Erste Asset Management - Blog

Artikel zu Schlagwort: central banks
Gerhard Winzer am 10th July 2017

Monetary policy of central banks is tightening up

(c) iStock

Volatility has increased on the markets. The main reason for this has not occurred often in the past years: statements by the central bankers according to which the extremely expansive monetary policy will be reeled in. Are we going through a trend reversal?

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Gerhard Winzer am 02nd December 2016

Italy – the third domino

© iStock

On Sunday 4 December Italy will be holding a referendum on an amendment to the constitution. This is relevant particularly because in case of a rejection, the political uncertainty would increase.

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Gerhard Winzer am 25th November 2016



The market participants are still focused on the implications of Donald Trump’s victory at the US presidential elections. In simple terms, “Trumponomics” are a combination of expansive fiscal policies and restrictive trade policy. An increased budget deficit is supposed to support economic growth, while the curbing of free trade aims at job protection.

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Gerhard Winzer am 07th October 2016

High uncertainty, low volatility


Uncertainty is high, while volatility is low. How to resolve the contradiction?

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Gerhard Winzer am 13th September 2016

Postponed is not abandoned


Bond yields were up last Friday, whereas equities recorded losses. Signs that the bull market with low volatility, which started after the Brexit vote, is drawing to an end are becoming more plentiful.

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Gerhard Winzer am 07th September 2016

Increasing volatility expected


In the weeks following the Brexit referendum, the prices of many asset classes were rising amid mild fluctuations. However, an increasing number of clues suggest higher fluctuation for the coming months.

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Gerhard Winzer am 01st August 2016

Brexit-Referendum – a Non-Event?

(c) iStock Photo

Was the decision by the UK to leave the EU a non-event? Globally speaking, share prices have increased, the spreads for default risk have narrowed on many markets, and the UK central bank, i.e. the Bank of England, did not cut its key-lending rate.

Good growth rate

The economic indicators continue to suggest real economic growth of 2 to 2.5% globally. While, from a historic perspective, the growth rate is below average, in view of the disadvantageous developments such as falling productivity growth, an ageing population, weak world trade, and the pressure to deleverage, this bandwidth can actually be regarded as good.

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Gerhard Winzer am 12th January 2016

Turbulent capital markets: what to expect in 2016?


The price declines on the equity markets at the beginning of the year suggest a decline in investor confidence. Is this justified? Please find a few hypotheses for 2016 in the following:

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Gerhard Winzer am 11th January 2016

Turmoil in China


We have experienced an increased degree of jitters on the financial markets at the beginning of the new year. The triggers of this situation are based in China. Chinese equities have incurred a slump, and the Chinese currency has depreciated relative to the US dollar. Given that at 17% the share of the Chinese economy of the global GDP on the basis of purchase power parities had already exceeded that of the USA (16%) these developments of course come with global effects.

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