On 23 June 2016 the UK voted to leave the European Union. The protracted withdrawal negotiations finally came to an end on 25 November 2018, or at least the EU and the UK government hope so. Now it’s the UK Parliament’s turn to decide. Brexit or exit from Brexit? In addition, Guido Barthels discusses the first signs the market is showing of an economic downturn.

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.