In an increasingly challenging environment, fundamentals remain crucial for our portfolio composition. In his video, Thomas Herbert, Head of Portfolio Management, looks at the signals that macro data, financing conditions and corporate profits are currently sending.

Fin de siècle conjures up an image of the end of an era. Although a recession is not yet on the horizon, in our Market Commentary Guido Barthels looks at the signs that an end is nigh and points out the differences between economic development in the U.S. and Europe.

It’s happened to all of us: trying to get the ketchup out of the bottle, we turn it upside down and give the bottom a smack. Nothing comes out. We smack it again and again until, finally and all at once, too much comes out too fast. That’s the ketchup principle. In the past few years, various parties have compared the surprising absence of inflation to this very ketchup principle though despite much smacking of the bottle, not much inflation has been produced yet in many places