No reason for euphoria
After a historically poor year in 2022, capital markets got off to a furious start in 2023 with the best January performance of the EURO STOXX 50 since its launch in 1987. There were a number of reasons for the rally: The reopening of the Chinese economy after a...
The End of Free Money
Capital markets are in for an eventful week. Today, U.S. inflation data for November will be published, before FED Chairman Jerome Powell is expected to announce the last interest rate hike of 2022 in the United States tomorrow. On Thursday this will be followed by...
Attractive Bonds vs. Zombie-Companies
Since the Great Financial Crisis equities delivered significantly better returns than bonds. Nevertheless, bond prices also rose by an unusual extent. Bond yields fell to historically low levels in the wake of unprecedented interest rate cuts and central bank purchase...
Vain hope of perfect timing
Hopes of a timely turnaround by the U.S. Central Bank in its monetary policy initially led to a strong recovery of the stock markets over the summer. But continued high consumer goods inflation, combined with even higher increases in industrial pre-acquisition prices,...
