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In the long term, share prices follow the profit development of companies. In the short and medium term, on the other hand, share prices tend to follow expectations of future profit development. Are these expectations still clearly too high?

After the ECB raised interest rates in July, the risk of European peripheral bond credit spreads drifting apart increased. But the ECB is ready for this, too, and is using its mandate to the fullest extent, says Dr Volker Schmidt.

It is not too often that global economic as well as geopolitical developments affect the equity markets at the same time: The Corona crisis, Russia's war of aggression against Ukraine, rising prices and rising interest rates - the current economic environment continues to be characterised by a high degree of uncertainty and changes.

The euro fell below parity with the U.S. dollar in mid-July. Philip Bold explains why and considers whether strong European exporters will benefit.

"The threat of a gas shortage is currently hanging over all economic forecasts like a sword of Damocles," says Dr Volker Schmidt, Senior Portfolio Manager at Ethenea Independent Investors S.A. He explains the impact of the gas throttling on the economy, how inflation and interest rates will develop and whether a recession is imminent.

Environmental and social sustainability aspects have become essential in the financial markets and in asset management: Environmental, social and governance aspects constitute the three pillars of sustainability known as ESG.