US Treasuries: The big exit that isn’t really one
China’s much-cited exit from US government bonds regularly causes a stir. But a closer look reveals that there is no sign of an abrupt withdrawal or even a global exodus from the US Treasury market.
ELTIFs: Revenue Potential in the Retail Client Business
ELTIFs are regarded as forward-looking investment vehicles for long-term investments. Numerous new funds are driving the growth of an asset class that offers opportunities for both banks and clients. Nevertheless, many banks remain hesitant to enter the
Crisis Rhetoric Meets Investability: A Sober Look at Germany
If there were an opposite of artificial intelligence, it might well be the German economy. While AI is credited with almost miraculous potential, sentiment toward Germany has shifted decisively into shades of black and dark grey. “Investors, however,
Deceptive Calm: Why Low Volatility Is No All-Clear Signal
Financial markets currently appear relaxed – perhaps too relaxed. While geopolitical storms are gathering and an open confrontation between the US government and the central bank is unfolding, equities, bonds and currencies remain remarkably calm.
The Curse of the Annual Forecast
Year after year, banks deliver precise forecasts for growth, interest-rate paths and equity markets. Yet the annual outlook is less a compass than a ritual – a piece of industry folklore somewhere between herd behaviour and marketing.
Bond Markets: The Allure of Emerging Markets
Global bond markets are entering a new phase. While the US yield curve could continue to steepen in 2026, Europe is expected to remain more stable. At the same time, emerging markets stand out with high real yields and attractive interest-rate dynamics.
Major Opportunities for Smaller Stocks
The United States and Europe are currently operating in very different equity environments. In Europe, the economic situation is stabilising but remains vulnerable to political risks, and growth has yet to gain real momentum. In the US, by contrast,
The Year of Major Turning Points: Markets and Strategies 2026
As the year draws to a close, the global economy presents a divided picture: while US economic momentum appears to be losing some steam in the short term, Europe is cautiously stabilising thanks to rising public
Between Tax Office and Father Christmas
As the days grow shorter and the lights on the stock markets shine ever brighter, talk often turns to the so-called “Christmas rally”. Yet behind the festive façade there is no heavenly blessing, but rather very earthly market
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