Europe’s relative strength

Younger investors might have been caught off guard by the recent outperformance of European stocks versus their U.S. peers. We think it may well continue.

Europe’s inflation divergence

Recent shocks show that the Euro area is a very heterogenous collection of still largely national economies. Progress is underway, but inflation has not been defeated yet.

Europe’s depleted Covid savings

The extraordinary savings of the Covid period are depleted now, except among the wealthy – who aren’t quick to spend. So, the economy gets no savings boost this year.

Europe's small stocks deserve a bigger role in our view

For two years Europe's small caps have been lagging blue chips, despite good earnings and very low valuations. This might change in 2024.

Europe has overcome its energy crisis

More secure supply brings gas prices back down

Equities are even more expensive than bonds

Compared to bonds, U.S. equities are as overvalued as they were in 2003 and 2009. Back then, both asset classes were cheap. Hard to argue that this is the case again today.

Emerging-markets equities – time to revisit

Remain relatively cheap, investors stay cautious – wrongly so, as we believe

Electrifying growth

How data storage, processing and retrieval are reshaping Europe’s economic geography – and what the rest of the world can learn from the old continent’s experience.

Electrification: The Innovator's Dilemma

Current plans for utilizing renewable energy as the most cost-effective solution to reduce greenhouse-gas emissions look set to shake up many established business models

ECB balance sheet falls but no one may notice

Next week the ECB's balance sheet will shrink by over 6%. Further reduction will take place much more slowly – with uncertain consequences for the markets.

Dividend stocks – all-rounder in tricky times

By: Björn Jesch

The relatively calm markets of the past two months should not hide a certain disorientation among investors, reflecting the great uncertainties on the economy and inflation. Dividend stocks may help investors weather economic storms.

Direct Lending shows vigorous growth

By: Björn Jesch, Dan Robinson

An attractive alternative to investments in the public capital market?

Dialing up climate finance to emerging markets

How World Bank reforms might help attract more private sector capital, which is urgently needed to meet greenhouse gas emission targets

Despite recent volatility, corporate bonds are likely to continue benefiting from solid demand

By: Björn Jesch

Corporate bonds are currently in high demand. Despite already expensive spreads, in our opinion there is no trend reversal to be feared due to a healthy environment.

Deglobalization – rather diversified globalization

Brexit, Trump, Covid-19 and Putin’s war on Ukraine came as shocks. The end of globalization? Probably not