A strong and independent partner

Not even the Fed's first interest rate cut in July was able prevent the mood of purchasing managers in the U.S. manufacturing sector from entering negative territory. The new trade tariffs with China that came into force on September 1 - and those planned for later in the year - are definitely continuing to unsettle the managers. This increased uncertainty in the manufacturing sector has fuelled fears of an approaching U.S recession, with the inverted U.S. yield curve delivering yet another warning signal.

We are still seeing relatively low economic growth in the eurozone. While France and Spain have achieved comparatively good results this year, both Germany and Italy have underperformed. Furthermore, despite solid job...

The latest tariff increases marked a new phase in the trade conflict. China’s additional, calculated devaluation of the yuan is a clear shot across the bows to the US that it means to use the currency as a weapon. In our latest video, Frank Borchers explains what this means for the management of the Ethna-AKTIV.