Erste Asset Management - Blog

Posts on: Capital Markets/Macro-Economics
Gerhard Winzer am 16th March 2018

Protectionism: Risk of a trade war with the US?

(c) iStock/Collage

The announcement by the US President, Donald Trump, to levy import tariffs on steel (25%) and aluminium (10%) has made waves. Can the favourable economic environment of boom, low inflation, and gradual reduction of the supportive monetary policy be toppled?

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Gast-AutorIn / Guest Author am 05th March 2018

Quo Vadis Italia? – The 2018 general election in Italy and its importance to the economy


The economic environment for Italy remains challenging. The fundamental problem is the low economic growth. Although the composition of the future government is still unclear, the party programs imply a persistent reform deadlock.

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Gerhard Winzer am 27th February 2018

Ten new determining factors for the capital market

(c) Fotolia

The economic environment for the capital markets is subject to change as we speak. About one and a half years ago, the global economy shifted from recovery to boom, which was very advantageous for the markets. The features were strong, broadly based economic growth, low inflation, very supportive monetary policies, good earnings growth, and limited price fluctuations on the markets. We have now started leaving this best of all worlds (“Goldilocks scenario”) in more and more categories.

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Gerold Permoser am 22nd February 2018

Market Monitor: After the market correction, confidence outweighs

(c) Fotolia
„If you’re going through hell, keep going!”
Sir Winston Spencer Churchill


The year 2018 had started on such a promising note – is what we all were thinking. But at the beginning of February, the market taught us a lesson. As a result, the discussions at our first Investment Committee of the year at the beginning of February were interesting ones.

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Gerold Permoser am 19th February 2018

How does inflation work? – Part 2: Inflation drivers

(c) iStock

There are many factors that may affect inflation. Also, the weights of certain factors may vary across countries. Take the development of the exchange rate, for example.

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Gerhard Winzer am 09th February 2018

Inflation worries burdening stock exchanges – part 2: the macro perspective

Equity indices have undergone a global correction in the past days. The Dow Jones index has shed more than 10% from its January high. What is the macro-economic reason for the correction?

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Gerhard Winzer am 05th February 2018

Strong growth and rising rates

(c) iStock

At the beginning of 2018, economic indicators are confirming the recovery scenario. Above all, the yields of government bonds are on the rise. Why is that the case, and what does it mean for the financial market as a whole?

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Gerold Permoser am 02nd February 2018

Inflation: a general overview – Part 1

(c) iStock

Why is the inlfation outlook for 2018 important? In our three part series we explain how inflation works.

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Gast-AutorIn / Guest Author am 30th January 2018

Czech Presidential Election and the reaction of the markets

(c) iStock

Guest author: Margarita Sinitsyna, Fund Manager, Czech Republic Branch


With both rounds of the Czech presidential election behind us, we can now take a look back at some of its highlights. Incumbent Milos Zeman reaped a narrow edge over his challenger Jiri Drahos.


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Gast-AutorIn / Guest Author am 22nd January 2018

Interview: “Future 2050 – the era of sustainability and smart machines”

(c) Siemens Pictures of the Future
Dr. Ulrich Eberl (c) Siemens Ertz

Dr. Ulrich Eberl is one of the most renowned German-speaking scientific journalists and futurologists. He holds a PhD in biophysics from the Technical University of Munich and was Head of Global Communication  for research and future trends for 20 years at Siemens.

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