RESEARCH

Weekly Insight
09.01.2023

MARKET OVERVIEW 2023 Starts On A Positive Note

A Friday rally erased a weekly drop in US equities following an encouraging

jobs report. The S&P 500 ended 1.45% higher for the week, whilst Nasdaq Economic calendar
Composite and Dow Jones gained 0.98% and 1.46% respectively. The US
economy added 223k jobs in December, above estimates calling for 205k, Period Date Expected
with the unemployment rate falling to 3.5%, according to the US Labor
CH Unemployment Rate Dec 09.01.23 2.0%
Department. Healthy job growth appeared to be accompanied by cooling
growth in average hourly earnings, which rose 0.3% in December, a tick JN Tokyo CPI Ex-Fresh Food YoY Dec 10.01.23 3.8%
below expectations. US Wholesale Inventories MoM Nov F 10.01.23 1.0%
US MBA Mortgage Applications WoW Jan 6 11.01.23 Not Avail.
European equities posted their biggest weekly gain since March as signs of CN CPI YoY Dec 12.01.23 1.8%
cooling inflation fueled risk appetite, extending its outperformance versus CN PPI YoY Dec 12.01.23 -0.1%
the US market. The pan-European STOXX Europe 600 Index ended the
JN BoP Current Account Balance Nov 12.01.23 481.0B
week 4.6% higher. A decline in energy price helped to drag Eurozone
inflation to single digits, the first time since August, fueling the hope that US Continuing Claims Dec 31 12.01.23 1717.5k
inflation is peaking. US CPI Ex Food and Energy YoY Dec 12.01.23 5.7%
US CPI YoY Dec 12.01.23 6.5%
Chinese equities rose amid the reopening border of Hong Kong to mainland US Initial Jobless Claims Jan 7 12.01.23 215.0k
China and that Beijing was considering relaxing curbs on borrowing for the US Monthly Budget Statement Dec 12.01.23 -65.0B
ailing property sector. The Shanghai Composite Index rose 2.21% and the
FR CPI YoY Dec F 13.01.23 5.9%
blue-chip CSI 300 advanced 2.82%. China is planning to relax restrictions
on developer borrowing, dialing back the stringent “three red lines” policy UK Industrial Production MoM Nov 13.01.23 -0.3%
that exacerbated one of the biggest real estate meltdowns in the country’s UK Manufacturing Production MoM Nov 13.01.23 -0.2%
history. US Import Price Index MoM Dec 13.01.23 -0.9%
US Univ. of Michigan Sentiment Jan P 13.01.23 60.5

CHART OF THE WEEK Resistance Cleared For US Industrial Stocks

Ratio of the Industrial SPDR ETF over the S&P 500 SPDR ETF
0.30 Demand for capital goods and commercial services
enjoys a structural tailwind from the progress of
0.29 automation, digitalization and electrification across
markets. Therefore, infrastructure spending should be a
0.28
key driver over the next few years. This comes
0.27 alongside continued recovery of demand from
industries such as automotive, transport, building,
0.26 manufacturing and oil and gas services and refining.
We see both supportive earnings momentum and a
0.25 valuation story playing for industrial stocks in the United
States.
0.24

0.23 The bull case for US industrial stocks is also getting a

boost from a technical signal. The ratio of the Industrial
0.22 SPDR ETF is forming a breakout pattern relative to the
S&P 500 SPDR ETF, piercing resistance that’s been in
0.21 place for about 10 years.
Year 0.20
12 13 14 15 16 17 18 19 20 21 22 23

CBH Asset Management Weekly Insight 1

 North America

YTD Performances

DEPOSIT GOVERNMENT BONDS CORPORATE BONDS EQUITY USD

0.1% 1.3% 2.1% 2.1% -0.2%

Yield 1W YTD Yield 1W YTD

US 2Y 4.3% 0.4% 0.4% 1-5Y* 5.1% 0.6% 0.6%
Investment
Fixed 10Y 3.6% 2.3% 2.3% 5-10Y* 5.2% 1.8% 1.8%
Grade
Income 10+Y* 5.3% 3.7% 3.7%

