Weekly Market Update – Peace Deal Takes a Backseat

KEY MARKET MOVES

Source: Bloomberg

MACRO OVERVIEW

US

After a volatile week, US markets ended the week up, breaking a 4-week long selloff. The S&P 500 managed to eke out a 0.5% gain for the week, after an extra-volatile session on Friday following the “triple-witching” which saw an estimated $4.5 trillion of contracts tied to stocks, indexes and ETFs mature. US equities have mostly struggled to regain momentum from earlier this year as investors worry about slowing economic growth, President Donald Trump’s tariff policies and the prospect of fewer Federal Reserve rate cuts this year. The Fed Reserve left rates unchanged (as expected) for a 2nd straight meeting with its latest economic projections revealing expectations of slower growth and higher core inflation by yearend. This partially reflects the expected impact of recently implemented U.S. tariffs and consequential retaliation. The Fed also announced that it will further slow the pace of quantitative tightening in April, by reducing the monthly cap on U.S. Treasuries redemption to $5 billion from $25 billion. Chair Jerome Powell eased fears around tariffs pressure, saying their inflationary impact is likely to be “transitory.” Despite the threat of a fullblown trade war, Bank of America dismissed the risks that a fullfledged trade war would pose to stocks as “monster” flows of capital keep pouring into global equity markets. About $4.3 bln in inflows in the week through Wednesday amounted to the largest amount this year, according to BofA data. It remains unclear though, that we’ve seen a capitulatory type move that generally marks the bottom, analysts remarked. Not at least until tariffs take effect on the 2nd of April, the US equity selloff has further to go, Deutsche Bank commented.

US unemployment benefits were little changed showing as stillhealthy US labour market although the full brunt of DOGE cuts is still yet to be seen. Sales of previously owned homes unexpectedly bounced back in February lifting sentiment. UST yields fell for the week to 4.246% and 3.948% for the 10’s and 2’s respectively.

February Retail Sales headlines printed lower than expectations +0.20% MoM Vs 0.60% expected. The previous Month was revised down from -0.90% to -1.20%. However, the Retails Sales control group printed at +1.00% Vs +0.40% expected. Previous Month was revised down from -0.80% to -1.00%. February industrial production increased by 0.70% Vs 0.20% expected.

The Fed kept Fed Fund unchanged at 4.50% (upper bound) last week, which was very much in line with consensus. They published their revised SEP’s. For 2025, the median growth forecast came down by 40bps to 1.7%, while the current-year unemployment rate projection ticked up by a tenth to 4.4%. The median 2025 headline and core PCE inflation forecasts were revised up by 20bps and 30bps, respectively, to 2.7% and 2.8%. 2026 forecast changes were less dramatic with growth revised down by 20bps to 1.8%, the unemployment rate forecast unchanged at 4.3%, headline PCE inflation revised up a tenth to 2.2% but core PCE inflation unchanged at 2.2%. For 2027, the only change was a one-tenth decrease in the median growth forecast to 1.8%. There were no changes to the longer-run variables. The Fed median Dot Plots is still showing two cuts for the remaining of this year but the consensus within the Fed seems less strong than 3Months ago (8 voters now believe that Fed fund should remain unchanged or believe that only 1 cut will happen this year, see chart below, compared to only 4 3Months ago).

Headwinds picked up as geopolitical risks re-emerged following recent developments in the Middle East after Israel launched airstrikes across Gaza, breaking an almost-two-month ceasefire. Meanwhile, Russian President Putin is demanding a suspension of all weapons deliveries to Ukraine during a ceasefire proposed by US counterpart Donald Trump.

This week’s main highlight will be the PCE Index, expected at 0.3% core MoM and 2.5% on headline YoY. GDP Annualised, U. of Mich. Inflation expectations and the March Conference Board Consumer Confidence Index, February Personal Income & Personal Spending are also on the cards for the week.

Europe

European markets ended lower on Friday, primarily driven by a 1.6% decline in the travel sector following the closure of Heathrow Airport.

