The global economy continues to be robust thanks to strong figures from the US and Europe - robust enough to cushion the weakness in the Chinese economy. We maintain our neutral equity market positioning. Attention continues to be focused on US inflation. Starting from the current rates of over 5 per cent, this is unlikely to return quickly to the central bank's target of 2 per cent. Eventually, this will also be reflected in interest rates. We are therefore maintaining our underweight in global bonds. Thanks to high inflation rates in the USA and the Eurozone, the Swiss franc is no longer overvalued against the most important currencies in terms of purchasing power parity. This should limit the extent of SNB intervention and leave the Swiss franc more in the hands of market forces. As a result, the Japanese yen no longer proves to be a better insurance against market turbulence than the Swiss franc. We are therefore reducing our overweight in the Japanese yen.