Another amazingly good quarter. What next?

By: Stefan Kreuzkamp

The markets easily withstood many adversities in the summer. In the coming twelve months equities and real estate remain our favorites, though their potential returns are only moderate.

China has a (regulatory) plan

Casualties of China's economic recalibration

Market Outlook | Things are so good that it's time for a break

A buoyant economic recovery, record stock markets and calm bond markets. Things have been going all too well and the next surprises are unlikely to be positive.

Unsafe havens? EM bonds come of age

Rising Treasury yields have historically been anything but bad news for emerging-market bonds. In fact, most of the time this has even reduced their risk premium. Don't underestimate them.

Market Outlook | An unusual upswing is gaining pace

The global economy is expected to achieve remarkably high growth in 2021. This is a good basis for the capital markets, but it creates risks and may require reallocations.

Are markets right to be quite so upbeat?

Looking at the divergence between the copper/gold ratio and real yields suggests that some caution may be in order.