Airline stocks slipped after the sudden shutdown of the London airport due to a major power outage, which affected at least 1,351 flights. British Airways, one of the most impacted airlines, saw its parent company, International Consolidated Airlines Group S.A. (IAG), experience a 3% drop in the morning and a 1.5% dip in the early afternoon in London. Other sectors also saw declines. German leisure and tourism company TUI, which owns five airlines, including one servicing the UK market, fell 1.8%. Intercontinental Hotels Group recorded a significant loss, dropping by 3.7%. Although flights resumed the day after the power failure, disruptions are expected to persist for days as various systems require rebooting and checks to ensure their stability.

The German parliament approved constitutional changes to the debt brake, securing passage through the Bundestag after the Greens negotiated a deal that allocated a fifth of the €500bn Special Fund to climate-related projects through the Climate and Transformation Fund. This will ensure that infrastructure spending remains at current levels, supporting the goal of climate neutrality by 2045. The fund will have a lifespan of 12 years, two years longer than originally planned. However, this large fiscal envelope can only be accessed after the formation of a new government and the approval of the 2025 budget, which may take until April due to ongoing coalition talks. There are also potential interactions with EU fiscal rules, which still require a debt sustainability analysis even when national escape clauses are invoked.

The European Commission published its defense white paper, “Readiness 2030.” In addition to urging countries to increase defense spending and improve coordination, the EC outlined its roadmap to support member states and the European defense industry. The paper also provided more clarity on the activation of ‘national escape clauses’ in EU fiscal rules and introduced the €150bn loan facility, known as SAFE. This strategy aims to gradually increase total defense spending across the EU.

As for the economic data in Europe, the preliminary consumer confidence reading for March dropped by 0.9 points to -14.5, reversing the year-to-date gains. Eurozone inflation was revised down by 0.1 percentage point to 2.3% year-on-year in the final February release, while core inflation remained unchanged at 2.6% year-on-year. Services inflation fell 0.2 percentage points to 3.7% year-on-year, and core goods inflation rose 0.1 percentage point to 0.6% year-on-year.

In the UK, the Monetary Policy Committee (MPC) voted 8-1 to maintain the Bank Rate at 4.5%. The vote split was more hawkish than market consensus. The minutes from the meeting revealed that Mann had dropped her dissent for a 50bp rate cut, while Dhingra shifted from supporting a 50bp cut to favoring a 25bp reduction. The committee reaffirmed its stance on a gradual and careful approach to easing policy. UK inflation rose to a 10-month high of 3% in January, well above the Bank s target of 2%.

Meanwhile, the Swiss National Bank lowered its rate by 25 basis points last Thursday, while Sweden’s Riksbank held its rate steady.

This week, we can expect PMI figures from the Euro Area on Monday, followed by the March consumer confidence report on Friday. UK CPI on Wednesday, UK GDP and retail sales on Friday.

Asia

Economic worries and a shifting geopolitical landscape kept risk appetite in check. MSCI Asis ex Japan closed the week 1.18%.

The MSCI China Index has soared almost 20% so far in 2025 while the S&P 500 Index has shed about 4%. That is on course to be the biggest quarterly outperformance since 2007.

Franklin Templeton Institute sees the emergence of a “Xi put” — akin to the so-called “Fed put” — a view that authorities will deploy market-friendly measures and more stimulus to achieve the about 5% economic growth target set this month. Xi’s ambitious goal comes as Donald Trump’s chaotic rollout of tariffs has raised the odds of a US recession and sent American megacaps into a tailspin.

Indonesia’s trade surplus was $3.1bn in Feb 2025, above Bloomberg consensus but below our estimate. Exports grew 14.1% yoy, led by CPO and iron & steel, while coal declined. Imports rose 2.3% yoy, but consumer goods imports fell 21% yoy due to early rice imports and government budget cuts. The trade surplus remains strong at a 58-month average of $3.2bn, though risks persist. The current account deficit is expected to widen to 1% in 2025F due to higher dividend repatriation and services demand.

