US retailers are looking forward to another high-turnover back-to-school-season leading up to the start of the new school year. This time of the year plays an important role in the US and is regarded as the second-strongest sales driver after Christmas season.
This blog entry will discuss three scenarios for the coming quarters and the coming year.
Annualised real global GDP growth amounts to slightly above 3%. The composition of growth is not homogenuous. While the US economy grows strongly, the weakening loan growths puts weight on the economic activity in China. Find out more in the current yield radar.
Germany is not only the largest, but also one of the strongest economies in the Eurozone and the EU. This is reflected, among other things, in its stable economic growth. In 2017, Germany’s GDP increased by 2.2 per cent compared to the previous year, only slightly less than the total Eurozone growth of 2.4 per cent.
The month since the previous meeting in July had been a positive one for investors willing to take risks. Thus, the optimistic risk stance of our team paid off. It is therefore not surprising that the team remains optimistic.
2018 could be a record year for mergers, at least if the exceptional first half of the year is any indicator. However, it is this development that makes analysts sceptical as to whether and for how long this pace can be maintained. Will this current bout of mergers soon come to an end?
After several “mini-shocks” throughout the year such as inflationary fears in the USA and a temporary crisis of trust in connection with Italian government bonds, quite a bit of uncertainty has already been priced into the market. Will the current phase, which is characterised by rising share and bond prices and that comes with credit risk be only a short-lived one? Or have the markets generally entered calmer waters?
The Turkish lira reflects the difficult situation Turkey is currently in. This year alone, the currency has shed more than 45% of its value to date. Interview update with Anton Hauser, Senior Fund Manager, Eastern Europe bonds.
The performance of most asset classes in the year to date has been mixed, to put it euphemistically. Is there a common underlying factor? Can we expect to see a better second half of the year?
In the beginning of July our Investment Committee held its monthly meeting. Despite a largely negative month on the markets, our risk stance has hardly changed relative to the previous month.