Since the banking problems in the US emerged in March, share prices have risen and expectations for future key interest rates have fallen significantly. However, inflation dynamics remain the most important factor for the markets, but unfortunately also one that is difficult to assess.
Inflation, which remains too high, continues to be the dominant macroeconomic issue. Hopes that inflation will fall as quickly as it has risen have been dampened, as Chief Economist Gerhard Winzer explains in his market commentary.
On the stock markets, the first month of the year was positive. The recent softer tones of the central banks give rise to hopes that interest rate hikes are slowly coming to an end. Read more about the current market assessment in our Investment Update.
In the past year, numerous trouble spots preoccupied the markets. In his market commentary, Gerald Stadlbauer, Head of Discretionary Portfolio Management, gives an outlook on what 2023 might bring.
Last week, the Japanese central bank made the last major monetary policy decision of 2022, bringing an eventful year to an end – also from a central bank perspective.
This week, the financial markets are once again in for an exciting ride: The European Central Bank and the US Federal Reserve will decide to what extent interest rates will be raised again.
So far, the year 2022 has brought significant price losses on the stock markets. Inflation and rising interest rates are often cited as the reason. But why is that the case?
Gerhard Winzer, Chief Economist at Erste Asset Management, provides an overview of recent economic developments and explains, among other things, what structural problems the euro is facing.
Since the beginning of the year, the bond markets have been in a bear market. What are the implications for the economy? Erste Asset Management Chief Economist Gerhard Winzer analyzes three models in relation to the development of inflation and their implications.
With the first interest rate hike in five years, the US Federal Reserve has ushered in a new era. Is the period of cheap money now over? When will the European Central Bank follow suit?
