Equity markets are doing well and are at their highest levels of the year. The companies’ earnings are good overall. However, there are significant differences between sectors and it must be recognized that where technology continues to outperform the indices, some sectors such as health or commodities are lagging. This is the case of Roche, that lost almost 10% in less than two months.

Markets are at high levels, and some stocks are overbought.

For a more defensive investor, for whom cash flow generation is important, structured products can be an interesting tool in the current environment. While Roche shares have few catalysts for a short-term increase in price, the risk of a significant decline is low at current levels.

This is not a recommendation but just our opinion. Please consult with your financial advisor before investing!