Markets hardly impressed by the Ukraine war

The start of the war a year ago caused markets to plummet, as did expectations. Recently, these were mostly exceeded in Europe. How long can the markets thrive on this?

When monetary policy gets complicated

Market participants appear to feel far more certain than the ECB itself that they already know what interest rates will be appropriate. We try to explain why.

Investment Traffic Lights

By: Björn Jesch

Our monthly market analysis and positioning

Inflation, Japanese-style, at long last

For now, there are good reasons for the Bank of Japan to remain fairly relaxed about any potential wage-price spiral.

Americas CIO View

By: David Bianco

Super profits of 2021-2022: New norms or exceptional circumstances?

One January doesn’t make a December

Investors began the year in quite a relaxed mood and there are some good reasons for that. But it would be premature to be too confident about the prospects for the year as a whole.

Americas CIO View

By: David Bianco

A long year ahead and opportunity cash now pays interest: Be patient!

More work ahead for COP28

By: Michael Lewis

Recap of the World Climate Summit 2022

APAC CIO View

A giant leap into the Year of the Rabbit for China

When it makes sense (not) to “fight the Fed”

Last year was unusual in market participants proving quite prescient in predicting U.S. interest rates. Paradoxically, that probably makes a repeat in 2023 less likely.

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.

Investment Traffic Lights

By: Björn Jesch

Our monthly market analysis and positioning

Of Bund yields and paradigm shifts

In 2023, occasionally looking at an issue through pre-2010 paradigms might be quite helpful. Yields on German government bonds are a case in point.

A Framework for European Transformation

By: Francesco Curto, Johannes Müller, Murray Birt, Peter Doralt

Why has European Transformation become a matter of urgency? Read our report to learn more and about role real estate can play in the Europe's transformation journey.

The redeeming qualities of global real estate

By: Björn Jesch

With inflation likely to remain sticky and unpredictable, both listed and non-listed real estate look like increasingly reasonable alternatives to other asset classes.