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.
Has the political and economical backdrop improved as result of the election in Turkey? In our newest blog post we’re answering 7 of the most important questions.
Global economic growth can be described as robust in recent months but fl attening in its momentum.
What is new is that the homogeneity between countries and regions is not as high
as it was a few months ago. Especially between Europe and the USA, meanwhile, we can
see clear differences. This picture is also confi rmed in the case of infl ation. In the US, actually
measured infl ation rates are rising. In addition, many leading indicators of infl ation point to
price pressures in the coming months. The danger of overheating of the economy is there. In
Europe, the picture for the leading indicators is much more relaxed.
The latest increase of the key lending rate by the Federal Reserve Bank to a new span of 1.75
to 2.00 percent was expected by the market participants. The European Central Bank expects
its key reference rate of zero percent will stay unchanged at least during the course of summer
An Investment Committee again! A month can pass quickly, especially if there is a lot going on in the markets. In light of recent market events (Italy, Turkey, Argentina), I was surprised that our risk stance has not changed since our last Investment Committee meeting. Obviously, it takes a lot to get us out of […]
Let’s start with a trip down memory lane: Do you remember the scenery 30 years ago – on the financial markets, and in our personal lives? The 1980s – many of the older generation are still thinking back to the “good old times”. There were no smartphones and no data kraken. Instead, we had shoulder […]
The Turkish central bank was forced to raise its most important interest rate by 300bps and to re-align its monetary instruments. What are the reasons for this nosedive?
The heightened uncertainty over whether Italy will repay its debts and whether it will remain a member of the eurozone has led to a sell-off in securities. Our chief economist Gerhard Winzer gives an overview.
Positive opportunities still outnumber the negative ones on the capital markets – that was the conclusion of our Investment Committee. Our willingness to take risks is still optimistic and also moderately higher than in April.
The sentiment of the financial market participants has deteriorated in the past months, with the losses across numerous asset classes in the year to date seemingly the driving factor. Now we have to ask ourselves: are we at the outset of a new trend, or is this just a case of increased volatility? The general decline in prices has gone in conspicuous tandem with the increase in three important financial market ratios: