We are pleased to present to you the current Financial Outlook from 18, September 2026 and wish you much enjoyment while reading.

Conclusion

The concerns of the Swiss are real: rising costs, uncertain pensions, and lack of knowledge shape the picture. At the same time, the satisfaction of today's retirees shows that a well-planned retirement is possible.

Three insights for practice:

1. Act early -the earlier you engage with your retirement planning, the more room for action remains.

2. Build knowledge– use advisory services and inform yourself. Ignorance is the greatest enemy of retirement planning.

3. Stay realistic– the dream of early retirement is nice, but often expensive. Calculate with sober numbers.

Interest rates back in focus - central banks are becoming more cautious

After a longer phase of declining interest rate expectations, the picture in the capital markets has changed significantly. The US Federal Reserve raised its key interest rate in mid-September for the first time in more than three years by 0.25 percentage points to a range of 3.75 to 4.00 percent.

The main reason remains persistent inflation. In particular, high energy prices and a still robust US economy make a sustainable return to the inflation target of 2 percent more difficult. At the same time, the Fed signals that the current interest rate increase may not be the last one.

In Europe, the monetary policy wind has also shifted. The European Central Bank raised its deposit rate in September to 2.50 percent. This brings a scenario back into focus that the financial markets hardly expected at the beginning of the year:Interest rates could remain elevated for longer or even rise again.

What does this mean for the financial markets?

Higher interest rates increase financing costs for companies and simultaneously make bonds and other interest-bearing investments more attractive again. Particularly highly valued and interest-sensitive stocks may come under more pressure as a result.

The initial reaction of the markets to the Fed's decision was correspondingly volatile. The yields on short-term US government bonds rose, the US dollar strengthened, and the stock markets initially reacted with losses. However, a stabilization was already evident the following day.

This underscores:Not only the level of interest rates is crucial, but also the question of how inflation, corporate profits, and economic growth will develop in the coming months.

Switzerland in a special starting position

Switzerland is still in a different situation. The SNB key interest rate is currently at 0 percent and inflation is significantly more moderate than in many other industrialized countries.

As a result, the interest rate differential between Switzerland and abroad remains substantial. For Swiss investors, this can present both opportunities and currency risks. The next monetary policy assessment by the Swiss National Bank at the end of September is therefore likely to be closely monitored.

Our assessment

The capital markets are likely to remain characterized by increased volatility in the coming weeks. However, we see no reason to fundamentally withdraw from equities.

Rather, thequality of individual companiesis gaining further importance. Solid balance sheets, robust cash flows, sustainable dividends, and a strong market position provide an important stability factor in a higher interest rate environment. further significance. Solid balance sheets, robust cash flows, sustainable dividends, and a strong market position provide an important stability factor in an environment of higher interest rates.

Therefore, we continue to prefer high-quality companies and pursue a selective investment approach. At the same time, the higher interest rate level also opens up interesting yield opportunities in bonds and structured products.