Canada 2Y 4.0% 0.2% 0.2% 1-5Y* 8.8% 1.8% 1.8%

10Y 3.1% 1.7% 1.7% High Yield 5-10Y* 8.1% 2.6% 2.6%
10+Y* 7.8% 2.2% 2.2%

Mexico 2Y 10.1% - - Convertible Global * 1.5% 1.1% 1.1%

10Y 8.6% - -
* in $ terms

P/E Last 1W YTD P/E Last 1W YTD

MSCI N. AMERICA 17 3'868 1.5% 1% Cons. Disc. 22 425 2.3% 2%

Equities S&P 500 17 3'895 1.4% 1% Cons.Staples 21 302 1.7% 2%
DOW JONES 17 33'631 1.5% 1% Energy 10 343 -0.3% 0%
NASDAQ 23 10'569 1.0% 1% Financials 12 189 3.4% 3%
TORONTO 13 19'815 2.2% 2% Health Care 18 436 -0.2% 0%
MEXICAN IPC 12 51'731 6.7% 7% Industrials 19 385 2.7% 3%
US Large Cap 18 2'557 1.3% 1% Inf. Technology 21 483 0.1% 0%
US Small Cap 17 837 2.2% 2% Materials 16 362 3.4% 3%
US Value 14 11'721 2.2% 2% Telecom Serv. 14 54 3.6% 4%
US Growth 23 13'621 0.5% 1% Utility 19 209 0.8% 1%

Last 1W YTD Last 1W YTD

1 USD vs EUR 0.9395 0.6% 0.6% 1 USD vs BRL 5.23 -1.0% -1.0%
Currencies 1 USD vs CHF 0.9279 0.4% 0.4% 1 USD vs MXN 19.15 -1.8% -1.8%
1 USD vs GBP 0.8269 -0.1% -0.1% 1 USD vs NOK 10.00 2.0% 2.0%
1 USD vs JPY 132.08 0.7% 0.7% 1 USD vs RUB 72.46 -2.5% -2.5%
1 USD vs AUD 1.4542 -0.9% -0.9% 1 USD vs SEK 10.52 0.9% 0.9%

US CA MX
GDP (% change Y/Y) 1.9 1.5 4.3
Economic GDP (% change Q/Q) 3.2 0.4 0.9
data Inflation rate (Y/Y) 7.1 2.4 7.8
Unemployment rate (%) 3.5 5.4 3.3
Debt (as % of GDP) 82.3 89.7 54.2
Budget Balance -10.8% -3.2% -2.9%
Rating AA+ AAA BBB+
Central Bank Rate 4.50% 4.25% 10.50%
2Y Government Rate 4.3% 4.0% 10.1%
10Y Government Rate 3.6% 3.1% 8.6%

CBH Asset Management Weekly Insight 2

 Europe

YTD Performances

DEPOSIT GOVERNMENT BONDS CORPORATE BONDS EQUITY EUR

0.0% 1.3% 1.7% 4.8% -0.8%

Yield 1W YTD Yield 1W YTD

Europe 2Y 2.6% 0.4% 0.4% 1-5Y* 3.8% 0.6% 0.6%
Investment
Fixed 10Y 2.2% 3.1% 3.1% 5-10Y* 3.9% 1.4% 1.4%
Grade
Income 10+Y* 4.0% 3.8% 3.8%
Germany 2Y 2.6% 0.2% 0.2%
10Y 2.2% 2.8% 2.8% 1-5Y* 7.8% 1.1% 1.1%
High Yield 5-10Y* - - -
Switzerland 2Y 1.1% 0.3% 0.3% 10+Y* - - -
10Y 1.3% 2.1% 2.1%
Convertible Global * -0.8% 1.1% 1.1%
United Kingdom 2Y 3.4% 0.4% 0.4%
10Y 3.5% 1.5% 1.5% * in € terms

