Tuesday, 13 February 2024 Reading time : 2 minutes

Global equity markets have started the new year at different speeds. In the US, the benchmark index S&P 500 recently set a new record, closing above 5,000 points for the first time in its history on Friday. Since the beginning of the year, the barometer has gained 5.4% (including dividends, in local currency, as of 13 February 2024). The European stock market is also performing well with the EuroStoxx 50 gaining 5.3% by mid-February. By contrast, the Swiss stock market has been rather sluggish, and the SMI is only slightly higher year-to-date. 

However, the biggest gains so far have been recorded on stock exchanges outside Europe and the US. In Tokyo, for example, the Nikkei 225 is up more than 10%. The Japanese equity market is topped only by the Buenos Aires stock exchange, where the Argentine benchmark Merval has risen by around 20% since the start of the year. 

For investors who want to focus on European and US equities but don't want to choose a specific region, a barrier reverse convertible on the SMI, S&P 500 and EuroStoxx 50 allows diversification across regions and sectors. Thanks to the barrier, price losses are cushioned to a certain extent, while the coupon is guaranteed regardless of the performance of the indices.

4.90% Barrier Reverse Convertible on SMI, EuroStoxx 50, S&P 500

4.00% Callable Barrier Reverse Convertible on SMI, EuroStoxx 50, S&P 500

5.50% Callable Barrier Reverse Convertible on SMI, EuroStoxx 50, S&P 500

Indicative terms

 

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