Insights
Our experts bring you their latest insights about the capital markets.
Market Commentary | 05.04.2024
Growth prospects are improving globally. In light of this, inflation data will remain persistently higher than the central bank target despite the successes in previous quarters. Nevertheless, both the ECB and the Fed will follow Switzerland’s example and start cutting interest rates in June. In our view, the biggest future risk apart from the ongoing geopolitical challenges is the problem of national debt.
Market Commentary | 05.03.2024
Central banks are looking at the data, while politicians are gearing up for elections. Around 70 countries are set to go to the polls. These elections will have a impact. Monetary policy, economy and geopolitical tensions will further affect the economy. While the US economy remains an economic powerhouse, Europe and China seem unable to get out of the starting blocks. Interest rate policy in Europe and political intervention in China could stimulate the economy further.
Market Commentary | 07.02.2024
The outlook for 2024 will be strongly influenced by monetary policy, elections and geopolitical tensions. In our Market Commentary, Portfolio Manager Michael Blümke outlines ETHENEA's view of the current macroeconomic environment and what investors can expect for the coming quarters.
Market Commentary | 05.01.2024
The effects of ongoing tight monetary policy are being felt in Western economies. Falling inflation – especially in the second half of 2023 – and the Fed’s dovish tone betoken a turnaround in interest rates. It remains to be seen how many cuts there will be. Surprisingly, the ECB is signalling that it is not contemplating rates cuts. Looking at China and the problems it is experiencing in the real estate sector, the different regions paint a mixed picture at the start of the year. Who can provide the decisive stimulus?
Market Commentary | 06.12.2023
2024 will be characterised by moderate global growth. Western central banks are at the end of their hiking cycles. While inflation is coming down sufficiently, the economy is already moaning and groaning. In this month’s Market Commentary, read why we believe that the ECB will be the first to cut interest rates.
Market Commentary | 07.11.2023
The restrictive monetary policy and the ongoing high inflation continue to hamper global growth. The IMF has left its global growth forecast for 2023 unchanged at 3%, and adjusted its forecast for 2024 downwards slightly to 2.9%. While the estimate for the U.S. was revised upwards slightly, it was revised downwards for Europe and China. What are the expectations for future economic activity and how will central banks react?
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