P/E Last 1W YTD P/E Last 1W YTD

MSCI EUROPE 12 149 4.7% 5% Cons. Disc. 13 202 8.9% 9%

Equities STOXX 600 12 444 4.6% 5% Cons.Staples 18 286 3.1% 3%
STOXX 50 12 4'018 5.9% 6% Energy 6 155 0.7% 1%
CAC 40 12 6'861 6.0% 6% Financials 9 66 6.0% 6%
DAX 12 14'610 4.9% 5% Health Care 16 252 2.9% 3%
FTSE 100 10 7'699 3.3% 3% Industrials 17 300 4.6% 5%
IBEX 35 11 8'701 5.7% 6% Inf. Technology 20 147 6.9% 7%
MIB 8 25'180 6.2% 6% Materials 12 328 5.2% 5%
PSI 20 12 5'909 3.2% 3% Telecom Serv. 13 49 5.5% 5%
SMI 16 11'145 3.9% 4% Utility 13 132 2.9% 3%

Last 1W YTD Last 1W YTD

1 EUR vs USD 1.0644 -0.6% -0.6% 1 EUR vs BRL 5.56 -1.7% -1.7%
Currencies 1 EUR vs CHF 0.9877 -0.2% -0.2% 1 EUR vs MXN 20.38 -2.4% -2.4%
1 EUR vs GBP 0.8802 -0.6% -0.6% 1 EUR vs NOK 10.64 1.3% 1.3%
1 EUR vs JPY 140.58 0.1% 0.1% 1 EUR vs RUB 77.09 -2.7% -2.7%
1 EUR vs AUD 1.5484 -1.5% -1.5% 1 EUR vs SEK 11.20 0.4% 0.4%

Europe GE FR IT ES PT UK CH
GDP (% change Y/Y) 2.3 1.2 1.0 2.6 4.4 4.9 1.9 0.5
Economic GDP (% change Q/Q) 0.3 0.4 0.2 0.5 0.1 0.4 -0.3 0.2
data Inflation rate (Y/Y) 9.2 8.6 5.9 11.5 5.8 9.6 10.7 2.8
Unemployment rate (%) 6.0 5.5 7.1 7.8 12.6 5.8 3.7 2.1
Debt (as % of GDP) 94.2 64.1 97.0 131.5 98.4 125.6 87.0 42.8
Budget Balance -3.7% -6.5% -7.2% -6.9% -2.9% -0.1% -0.1%
Rating AAA AA BBB A- BBB AA AAA
Central Bank Rate 2.50% 3.50% 0.50%
2Y Government Rate 2.6% 2.6% 2.7% 3.0% 2.8% 2.7% 3.4% 1.1%
10Y Government Rate 2.2% 2.2% 2.7% 4.3% 3.3% 3.2% 3.5% 1.3%

CBH Asset Management Weekly Insight 3

 Asia

YTD Performances

JAPAN CHINA INDIA SOUTH KOREA ASIA PACIFIC

-0.5% 2.8% -1.5% 2.4% 2.0%

Yield 1W YTD
China 2Y 2.3% - -
Fixed 10Y 2.8% 0.1% 0.1%
Income
Japan 2Y 0.0% 0.1% 0.1%
10Y 0.5% -0.1% -0.1%

India 2Y 6.9% - -
10Y 7.4% - -

Australia 2Y 3.4% 0.1% 0.1%

10Y 3.8% 1.8% 1.8%

P/E Last 1W YTD P/E Last 1W YTD

MSCI ASIA PACIFIC 13 159 2.0% 2% Cons. Disc. 16 179 5.0% 5%

Equities NIKKEI 225 14 25'974 -0.5% 0% Cons.Staples 22 222 0.0% 0%
HANG SENG 10 20'992 6.1% 6% Energy 8 420 -1.0% -1%
CSI 300 12 3'981 2.8% 3% Financials 9 177 1.3% 1%
SENSEX 22 59'900 -1.5% -2% Health Care 23 330 -0.3% 0%
KOSPI 12 2'290 2.4% 2% Industrials 10 173 -0.5% 0%
S&P/ASX 200 14 7'110 1.0% 1% Inf. Technology 15 392 2.3% 2%
Materials 11 291 2.6% 3%
Telecom Serv. 19 99 4.9% 5%
Utility 25 103 0.6% 1%

