News
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Economic outlook 2025 – The world according to Trump
For the second year running, the global economy dashed expectations of a growth slowdown. Real GDP grew by 3.2%, about the same as in 2023
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The US: An Artificial Paradise?
Broad diversification is rightly regarded as the recipe for long-term success in asset management. Last year, however, the most successful investors were those who threw this advice to the wind
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High bond yields become a risk factor for the equity markets
Despite the cuts in key interest rates, the rapid rise in yields at the long end of the bond markets continued in 2024, as it had in 2022 and 2023.
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An Investment year filled with uncertainty
Political risks have dramatically increased worldwide over this year. Looking ahead, the geopolitical and geoeconomic uncertainties seem unlikely to subside in the coming year.
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European Exceptionalism?
Divergence between the US and Europe should continue to shape the narrative in 2025, and in particular the one trend that has persisted in recent quarters and that investors shouldn’t resist: US exceptionalism. In terms of absolute performance, in late November the S&P 500 registered its 60th record closing high this year.
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The economic policy challenges of the next German Federal Government
The new elections in Germany and a possible political reorientation are unlikely to fundamentally change the difficult situation of the German economy overnight. Structural changes take time.
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China’s bazooka versus Trump’s victory
As the world’s second-largest economy, China has much to offer and should be included in any globally diversified portfolio. Short-term complexities do not rule out building positions in Chinese quality stocks with strong potential.
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The Economic Consequences of Donald Trump
It makes no doubt that Donald Trump plans to implement his program. He has the means to do so. What might lead him to certain compromises is that his policy, though aimed at stimulating growth, risks rekindling inflation.
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Make America Trump again
The US election is leaning towards a clean Republican Sweep (Republican control of the Presidency, Senate and House of Representatives).
