Latest Posts
Global risks: ghost drivers
An old saying in the industry says: fund management is risk management. The risks that need to be managed have changed noticeably and have become global ecological risks.
Cognitive dissonance in climate policies
If an important actor dissolves his cognitive dissonance by not only repressing the problem, but simply denying it, then this also has global consequences. The most important global decision-makers currently regard ESG (Environmental, Social and Governance) risks, above all environmental risks, as the greatest risks. Read more about cognitive dissonance in our new ESG Letter about Global Risk.
2020 – the critical year
Not many people live to see the world at the threshold of a historically unique shift. But that is exactly where we are right now. Although we have known for many years that we are taking the planet to its limits, the scientific results have never been as clear as today. The drastic decline in […]
Water risks in investments
On the occasion of the World Water Day on 22 March, Erste Asset Management (Erste AM) published its second water footprint for its sustainable equity funds. “We set an important milestone by publishing water risks last year in order to induce companies to release their own water data. Data coverage has improved significantly since then […]
Climate Action 100+: global responses to global risks
100 companies together account for about two thirds of global greenhouse gas emissions. Can these companies be persuaded to rethink their environmental strategies? Read it about it here!
Global risk – facts & figures
Read more articles from this issue of our ESG* letter here. *ESG stands for Environmental, Social and Governance“ – These are the three broad categories according to which companies are examined in sustainable investment. Disclaimer: Forecasts are not a reliable indicator for future developments.
Climate risks: why we are not adjusting fast enough
The consequences of climate change are becoming clearer by the day. 3 of the top 5 risks for the economy are classified as hailing from the climate category.
Turkey after the local elections
The local elections in Turkey had been built up by President Erdogan to be a test of his policies. What do the results mean for Turkey’s economy?
Stable prospects for Central and Eastern Europe
The countries of Central, Eastern and Southeastern Europe are among the most important economic growth markets for Europe. How are the prospects for next year?
“The search for yield is ongoing”
“The search for returns continues” – What were the latest developments and what are the yields like?
Fund manager Bernd Stampfl gives the answers to the most important questions.
Continuing struggle for stable oil prices
Current situation on the oil market – in the previous week oil prices have been rising for four months.
There is currently a surge but how is the struggle for stable oil prices going? Interested ? Read on here.
Emerging markets corporate bond outlook 2019 + Video
What were the biggest challenges last year, and what are the opportunities in 2019? Emerging markets fund manager Péter Varga answers the most important questions.
USA still going strong
The US economy has developed very solidly since the financial crisis. The current expansion could soon become the longest in US history.
Currently the US remains strong but the key question is: Will it continue? Read on here!
Stabilization or downturn?
The majority of economic indicators point to a slowdown in global real economic growth.
How will this dichotomy between the market and the economic environment be resolved and will there be a stabilization?
Hungary: fiscal and monetary policy news
The European media has been paying attention to unorthodox economic policies in Hungary for years, supporting or opposing them depending where they stand on the political spectrum. At the same time Hungarian decision makers always stress they represent normality. Nowadays the question is: should we finally expect both monetary and fiscal policy normalization in the following years?
Trade dispute escalation averted for now
US President Trump postponed the deadline for new tariffs on imports from China. The key question is: Will there be an early resolution of the trade dispute between the US and China?
Decent, not thrilling – the reporting season in the US and Europe
What are the trends that have become apparent in the current reporting season in the US and Europe? Find out more in our new blog.
Brexit: The Final Countdown
Another Brexit defeat for Theresa May: How are things developing now? On February 27th the question arises: “May-Deal” or “No Deal”?
Constructive central banks
Risky asset classes such as equities have recorded price increases at the beginning of the year. The core question for the investor is: Is this recovery after the sharp decline in Q4 sustainable or not?
Latin America overview: Venezuela a classic debt rescheduling candidate
Oil production, state crisis, costly restructuring: Venezuela is in crisis. What’s next? Our analysts Christian Gaier & Felix Dornaus provide the answers.
Big Trouble in Little China?
Trade war, a possible cooling of the world economy and growing uncertainties at the home market: is the Chinese dragon spinning?
Romania – Nowhere to hide
The Presidency of the Council of the European Union caught Romania in a difficult position, both from a political and macroeconomic perspective. Now the question arises – Quo vadis Romania?
World Economic Forum Davos 2019: about economic downturn and trade war
In view of a trade war, the Brexit and the threat of an economic downturn, the World Economic Forum meeting this year was dominated by calls for increased international cooperation. Read here what Lagarde and Merkel had to say.
Ethical, environmentally conducive, lucrative: what is sustainable investment?
I have my ethics and morals: more and more people want to invest their capital ecologically and ethically. What is sustainable investment and how does it work?
After the Brexit vote: 4 scenarios for the British pound
After the British House of Commons rejected the Brexit vote: How will things develop and what are the 4 scenarios for the British pound?
New year gains for stock markets as hopes for end of trade dispute increase
As hopes for an end to the trade war between the US and China increase, the stock markets reflected the sentiment with gains at the outset of the new year. Find out more in the new blog entry.