Last 1W YTD Last 1W YTD

1 USD vs AUD 1.4542 -0.9% -0.9% 1 USD vs CNY 6.83 -1.0% -1.0%
Currencies 1 USD vs HKD 7.8072 0.1% 0.1% 1 USD vs IDR 15633 0.4% 0.4%
1 USD vs JPY 132.08 0.7% 0.7% 1 USD vs INR 82.73 0.0% 0.0%
1 USD vs NZD 1.58 0.1% 0.1% 1 USD vs KRW 1269 0.3% 0.3%
1 USD vs SGD 1.3395 0.0% 0.0% 1 USD vs MYR 4.40 0.0% 0.0%

CN JP IN AU NZ SK HK SI
GDP (% change Y/Y) 3.9 1.5 6.3 5.9 0.8 3.1 -4.5 2.2
Economic GDP (% change Q/Q) 3.9 -0.2 - 0.6 2.0 0.3 -2.6 0.2
data Inflation rate (Y/Y) 1.6 3.8 5.9 7.3 7.2 5.0 1.8 6.7
Unemployment rate (%) 4.0 2.5 8.5 3.4 3.3 2.9 3.7 2.8
Debt (as % of GDP) 47.8 236.4 70.2 41.6 26.4 39.8 0.1 110.9
Budget Balance -3.8% -6.7% -6.2% -5.3% -3.9% -0.8% -5.5% -1.0%
Rating A+ A+ BBB- AAA AA AA AA+ AAA
Central Bank Rate 1.50% 0.10% 6.25% 3.10% 4.25%
2Y Government Rate 2.3% 0.0% 6.9% 3.3% 4.7% 3.7% 3.9% 3.0%
10Y Government Rate 2.8% 0.5% 7.3% 3.7% 4.3% 3.6% - 2.9%

CBH Asset Management Weekly Insight 4

 Emerging Markets & Other Countries

YTD Performances

BRAZIL RUSSIA ISRAEL EAST EUROPE LATAM

-0.7% -2.9% -0.4% 2.8% 2.5%

Last 1W YTD Last 1W YTD

Israel 2Y 3.8% -0.1% -0.1% Chile 2Y 7.6% 0.1% 0.1%
Fixed 10Y 3.4% 1.3% 1.3% 10Y 5.2% 0.2% 0.2%
Income
Russia 2Y 7.7% -0.1% -0.1%
10Y 10.3% 0.5% 0.5%

South Africa 2Y 0.0% 0.0% 0.0%

10Y 10.6% 1.2% 1.2%

Brazil 2Y 13.0% 0.0% 0.0%

10Y 12.9% -5.8% -5.8%

P/E Last 1W YTD P/E Last 1W YTD

GLOBAL EM 12 989 3.4% 3% Cons. Disc. 19 577 7.9% 8%

Equities EM LATAM 8 2'182 2.5% 3% Cons.Staples 21 428 1.9% 2%
EM EAST EUROPE 7 32 2.8% 3% Energy 6 387 -1.2% -1%
SOUTH AFRICA 10 1'541 4.7% 5% Financials 8 303 1.5% 1%
TEL AVIV 25 8 1'790 -0.4% 0% Health Care 31 735 3.3% 3%
RUSSIAN RTS 943 -2.9% -3% Industrials 11 163 1.2% 1%
FTSE/JSE AFRICA 11 70'810 5.8% 6% Inf. Technology 15 679 3.0% 3%
IBOVSPA BRAZIL 7 108'964 -0.7% -1% Materials 10 389 3.0% 3%
Telecom Serv. 19 150 6.9% 7%
Utility 17 216 0.9% 1%

Last 1W YTD Last 1W YTD

1 USD vs ARS 179.25 1.2% 1.2% 1 USD vs ZAR 17.11 0.4% 0.4%
Currencies 1 USD vs BRL 5.2250 -1.0% -1.0%
1 USD vs CLP 841.00 -1.2% -1.2%
1 USD vs ILS 3.50 -0.3% -0.3%
1 USD vs RUB 72.46 -2.5% -2.5%

