Vontobel Holding AG (0QKE) Q2 2024 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.240 Today, Georg, Thomas and I will report on our financial results and share 00:00:05.240 -- 00:00:10.430 highlights on our strategic progress from the first six months of the year. 00:00:10.430 -- 00:00:15.479 First, let's briefly review the market context of this first half year and how it 00:00:15.479 -- 00:00:17.783 played into our results. 00:00:17.783 -- 00:00:23.450 Equity markets witnessed sustained strong performance fuelled by easing inflationary 00:00:23.450 -- 00:00:28.877 pressures, continued resilient global growth and the end of the tightening cycle 00:00:28.877 -- 00:00:31.440 for the major central banks. 00:00:31.440 -- 00:00:36.987 First cuts were delivered by the European Central Bank and the Swiss National Bank. 00:00:36.987 -- 00:00:41.413 These cuts, combined with the market expecting the Fed to start its own easing cycle 00:00:41.413 -- 00:00:47.230 in the second half of this year, allowed for a consolidation in fixed-income markets. 00:00:47.230 -- 00:00:52.276 Within currency markets, the dollar emerged as the strongest performer 00:00:52.276 -- 00:00:57.683 among major currencies, driven by robust economic data and a delayed easing 00:00:57.683 -- 00:00:59.085 cycle. 00:00:59.085 -- 00:01:03.831 The Swiss franc, despite an initial decline in the first quarter following a surprise 00:01:03.831 -- 00:01:09.519 rate cut by the S&B, recovered after the European Parliament elections in June. 00:01:09.519 -- 00:01:15.226 Against this backdrop, investors' willingness to engage improved from low levels. 00:01:15.226 -- 00:01:20.993 We saw higher client activity and increased demand for riskier asset classes 00:01:20.993 -- 00:01:23.416 as well as fixed income. 00:01:23.416 -- 00:01:28.922 Our strong results reflect o...