Ten theses for 2019
Read our recent blog post on the ten theses for financial market development in 2019. Is fear of a recession exaggerated?
Low Return on Assets – where can savers still find decent interest rates?
Many savers are fed up with investing their saved-up capital at low interest rates. The question everyone is asking themselves now is how to earn a good yield on one’s hard-earned capital in times of low interest rates like nowadays?
Stock markets in 2018 – market activity dominated by politics and volatility
2018 was a year of politics in the stock markets. Find out which three major topics dominated the international market activities in the current year.
Market remains cautious
The positive reaction to the agreement between the USA and China on not further escalating the trade conflict for the time being was only short-lived. Risky assets remain under pressure. A number of factors continue to burden the markets.
A very boozy Christmas
Who doesn’t know it – sitting together in a boisterous atmosphere, with a glass of champagne in your hand. Or two. Christmas is the celebration of joy, of Christmas markets, and of excessive alcohol consumption: a good reason for us to dedicate this ESG Letter to the topic of alcohol.
What does climate change have to do with alcohol? – Investment Board
The big chateaux in the Bordeaux region, Hofbräuhauses, and abbey distilleries: alcohol is a distinctive cultural good. It is not by accident that big events are always accompanied – and fuelled – by alcoholic beverages.
How organic is the vineyard?
Everybody is talking about organic wine. Commercials claim it is better for the environment, because the conservation-minded way of handling nature safeguards the habitat of a diverse range of organisms.
Alcohol Facts & Figures
Did you know that the fear of an empty glass has a name? Find out what it is and more interesting facts about the topic of Alcohol.
“Less is better” vs. “Drink responsibly”
What sort of responsibility do alcohol producers hold? Dr. Alfred Uhl, from the “Competence Centre Addiction“ tells us exactly what is meant by “drink responsibly”.
“Alcohol addiction is a chronic illness”
An addiction or alcohol dependency is a chronic illness that can manifest itself in numerous layers of problems. Intervention regimes have to take these into account by approaching the situation from a medical, psychological, and social angle. Dialog in Vienna offers such a comprehensive approach. Find out more in this blog post.
Alcohol producers against excessive consumption – Engagement
Alcohol enjoys a special privilege. No other drug is as socially accepted. This also manifests itself in the special status it is invested with by law: while cannabis – a market whose legal side is estimated to grow from USD 9.5bn in 2017 to USD 32bn by 2020 – is legal in only a handful of states, tobacco is subject to ever-more stringent regulations. By comparison, alcohol producers are relatively free to pursue their business.
Everything was better in the past!
The Austrian term “Komasaufen“, which refers to the practice of binge drinking, received the “Doublespeak Award” 2007. The award followed significant media coverage and discussion on the alcoholic excesses that young people were engaging in with extremely sweet alcoholic beverages.
Responsible Investment Universe
The definition of the investment universe is the most important step in the construction of a fund.
Certified Erste AM Funds
The Erste AM RESPONSIBLE funds are subject to constant scrutiny with regard to their sustainable quality.
Economic outlook 2019: reasons to remain optimistic
Economic Outlook 2019: There are signs that the world economy will slow down next year. Read here why there are still reasons to be optimistic!
Slovakia: moving towards long-term sustainability?
The engine of the economy in Slovakia is running on a good momentum. In recent years it has been going through a cyclical upswing. Take a look at the drivers, but also consider potential threats going forward.
Brexit agreement ahead of vote in British Parliament
The “divorce agreement” of the British with the EU stands. At the highly anticipated EU Special Summit on Sunday, Britain and the EU agreed on their post-Brexit relations at the end of March 2019. Now only the vote in the British House of Commons is missing. It’s getting tight.
China’s future: long-term growth initiatives and dangerous asymmetries
The People’s Republic of China is one of the winners of globalisation – but the strong economic growth has also created asymmetries within the Chinese economy. Read more about how the “Made in China 2025”-strategy will help and what role the new silk road plays.
European banking overshadowed by Italian banks
The year started strongly for European markets with investors favoring Italian banks and stocks. But then came the budget proposal of the new Italian government, changing the mood abruptly. Read about it in our new blog!
Changes in the MSCI Emerging Markets Index
In 1988, MSCI Emerging Markets Index was launched and consisted of just 10 countries representing less than 1% of world market capitalization. Today the index consists of 24 countries representing 10% of world market capitalization. Read here about the changes expected until June 2020 to one of the most important global emerging markets equities index.
US Congressional election results
The outcome of the US Congressional election on Tuesday has caused some relief in the international financial markets. Read more about it in our blog.
Romania: losing its shine
On January 1st 2019, Romania will assume the Presidency of the Council of the European Union: an opportunity to regain its shine as a true growth champion and supporter of European values. But how is the country’s economy doing?
The technology cycle is not over for a while
How does Bernhard Ruttenstorfer, senior fund manager of our technology fund, see the future of technology shares? Find out here.
Financial markets 2018: reasons to be cautiously optimistic
The financial markets have been on the rocks in 2018. Read here why you should still keep a cautiously optimistic stance.