Other data points from Asia:

Japan exports were at their strongest in nearly a year as stockpiling ahead of tariffs set it but was a tad below expectations; machine orders missed estimates and final industrial output data confirmed a preliminary decline.

Bank Indonesia kept its base interest rate unchanged as expected by a slim majority of economists just as its stock market recovered from yesterday’s sharp selloff. Taiwan’s central bank (CBC) left its main policy rate on hold today (at 2.0%), and is likely to leave rates unchanged throughout 2025.

Japan’s core inflation hit 3.0% in February; BOJ policymakers have signaled their readiness to keep raising interest rates if they become convinced that Japan will see inflation sustained around 2 per cent backed by solid wage gains. Yen was slightly weaker after the Bank of Japan held rates as expected. The BOJ board voted unanimously to maintain the bank’s short-term policy rate at 0.5%.

GeoPolitics

Israel – Palestine: The recent Israel-Gaza ceasefire ended with a literal bang when Israel launched extensive strikes . Israel is saying it was hitting Hamas targets in what appeared to be the most intense assault on the enclave since a ceasefire took effect in January. Israel had only returned to the negotiating table last week, dispatching a team to Doha for the first talks since US President Donald Trump took office, after direct talks between Washington and Hamas stalled. Talks are being mediated by the US, Qatar and Egypt. Israel’s military action also comes after Netanyahu removed Ronen Bar, the head of domestic intelligence agency Shin Bet, and David Barnea, the director of foreign spy agency Mossad, from his country’s negotiating team. The prime minister claimed the intelligence chiefs were negotiating too softly.

The Palestinian civil emergency service said there were at least 35 airstrikes on Gaza. The strike on Tuesday 18th March killed more than 400 people, shattering nearly two months of relative calm since a ceasefire began, unnerving investors.

Israel – Yemen – Iran – US: Israel’s military said it intercepted a missile launched from Yemen early on Thursday as hostilities with the Houthis intensified. Trump has threatened to punish Iran over its perceived support for the Yemeni militant group.

Trump told Iran’s Supreme Leader Ali Khamenei his nation has a two-month deadline to reach a new nuclear accord.

US- Russia -Ukraine:

Putin declined the 30-day ceasefire in Ukraine, instead agreeing to limit attacks on the country’s energy infrastructure.

Washington wants Kyiv to agree to detailed provisions about who owns and controls a joint investment fund, and to a broader scope, potentially covering US ownership of other economic assets such as Ukraine’s nuclear power plants, two Ukrainian officials said. Trump said the US was looking to sign deals on rare earths and minerals across the world, but that Ukraine was a special focus.

US: Donald Trump invoked emergency powers to order the expansion of US production of critical minerals and potentially coal. The president also said he’d sign a rare-earths deal with Ukraine. The US is a major importer of metals, including copper and aluminium, which have a broad range of uses, from construction to energy and technology, as well as lesser-known ones such as rare earths, which are used in the defence and automotive sectors. By invoking the Defense Production Act, passed in 1950 after the outbreak of the Korean war, the president can mobilise domestic industry to supply materials deemed critical for national defence.

China – G7: China has lashed out at accusations it is endangering maritime safety made by top diplomats from the Group of 7 industrialised democracies in a joint statement, saying on Saturday (Mar 15) the G7 members are “filled with arrogance, prejudice and malicious intentions”. The G7 had said in a statement, “We condemn China’s illicit, provocative, coercive and dangerous actions that seek unilaterally to alter the status quo in such a way as to risk undermining the stability of regions, including through land reclaimations, and building of outposts, as well as their use for military purpose.”

Germany / EU: The German parliament has approved Friedrich Merz’s plans to inject up to EUR 1tn into military and infrastructure projects. The proposal includes a EUR 500bn fund for modernising public facilities, potentially reviving Europe’s largest economy.

