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Gast-AutorIn / Guest Author am 15th September 2017

European bank shares picking up

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Autor: Tamas Menyhart, Fund Manager Equities, Erste Asset Management

 

After years of drought, European bank shares have shown a solid performance in the year to date. Read more

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Paul Severin am 14th September 2017

YIELD RADAR: September 2017

Most bond asset classes performed well in the last weeks. The slightly lower than expected US-econonomic data, cautious comments made by central bankers at their annual meeting in Jackson Hole and geopolitical uncertainties due to the developments in North Korea led to a slight positive development of sovereign bonds prices in general. Also corporate bonds and bonds from emerging economies performed positively.

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Gerold Permoser am 12th September 2017

Sustainability? Possibly more important than you might think!

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I have recently read an interesting research report by one of our independent research partners, Gavekal Research. Gavekal Research is based in Hong Kong, and one of its strengths is its deep knowledge of the Asian market. The piece titled “Good Governance, Poor Performance” discusses good corporate governance. This is a central pillar of traditional as well as sustainable investment.

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Gast-AutorIn / Guest Author am 05th September 2017

US debt ceiling keeping the financial markets on their toes

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Author: Felix Dornaus, Senior Fundmanager

The Trump administration should be keeping the financial markets on their toes in the coming weeks. Yet again, the issue is the government debt which will soon reach its statutory maximum.

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Gast-AutorIn / Guest Author am 04th September 2017

Tailwind for biotechnology companies

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Author: Harald Kober, Senior Fundmanager

“Breather” coming to an end

Biotechnology shares have been among the top performers in the past ten years. After the above-average performance from 2010 to the beginning of 2015, hedge funds set off a consolidation that is now coming to an end. The NASDAQ biotechnology index, the most important barometer for biotech shares, has gained 25% in the year to date (source: Reuters Datastream, as of 31 August 2017). Read more

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Peter Szopo am 30th August 2017

Global stock markets: Break, correction or worse?

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The seemingly unrelenting climb of US equities has stopped in August. Market volatility spiked, the decline of the US dollar ended, bond spreads widened, and macro risk-indicators surged. While there has been no major correction (yet), the fresh breeze of optimism that characterized equity markets in the first half of the year gave space to the somewhat stale atmosphere that typically takes over when the majority of investors switch into risk-off mode.

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Gerhard Winzer am 25th August 2017

Growth picking up in the emerging economies

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Economic growth has increased significantly on a global scale and is broadly supported. According to our preliminary estimate, global GDP recorded a growth rate of 3.7% from Q1 to Q2 (annualised). While the developed economies have presumably grown by 2.7%, the emerging economies posted a growth rate of 5.2%. In this article, we would like to take a closer look at the emerging markets on the basis of classic economic indicators.

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Gast-AutorIn / Guest Author am 16th August 2017

German car (emission) cartel excluded from responsible investment universe

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Author: Walter Hatak, Research Analyst

 

Did VW, Audi, Porsche, Daimler, and BMW collude to form a cartel? Did they deliberately try to suspend competition? The media seem to have discovered a violation of anti-trust law, and their research suggests a link between the diesel emissions scandal and the agreements reached in joint task groups.

 

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Gerhard Winzer am 10th August 2017

Solid Growth

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Some ten years after the outbreak of the Great Recession, global economic growth is positive and broadly based, inflation is low in the developed economies and falling in important emerging economies, and monetary policies are very supportive, cautious, and predictable. At the same time, company earnings growth has increased significantly, and the volatilities of many asset prices are low. This environment is generally positive for risky asset classes.

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Gerold Permoser am 01st August 2017

Quo Vadis, Federal Reserve? – Part 3

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Making sense of it all

I will be upfront about it: to me, the Taylor rule is still a helpful tool to assess the future monetary policy of the US central bank. However, it should not be used as blueprint without thinking it through. Instead, it should be seen as heuristic tool that helps structure one’s analysis.

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