Vontobel Holding AG (0QKE) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.021 Good morning and a very warm welcome from Georg, Thomas and myself. 00:00:05.021 -- 00:00:10.031 Today, Georg and I will focus on the highlights and share some more details on how 00:00:10.031 -- 00:00:12.977 we are executing on our strategy. 00:00:12.977 -- 00:00:17.707 Thomas will then take you through the numbers in detail, after which we look forward 00:00:17.707 -- 00:00:21.361 to opening the line and taking your questions. 00:00:21.361 -- 00:00:26.290 Let me start with the environment in which we delivered our half-year results. 00:00:26.290 -- 00:00:30.597 Equities delivered a choppy yet positive performance. 00:00:30.597 -- 00:00:35.726 After a shaky start driven by tariff headlines, indices recovered strongly 00:00:35.726 -- 00:00:41.476 as trade tensions eased. Investors rotated towards Europe and Asia. 00:00:41.476 -- 00:00:46.523 Bonds generated modest gains. Credit spreads tightened after the 00:00:46.523 -- 00:00:51.790 April sell-off, while safe-haven demand kept high-quality issues well 00:00:51.790 -- 00:00:53.693 supported. 00:00:53.693 -- 00:00:58.840 Government yields moved lower across maturities, most visibly in Switzerland 00:00:58.840 -- 00:01:02.345 after the S&B cut rates to zero. 00:01:02.345 -- 00:01:07.392 In the US, rate cut expectations were pushed back, yet yields still 00:01:07.392 -- 00:01:10.872 drifted down on rising growth concerns. 00:01:10.872 -- 00:01:16.065 FX markets saw a pronounced shift. The dollar declined sharply against most 00:01:16.065 -- 00:01:21.478 majors as fiscal worries grew, whereas the Swiss franc appreciated further, 00:01:21.478 -- 00:01:24.912 cementing its role as a safe haven. 00:01:24.912 -- 00:01:28.818 For Funtobo, this backdrop had a mixed impact. 00:01:28.818 -- 00...