Credit/Treasuries

The shape of the US Treasury curve did not really change last week with all the points on the curve ending the week down by 2-3bps. Both IG & HY 5years credit spreads widened by around 5bps last week.

FX

DXY USD Index rose 0.36% to 104.09 last week as the April 2nd Tariff deadline approached. This was despite the dovish FOMC, where no change to fed funds target range of 4.25-4.50% as expected. The SEP maintained the baseline projection of two 25bp cuts in 2025, while revising down growth expectations and raising inflation forecasts. The Fed statement highlights that uncertainty around the economic outlook has increased and Chair Powell downplayed the rise in inflation expectations, while noting that tariff inflationary impacts may be transitory. Chair Powell also talked up resilience of hard data and said economy strong overall and recession risk not high. Hard>soft data trend continued with control group retail sales, industrial production, housing starts and existing home sales all surprising to the upside.

European Currencies were mixed against USD, with EUR -0.56% to 1.0818, GBP -0.12% to 1.2919, SEK -0.03% to 10.1419 and CHF +0.26% to 0.8828. In Eurozone, German parliament approved meaningful fiscal expansion focused on defence and infrastructure spending, while ECB President Lagarde says that US tariffs and an EU response could lower euro area growth by 0.5pp and push near-term inflation up by ~50bp. BoE maintains its policy rate, as expected; gilts sell off (2y: +3bp) in response to the 8-1 vote split, which was seemingly more hawkish than expected as only one member favored a 25bp cut. The vote split was more hawkish than market consensus, with External Members Mann and Dhingra voting for a 50bp cut and Taylor for a 25bp cut. The Riksbank maintained its policy rate at 2.25% at its March meeting, as widely expected, and continued to assess that the rate will remain at that level for the duration of the forecast period. The bank also cited uncertainty coming from trade policy and defence spending in Europe and revised its GDP projections up to 1.9% for 2025 and down to 2.4% for 2026. The SNB lowered its policy rate by 25bp to 0.25% at its March meeting, as expected. It also revised its conditional inflation forecast slightly higher, however, while flagging downside inflationary risks and that, if the policy rate had not been cut, the conditional inflation forecast would have had to be revised lower.

Antipodean Currencies fell against USD; AUD fell 0.81% to 0.627 and NZD fell 0.24% to 0.574. This was despite positive China economic activity data and the announcement from PBoC announcement on guidelines aimed at boosting consumption. AUDNZD fell 0.59% to 1.094, as Australia labor data was below consensus, with employment falling 53k (C: +30k) in February, after nearly a year of sustained upside surprises.

USDJPY rose 0.46% to 149.32 driven by broad based USD strength, despite heightened expectations for near term BoJ hikes after BoJ Governor Ueda’s press conference and an upside surprise in February core CPI. The BoJ kept the policy rate unchanged at 0.50% at its March meeting, as widely expected. The statement was largely unchanged from the January statement with regards to the assessment of the economy and inflation. That said, the BoJ added “the evolving situation regarding trade and other policies in each jurisdiction” in its statement as a risk to their outlook. At the press conference, Governor Ueda mentioned 1) uncertainty around US policy and that its impact on the US and Japan economies has increased but highlighted that the impact would likely become clearer by the next BoJ meeting in April, when outlook report will be released, and 2) preliminary spring wage negotiation result was slightly stronger than the Board’s expectation.

USDCAD fell 0.12% to 1.435 as Canada CPI rises 2.6% (C: 2.2%; P: 1.9%) alongside an acceleration in the BoC’s underlying core inflation measures (CPI-Trim and CPI-Median). CAD is little impacted by a downside surprise in January Canadian Retail Sales, as headline Retail Sales fell -0.6% m/m (C: -0.4%; P: 2.6%) in January as payback after a surge of holiday spending. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle parts dealers, fell 0.2% m/m reversing December’s rise and then some. In volume terms, retail sales were down 1.1% m/m.

