Articles about “Growth-Aktien”
Shift in risks
Both the markets and central banks are pointing to a shift in economic risks from inflation towards growth. The focus is currently on the US labor market.
Coronavirus: epidemic in China disrupts recovery scenario
Coronavirus: The economy is increasingly affected by the virus crisis. Will China’s economy be able to withstand the pressure despite resistance? Analysis by Erste AM chief economist Gerhard Winzer.
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.
YIELD RADAR: September 2018
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.
Market view: Increased uncertainty
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?
Bleaker sentiment on the financial markets
The environment on the financial markets has become a bit bleaker. Growth rates of industrial output and the survey-based indicators for economic growth are falling, while the trade conflict between the USA and China and the tense geopolitical situation in the Middle East has caused the risk for global growth to increase further. Will the environment remain generally supportive to risky asset classes?
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.
Ten new determining factors for the capital market
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.
Ten economic hypotheses for 2018
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.
Growth picking up in the emerging economies
Economic growth has increased significantly on a global scale and is broadly supported. According to our preliminary estimate, global GDP recorded a growth rate of 3.7% from Q1 to Q2 (annualised). While the developed economies have presumably grown by 2.7%, the emerging economies posted a growth rate of 5.2%. In this article, we would like to take a closer look at the emerging markets on the basis of classic economic indicators.
Style management in practice: part 2
Having defined and explained various management styles in equity management in part 1, we will now have a look at the specific styles and their return/risk ratio over time.
Style management in practice: part 1
A clear sense of style is not only important in fashion, but more and more so in equity management as well. But what does “style” mean in equity management? Do stylistic preferences change over time, like in fashion? If so, what triggers those changes? Questions upon questions, but before we go into detail in part 2 of this series, let us first clarify what we mean by style(s).
Increase in inflation has come to an end for now
Two developments are prominently noticeable on the markets at the moment: on the one hand, the indicators of real economic growth suggest a stable real economic growth rate of about 3%. On the other hand, we have seen global consumer price inflation decline since the beginning of the year. The reflation phase, i.e. the general increase in inflation in the second half of 2016, seems to be over (for now).
Value versus Growth: Which investment approach to choose?
Everybody who has read academic literature on the performance of shares will know about the fact that value shares (and small cap shares) outperform so-called growth shares in the long run.
Market and fundamentals
Weak growth Real global economic growth was surprisingly weak in Q1. The preliminary estimate for the annualised growth rate of Q4 2014 to Q1 2015 is only 1.5%. This is mainly due to disappointingly weak growth of the GDP in the USA (+0.2%), in China (+5.3%), in the UK (+1.2%), and in Japan (+1.5%; estimate). […]
China – the biggest economy in the world
The new normal The importance of China for the global economic and financial system continues to grow at a rapid pace. Last year the country set a new milestone by becoming the world’s biggest economy. The total value of goods and services produced in a year exceeds that of the United States. Thus, at 30% […]
Macro data: Dynamics down
The dynamics of the economy and the markets have declined. Global economic growth is down on a quarter-on-quarter basis, the two most important trends of the past months (appreciation of the US dollar and falling oil price) have come to a halt, inflation is not falling anymore, and the US Fed has put a damper […]
Two canaries in the coalmine
The US dollar has appreciated significantly vis-à-vis the euro in the past months. For this trend to continue, at least two developments would have to be in place. Firstly, the US Fed would have to abandon its zero interest rate policy; and secondly, the ECB would have to remain on its path of negative interest […]
Boon and bane
The driving topics on the financial markets are the stabilisation of the oil price, mixed economic indicators globally vs. positive economic indicators for the Eurozone, the temporary decline in escalation risk, and the expansive central bank policies.