STOCK MARKET BLOG OCTOBER 2023

by the CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS AG

MONTHLY REVIEW

The international stock markets ended the month of OCTOBER with losses.

BURDENING FACTORS

The ongoing Middle East conflict between Israel and Palestine has had a negative impact
The continued high bond yields

EQUITIES IN FOCUS

ZURICH Insurance stable in the first half of the year, confirms its goals

The insurer Zurich Insurance was able to maintain its operating profit in the first six months of the year. The Zurich Group was confident that it would be able to achieve the targets set for the period 2023 to 2025.

In the first half of the year, operating income (BOP) remained unchanged at $3.72 billion. Excluding currency effects, the dollar appreciated significantly against other currencies, although the latter rose by 3%.

Net profit attributable to shareholders rose 6% to 2.49 billion, Zurich Insurance said in a press release on Thursday. However , restructuring costs and other expenses amounting to 378 million weighed on net profit.

MONTHLY OUTLOOK

The historically best cyclical stock market phase begins in November and usually lasts until spring. Growing pessimism over persistently high bond yields and the Middle East conflict have brought stock markets to a low. Now the optimists should take the upper hand. Good quarterly figures from companies can be good support, as can a prudent interest rate policy from the US Fed.

After a low in October, we expect a clearly positive trend on the stock markets in November.

STOCK RECOMMENDATION: ZURICH INSURANCE