Oil & Commodity

WTI crude and Brent crude oil futures rose last week, with WTI (+1.64%) to 68.28 and Brent (+2.24%) to 72.16. The rise in oil prices was driven by renewed tensions in the Middle East and new Iran-related sanctions issued by the US. Israeli military strikes in Gaza signalled a potential breakdown of the almost two-month ceasefire with Hamas, while US for the first time sanctioned a Chinese refinery for allegedly buying Iranian oil, raising the prospect of stricter US sanctions enforcement against Iran. In addition, a better-than-feared outcome from the FOMC supported higher oil price. Elsewhere, OPEC+ issued a new schedule for seven member nations including Russia, Kazakhstan, and Iraq to make further oil output cuts to compensate for pumping above agreed levels, while the EIA report for the week ending March 14 showed a 1.7mn barrel increase in crude oil inventories.

Gold touched a record high of 3057.49 following a dovish FOMC. In addition, Gold was supported by safe-haven demand on the back of headlines on Israel striking Gaza, tariff, and growth uncertainty. However, Gold pared some of the recent gains last Friday, touching 3000 before closing the week at 3023.81 (+1.27% for the week).

Economic News This Week

Monday – AU/JP/EU/UK/US Mfg/Svc/Comps PMI Prelim Mar, SG CPI
Tuesday – CH 1Yr LFR, US New Home Sales/ Cons. Confid./ Richmond Fed Mfg
Wednesday – AU CPI, UK CPI/ RPI, US MBA Mortg. App./ Durable Goods Orders
Thursday – US GDP/ Wholesale Inv./ Personal Cons./ Core PCE Index/ Initial Jobless Claims/ Pending Home Sales
Friday – JP Tokyo CPI, UK GDP, Norway Employ., UK Retail Sales/ Trade Balance, EU ECB CPI Exp., CA GDP, US Personal Spending/ PCE Deflator/ UMich Sentiment

Sources – Various news outlets including Bloomberg, Reuters, Financial Times, FactSet, Associated Press

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Bordier Eservices Terms of Use

The Client has elected to access the Account with the Bank by means of the Bank’s Internet solution of secure electronic connection via the Bank’s Website and the Bordier App which allows the Authorised User to view the Account online on mobile applications, together hereinafter referred to as the “E-Services”.

1. Type of E-Services

1.1 The E-Services currently provided by the Bank to a Client comprise the following: (i) Secure access to any Account of the Client via a separate log-in section of the Bank’s Website (“the Web Access Service”); (ii) Secure access to any Account of the Client via an application installed on a mobile device (“the Mobile Access Service”).

1.2 With an E-Services, the Client can, amongst other things, see the current state of those of his Accounts which he has specified that he wishes to access through the E-Services, and obtain information as to his current Investments. He may also use at his own risk certain analytical tools provided by the Bank. While the Bank endeavours to ensure that comparable functionalities are offered through the Web Access Service and through the Mobile Access Service, the Client acknowledges that, due to technical constraints, there may be differences over what he is able to do through the Web Access Service and what he is able to do through the Mobile Access Service.

1.3 To use any E-Services, the Client must first register with the Bank by such means as the Bank might specify (which will include identifying the specific Accounts accessible through the E-Services) and abide by this Part Eight to these General Conditions as well as with any other terms specified by the Bank in respect of a particular E-Services. The Client will be deemed to have agreed (without reservation) to these terms herein as well as any other terms specified by the Bank to be applicable to an E-Services, from the time he clicks or taps on any confirmation button or from the time he first uses the E-Services (whichever is earlier).

1.4 Without limiting the generality of the foregoing, use of the Mobile Access Service is subject to the mobile device being compliant with specifications determined by the Bank and the Mobile Application End User Licence Agreement (“Mobile App EULA”). The Mobile App EULA will be accessible from within the application after the application is downloaded. Before the Client first uses the application, he must signify his acceptance to the Mobile App EULA. The Bank has the right to update or amend the Mobile App EULA at any time but will give notice of this to the Client. In such a case, the Client must signify his acceptance of such changes before he can proceed further with the Mobile Access Service. Failing this, the Bank will not be able to maintain the service offered.

