One Swallow Does Not Make a Summer
23 November 2022
Since our last report, macroeconomic data provided additional evidence that future growth is softening and price pressure will likely level off. However, central banks are not yet talking about stopping rate hikes or even lowering interest rates. True to the saying: “One swallow doesn’t make a summer.”
The Perfect Storm
27 October 2022
Bonds are suffering from unprecedented losses. In this issue of Sound Invest, we put this year’s bond losses in historical context and shed light on the impact of higher interest rates.
The Core of the Problem
21 September 2022
Rising Risk Appetite
25 August 2022
The prospect of a less aggressive monetary tightening led to an increase in risk appetite across financial markets. Is a change in trend foreseeable?
Is a Recession on the Horizon?
28 July 2022
The powerful tightening of key interest rates to bring inflation under control has triggered almost seismic changes in the markets. Weakening economic indicators increasingly point to a potential economic downturn.
Outlook for the Second Half of the Year
30 June 2022
At mid-year, global equity markets are in a bear market. Opportunities seem within reach, but require discipline and the right focus.
24 May 2022
The term TINA (“there is no alternative”) has been a key feature of financial markets for a long time. However, with the current market turmoil, yields in the bond market signal that “there is an alternative” for USD investors.
Sentiment vs. Reality
27 April 2022
Sentiment vs. Reality: War, inflation, rising recession fears and a negative investor sentiment blur the outlook. Central banks continue to face increasing pressure.
Risk of Stagflation
23 March 2022
Risk of Stagflation: The war in Ukraine and a renewed lockdown in China are worsening an already tense situation of supply shortage and global inflation. While inflationary pressure is increasing, rising energy prices will have a negative impact on economic growth, particularly in Europe.
Markets send mixed Signals
21 February 2022
Markets send mixed signals: Rampant inflation unsettles investors. US inflation accelerated again in January. With an increase of 7.5% year over year, numbers were higher than expected.
Rising Pressure on Central Banks
26 January 2022
Rising pressure on central banks: Inflation prompts mounting urgency on fed to accelerate tapering. 2022 will mark the end of loose monetary policy to combat a persistent rise in inflation.
The great Reset of the global Economy
6 January 2022
The great reset of the global economy: The pandemic-ridden year of 2020 was followed by yet another unusual investment year.
Inflation vs. Inflation Expectations
29 November 2021
Inflation vs. Inflation Expectations: It is difficult to make predictions – particularly about the future
1 November 2021
Financial Repression: Inflation overshoots as central banks continue to buy bonds
Bad News out of China
29 September 2021
Bad news out of China: The market expects a low chance of contagion risk from Chinese real estate