Economic Overview

Apr 14, 2025 CIO Special

Europe’s time to shine

The Trump administration's frontal assault on global trade will not spare Europe. But the main victim could be the U.S. stock market, not least because of the high valuation gap between the U.S. and Europe. Together with the reform of the German debt brake, this makes Europe's equities relatively interesting.

Equities, Europe
Apr 11, 2025 Chart of the week

Pessimistic stock market sentiment

Market sentiment tumbles into “panic territory” after reciprocal tariffs announcement on “Liberation Day.”

Macro, Fixed Income
Apr 04, 2025 Chart of the week

When businesses stop investing

So far, Trump’s tariff threats are mainly harming sentiment. That could change quite quickly, in ways that would be hard to undo or mitigate.

Macro, Americas
Apr 03, 2025 CIO Flash

Trump’s Tariffs: Is Free Trade a Thing of the Past?

The imposed tariffs by the Trump administration turned out significantly higher than initially expected

Macro, Politics
Mar 28, 2025 Chart of the week

Germany’s emissions fall but more is needed

Continued reductions in greenhouse gas emissions make Germany’s 2030 targets look achievable given continuing efforts – amid a still concerning global picture.

Macro, ESG
Mar 21, 2025 Chart of the week

Learning to live with Trump

Nothing is all that certain in Washington these days. This was the backdrop against which we devel-oped the latest update to our strategic 12-month outlook.

Macro, Equities, Fixed Income, Alternatives

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