2. Access to E-Services

2.1 Access to an E-Services is by way of: (a) a user identification code (“user ID”) to be assigned by the Bank; (b) a personal identification number (“PIN”), initially to be assigned by the Bank but to be mandatorily changed by the Client at the first available opportunity to one of the Client’s own choosing, provided that specifications set by the Bank are met); and (c) a authentication device (“OTP device”) that will generate a one-time password (“OTP”) to be used in conjunction with the user ID and PIN each time access is required. Once changed, the PIN Code will not be known to the Bank.

2.2 There shall be only one user ID and PIN in respect of each Client. However, for each Client, the Bank will issue to the Client up to two OTP devices.

2.3 It shall be the sole responsibility of the Client to ensure the safekeeping of the user ID, the PIN and all OTP devices issued by the Bank (even if such OTP device may not be physically in the Client’s possession). The Client must notify the Bank as soon as possible if he believes or suspects that his user ID, PIN or any OTP device might be stolen, lost or compromised. Unless notified, the Bank is entitled to assume that any person who uses an E-Services by using the combination of the user ID, the PIN and an OTP generated from an OTP device, is either the Client himself or a person duly authorised by the Client. For the avoidance of doubt, the Client undertakes to the Bank that he will, where necessary, ratify (or adopt as his own) all action taken by a person who accesses an E-Services in accordance with the process specified herein.

2.4 The Bank has the discretion to impose on the Client a fee to cover the costs of issuing to the Client additional OTP devices beyond the second.

3. Disclaimer in respect of Information available from the E-Services.

3.1 With the E-Services, the Client is able to gain access to information concerning those of his Accounts which he has chosen to be able to access through an E-Services and of transactions undertaken on such Accounts. The Bank may also make available to the Client various analytical tools, which may be used at the Client’s own risk. All information provided to the Client through the E-Services (including through analytical tools) remain information that is of a non-personal nature. The Client acknowledges that all such information does not take into account the specific investment objectives, financial situation, or particular needs of the Client.

3.2 All information provided to the Client through the E-Services (including through analytical tools) are either provided by the Bank and its Affiliates or obtained from third party sources selected by the Bank and its Affiliates. While all reasonable care is taken to ensure that all information provided are fair, accurate and complete, the Bank and its Affiliates makes no representation or warranty as to the accuracy or completeness of such information or the outcomes generated by the analytical tools. In particular, where stock prices or exchange rates are provided through an E-Services, these are merely indicative and are not binding on the Bank. For technical reasons, there may be a time lag between the time that information such as stock prices and other data are displayed or made known on a relevant market and the time that such information is provided to the Client through the E-Services. The Bank is not liable for any loss or damage suffered by the Client due to or in connection with any such time lag or in connection with the use of the analytical tools.

3.3 To the extent that any information provided through the E-Services includes expressions of opinion by the Bank, such opinions only reflect the Bank’s judgement as at the date on which the opinion was expressed, and may be subject to change without notice, particularly as market conditions evolve. Such opinions are not to be construed as a recommendation by the Bank for the Client to enter into any Investment or to dispose or liquidate any Investment. To the extent that any information provided through the E-Services includes expressions of opinion by third parties, the Client acknowledges that the Bank is not responsible or liable for such expressions of opinion and the Bank is not to be regarded as endorsing them.