IL RU SA BZ AR CL
GDP (% change Y/Y) -100.0 -3.7 4.1 3.6 89.4 11.7
Economic GDP (% change Q/Q) 8.5 7.3 2.4 0.4 14.2 -
data Inflation rate (Y/Y) 5.3 12.0 7.4 5.9 48.1 12.8
Unemployment rate (%) 5.4 3.7 32.9 8.2 7.1 7.9
Debt (as % of GDP) 61.0 17.4 52.7 84.0 52.6 23.6
Budget Balance -0.6% -4.4% -4.5%
Rating AA- BBB- BB BB- B A
Central Bank Rate 3.75% 7.50% 7.00% 13.75% 68.63% 11.25%
2Y Government Rate 3.8% 5.5% - 13.0% 87.1% 7.6%
10Y Government Rate 3.5% 9.3% 8.8% 12.9% 73.1% 5.2%

CBH Asset Management Weekly Insight 5

 Commodities & Others

YTD Performances

GOLD OIL ENERGY INDUSTRIALS AGRICULTURE

2.3% -8.3% -10.4% -1.4% -2.8%

Last 1W YTD Last 1W YTD

Global Commodity 236 -4.1% -4% Agriculture 146 -2.8% -3%
Aggregated Precious metals 477 1.8% 2% Grains 102 -3.7% -4%
Indices Energy 81 -10.4% -10% Livestock 50 -3.0% -3%
Industrial metals 355 -1.4% -1%

Last 1W YTD Last 1W YTD

Gold ($/oz.) 1'866 2.3% 2% WTI Crude ($/bbl.) 74 -8.1% -8%
Precious metals Silver ($/oz.) 24 -0.5% -1% BRENT Crude ($/bbl.) 79 -8.5% -9%
& Energy Platinum ($/t oz.) 1'094 1.9% 2% Natural Gas ($/MMBtu) 4 -17.1% -17%
Palladium ($/t oz.) 1'812 1.1% 1%

Last 1W YTD Last 1W YTD

Steel ($/T.) 730 -1.9% -2% Corn ($/bu.) 654 -3.6% -4%
Industrial metals Aluminum ($/mt) 2'266 -3.6% -4% Wheat ($/bu.) 744 -6.1% -6%
& Agriculture Copper ($/lb.) 391 2.6% 3% Soybean ($/bu.) 1'493 -2.1% -2%
Iron Ore ($/mt) 844 -1.3% 46%
Nickel ($/mt) 28'079 -6.6% -7%

Last 1W YTD Last 1W YTD

Hedge Funds (in $) 1'374 0.4% 0% S&P Global Timber and Forestry 2'877 3.3% 3%
Others Hedge Funds (in Eur) 1'038 0.4% 0% Baltic Dry index 1'130 -25% -25%
US Volatility 21 -2% -2% DJ Equity REIT 2'271 2.2% 2%
EU Volatility 18 -11% -11% Dollar Index 1'245 -0.1% 0%
Bond Move Index 114 -6.4% -6% EM Currency Index 50 0.8% 1%

CBH Asset Management Weekly Insight 6

 Geographical Presence

CBH is present in Geneva, Zurich, London, Luxembourg, Israel, Hong Kong, Bahamas and Brazil. Due to its
international exposure, it is under the consolidated supervision of the FINMA in Switzerland and its subsidiaries are
supervised by the CSSF in Luxembourg, the FCA in the United Kingdom, the Central Bank of Bahamas, the SFC in
Hong Kong and the CVM in Brazil.

Geneva
Luxemburg
Nassau
London Tel Aviv Hong Kong
Zurich

São Paulo

Rio de Janeiro

Geneva Zurich Luxemburg London Hong Kong

Headquarter Branch Office SICAV Subsidiary Subsidiary

CBH Bank CBH Bank 1618 Investment Funds CBH Wealth UK Limited CBH Asia Limited
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CBH House, East Bay Street Av. Ataulfo de Paiva, RuaIguatemi, 192 Rehov Tuval 40
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t +1 242 394 61 61 1618investimentos.com t +972 73 793 62 22
t +55 21 3993 6901

CBH Asset Management Weekly Insight 7

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8