Erste Asset Management - Blog

Posts on: Capital Markets/Macro-Economicsährung-890x390.jpg
Harald Egger am 11th January 2018

Bitcoin Basics

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What are Bitcoins?

Bitcoins were developed in 2009 as a virtual, digital currency by one person or group with the pseudonym Satoshi Nakamoto. Bitcoins are not physically tangible and are thus also difficult to grasp mentally for many.

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Gerhard Winzer am 08th January 2018

Ten economic hypotheses for 2018

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The current environment is very positive for the capital markets: strong growth, low inflation, supportive monetary policies, good earnings growth, and low volatilities, i.e. fluctuations. Also, the numerous risks have not had a significantly negative impact on prices. However, the phase of rising prices started as early as March 2009. This environment implies that any change in the relevant parameters such as growth, inflation, and monetary policy would be tantamount to deterioration, given that improvement is not possible anymore. The most important question asked by investors at the outset of 2018 is therefore whether this positive environment is still here to stay.

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Paul Severin am 04th January 2018

Best of Erste AM Investment Blog 2017

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2017 was a positive year on the global capital markets (see blog from 2 January 2018). We have analysed which blogs were the most popular ones last year.


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Paul Severin am 02nd January 2018

2017: a positive year on the global capital markets

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Capital markets recorded a positive year of 2017. The performance of the various asset classes was of the textbook variety: the higher the risk, the higher the return. At slightly more than 1%, even low-yield asset classes such as euro government bonds or US Treasuries (in USD) posted positive rates of return1). This came as a surprise seeing that many experts had expected higher yields for government bonds, which would have come with negative effects on prices.

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Gerold Permoser am 14th December 2017

Market Monitor: risky markets have come far

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Earlier this week, we convened the last Investment Committee of 2017. The general risk appetite of the team has not changed vis-à-vis the previous month (from 78.85 percent to 79 percent on our 0 – 100 percent scale). The team continues to see the future optimistically, with a resulting “risk on” stance.

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Gerold Permoser am 07th December 2017

Capital markets outlook for 2018: Will the party hold on?

(c) Erste Asset Management

2017 is drawing to an end, and the bottom line is positive. The outcome is significantly better than we had expected. Since the financial crisis in 2008, the global economy has never expanded more quickly and especially concertedly than in 2017. Also, inflation has surprised on the downside, falling short yet again of the expectations held by central banks and analysts.

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Gerold Permoser am 09th November 2017

Market Monitor: Optimism on the rise

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This week we held our monthly Investment Committee meeting. Although only little has changed with regard to the overall economic picture, we were having a few interesting discussions that we would now like to share with you.

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Gerhard Winzer am 30th October 2017

An impressive stunt

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The Council of the European Central Bank pulled an impressive stunt at the monetary policy meeting on 26 October. ECB President Mario Draghi announced to reduce the extremely supportive monetary policy in the near future while sounding very cautious (dovish) with regard to the process at the same time.

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Gerhard Winzer am 09th October 2017

Disruption from Catalonia

Kietzmann Björn / Action Press /

The events in Catalonia are a new disruptive political element on the capital markets. The basic question is whether the generally favourable environment for risky assets is sustainable.

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Gast-AutorIn / Guest Author am 05th October 2017

Renmimbi – a managed currency


Guest author: Jenny Teng, Senior Fund Manager


Jenny Teng is senior fund manager in the equity team of Erste AM. Born in China she is employed since 2008 at ERSTE-SPARINVEST and responsible for the Asian equity markets.




Long enough we have heard about the depreciation of Chinese currency Renmimbi (RMB), but this year RMB has showed rather unusual movements.

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