3.4 Consistent with Part I, Section II, Clause 6 of the General Conditions, the Bank is not, by virtue of providing any of the E-Services, to be considered as providing investment advice as a service to the Client, nor acting as an adviser or fiduciary. The Client must not rely on any of the information provided through the E-Services as authoritative or as a substitute for using their own skills and judgment in making any decision. Such information may not have taken into account the specific investment objectives, financial situation and particular needs of the Client. Before making a decision in respect of any Investment, the Client agrees that he would familiarise himself with the nature of the transaction and read all relevant legal or disclosure documentation (including the prospectus or information memorandum). The Client acknowledges that the Bank has no obligation to give advice to the Client and that he is responsible for consulting his own advisers if he requires advice. Accordingly, the Client agrees that the Bank has no liability whatsoever for the consequences of any decision he makes arising from the use of any E-Services.

4. Access by the Bank’s employees

4.1 The Client acknowledges and agrees that the Bank may, by various means (including the use of software modules (commonly known as cookies) and other similar technology tools) access and collect information relating to the Client’s usage of the E-services (which, in the case of the Mobile Access, may extend to information relating to the Client’s general usage of his mobile device), and the Client agrees and authorises the Bank to have such access.

4.2 To the extent that any such access as aforesaid involves the collection of personal data governed by the Personal Data Protection Act, the manner in which such personal data is handled will be governed by the Bank’s Privacy Policy available on our website.

B. E-MAILBOX PROVIDED BY THE BANK

1. Description

1.1 Through the E-Services, the Client will have at his disposal a secure electronic mailbox into which he may use to receive routine and non-urgent communications from the Bank as well as to send routine and non-urgent communications to the Bank.

1.2 All documents transmitted electronically to this secure electronic mailbox (including but not limited to notices, current account statements, and valuations) shall be deemed to be original documents having the same legal effect as if sent by normal mail. They shall be deemed to have been delivered to the Client once they are received into the electronic mailbox, as determined by the Bank’s records, which the Client accepts to be final and conclusive in the absence of manifest error. Documents will generally be stored in the electronic mailbox for a period of two years from the date of receipt (or such other retention period as the Bank may decide upon). At the end of this retention period, documents that remain unread by the Client may be deleted by the Bank from the mailbox without the Bank coming under any responsibility to the Client.

1.3 However, unless and until the Client logs into the E-Services, the Client will receive no notification of any incoming communications arriving into this mailbox. The Bank is also under no duty whatsoever to remind or prompt the Client to periodically check this mailbox. Accordingly, the Client acknowledges that the electronic mailbox is not a suitable medium for him to receive urgent or time-sensitive communications from the Bank.

C. GENERAL PROVISIONS

1. Technical Support

To assist the Client with technical issues concerning the E-Services, the Bank will make available to the Client a technical support service between the hours of 9 am and 6 pm on weekdays (other than bank holidays and public holidays).

2. Risks associated with Access through the Internet Use

2.1 The E-services are provided by the Bank over the Internet, whether through the internet browser of a computer or mobile device, or through an application that is downloaded and installed onto a mobile device used by the Client.

2.2 The Internet is a public network over which the Bank has no control. The Client acknowledges that the use of the Internet carries various risks for which he agrees to bear full responsibility. These risks may include electronic theft of the Client’s username and password and also of hacking into any of the Client’s Account, which may lead to unauthorised access to funds and other assets, theft of other information and other losses. The Client also runs the risk of his computer or mobile device being infected by viruses, spyware and other forms of malicious software, and of third parties surreptitiously gaining unauthorised access to his computer or mobile device (and any information kept therein) through the use of software modules (commonly known as cookies) and other similar technology tools. The Client also acknowledges that messages which he sends to the Bank by means such as email or text messages are not necessarily safe from hacking or interception, even if these are sent by secure or encrypted means. While the Bank will take all reasonable security measures to guard against such risks, including use of encryption protocols to secure information in its possession and to secure messages sent to it, there can be no certainty that unauthorised hacking or interception can be prevented.

2.3 The Client also agrees to bear the risk of technical failures arising generally from the use of computers, mobile devices, software applications and other technology tools. Such failures can lead to loss or damage in various forms, both direct and consequential, in respect of which the Bank assumes no liability whatsoever.

