022

Our 2023 outlook for equity volatility

Prospect of recession will feed into volatility, with a chance we see renewed skew steepening.

Rapporto speciale · 02 mar 2026

The long-term performance of Swiss equities and bonds (1900–2025)

Pictet Wealth Management has released the updated edition of its study on the long-term performance of Swiss equities and bonds. The analysis now extends back to 1900 – previously 1926 – and includes the performance of Swiss equities and Swiss franc-denominated bonds from 1900 to 2025.

Reddito fisso · 23 giu 2025

Catching fallen angels

When corporate bond issuers suffer downgrades, opportunities open up for investors prepared to take the long-term view.

Reddito fisso · 05 mag 2025

The twin sell-off that signals a break with the past

Why the simultaneous decline in Treasuries and the US dollar is a warning sign for investors.

Reddito fisso · 27 nov 2023

Emerging-market bonds: 2024 outlook

Emerging-market bonds, both government and corporate, will be an attractive source of portfolio diversification.

Reddito fisso · 23 mag 2023

Credit markets update

Challenging environment ahead

Reddito fisso · 06 apr 2023

Bonds’ roller-coaster ride may not be over yet

We believe market pricing of Fed rate cuts this year is premature, opening up the chance of a small rebound in two-year Treasury yields.

Reddito fisso · 17 feb 2023

Our 2023 outlook for Italian sovereign bonds

A ray of sunshine through the clouds.

Navigating Asia · 29 mar 2023

Innovative Infrastructure for a Net Zero future

The backbone of the economy needs a facelift if it is to help the world reach net zero. Here's how rapid advancements in innovative solutions, smart cities, and $94tn could shape our sustainable future.

Navigating Asia · 24 gen 2023

Why companies are increasingly focusing on a more purpose-driven approach

Business transformation & generation changes are playing a critical role in today's environment.

Navigating Asia · 14 lug 2022

Anchoring your philanthropic efforts in Asia

Anchoring your philanthropic efforts in Asia

Navigating Asia · 31 mag 2022

From tradition to modernity―Eight ways that Asian philanthropy is evolving

There is a long tradition of charitable giving in Asia. In a region with a rich diversity of cultures, political systems and religious beliefs, philanthropy in Asia is quite distinctive.

Commodity e metalli · 26 mar 2026

Turbolenze sull’oro

Questo mese il prezzo dell’oro ha registrato un forte calo dopo i massimi record raggiunti nella prima parte dell’anno. Sul metallo giallo hanno pesato forze di mercato a breve termine, ma il suo appeal a lungo termine rimane supportato dalle persistenti incertezze geopolitiche e dai cambiamenti economici in corso.

Commodity e metalli · 14 feb 2023

The curious case of official gold demand

Find out why demand for the precious metal has increased exponentially last year.

Commodity e metalli · 29 dic 2022

Our 2023 outlook for precious metals

Silver could perform stronger than gold next year, while platinum could outpace palladium.

Commodity e metalli · 07 set 2022

Switzerland’s energy vulnerability

Dependence on Russian gas imports and storage capacity issues could make for a hard winter.

Commodity e metalli · 18 lug 2022

Precious metals - Outshined by the Fed

Precious metals have been hit hard by an ever hawkish Fed, high interest rates and a strong US dollar.

Commodity e metalli · 14 apr 2022

Gold: ETF demand to the rescue!

Gold has proved quite resilient to the rise in US real rates and could maintain its attractions over the medium term.

Commodity e metalli · 04 mar 2022

Surge in energy prices delays expected peak in inflation

Europe in particular is vulnerable to the impact of the Ukrainian conflict on commodity prices.

Commodity e metalli · 10 dic 2021

Gold and silver face near-term hurdles

Rising rates are likely to take a toll on investment demand for gold and silver in the coming months, but longer term the outlook looks brighter.