2.4 The Client has the responsibility to take reasonable steps to prevent unauthorised access to his computer or mobile device. Usernames and PINs should not be divulged to unauthorised persons. These, together with the OTP devices issued by the Bank, must be kept safe and secure at all times and all reasonable measures must be taken to prevent unauthorised access. The Client must regularly change his PIN and must not choose PINs that are easily deduced by others. OTPs generated by an OTP device must not be divulged to anyone. These obligations herein are assumed by and are the responsibility of the Client despite the fact that the Client might choose to allow some other authorised individual to access the E-Services on his behalf. If the Client suspects that his username, password or security token might have been stolen, lost or in some way compromised, the Client has a duty to inform the Bank immediately.

2.5 To the fullest extent permitted by law, the Bank will not be liable or responsible for any loss or damage that may be suffered by the Client arising from his use of the E-Services, including any loss or damage from system malfunctions, network failures, transmission errors and delays, or the malicious acts of third parties.

3. Copyright

Unless otherwise mentioned, all information provided through any E-Services is protected by copyright and such copyright may be vested in the Bank, another member of the Bordier Group or other third parties. The Client is granted a limited, non-transferable and non-sublicensable licence to use the Services only for the purposes of accessing information relating to those of his Accounts which he has chosen to be able to access through the E-Services and of transactions undertaken on such Accounts. The Client does not acquire any intellectual property rights by merely using the Web Access Service or by merely downloading and storing software in connection with the Mobile Access Service. The E-Services are for private and personal use only and the provision of the E-Services shall not be construed as a grant to the Client of any wider license or right to use information or content (including text, charts, images, registered trademarks, service marks, and logos) for any other purposes (including any commercial or business purposes). The Client undertakes not to reproduce or distribute any information which he obtains through the E-Services to third parties.

4. Local Restrictions

Depending on the local regulations and the regulations in force at the domicile of the Client, the Bank reserves the right not to provide certain types of information or tools and may vary the availability of the E-Services or the terms under which an E-Services is provided, without prior notice, in particular if the Bank suspects the existence of malicious or fraudulent attempts (hackers), threatening the confidentiality of information transmitted by the Electronic Services, or for any other reason.

5. Termination of E-Services

5.1 The Client may at any time choose to terminate access to the E-Services by giving written notice to the Bank. Likewise, the Bank may at any time choose to terminate provision of the E-Services to the Client by giving written notice to the Client and to do so without having to give any reasons.

5.2 Termination by the Client of the Web Access Service necessarily involves termination of the Mobile Access Service, but the Client may choose to terminate only the Mobile Access Service while retaining the Web Access Service. However, upon termination of the Mobile Access Service, for security reasons, the Client must uninstall or delete the application from all mobile devices used for the Mobile Access Service.

5.3 Termination of any E-Services does not necessarily have the effect of terminating any broader contractual relationship between the Bank and the Client, unless the parties otherwise agree. Upon such termination of access or provision of the E-Services, the Bank is entitled to require the Client to return to the Bank all OTP devices, and such other installation kits as the Bank may have previously provided to the Client.

6. Applicable Law and Place of Jurisdiction

All relations between the parties under this Agreement shall be exclusively governed by and construed in accordance with the laws of Switzerland. The parties irrevocably agree that the courts of Switzerland are to have jurisdiction to settle any dispute which may arise out of or in connection with this Agreement and that accordingly any proceedings arising out of or in connection with this Agreement may be brought in such courts. Nothing contained in this clause shall limit the right of the Bank to take proceedings against the Client in any other court of competent jurisdiction nor shall the taking of any such proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction whether concurrently or not, unless precluded by applicable law. The Client irrevocably waives any objection which he may have now or in the future to the courts of Switzerland being nominated for the purpose of this Agreement on the grounds of venue or otherwise and agrees not to claim that any such court is not a convenient or appropriate forum.

24 March 2025

Weekly Market Update – Peace Deal Takes a Backseat

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MACRO OVERVIEW