High hopes – Germany’s 2025 federal elections

Germany struggles on many fronts. This uncertainty could be exacerbated if we see protracted coalition negotiations following an inconclusive election result.

Goodbye inflation, hello unemployment

With its decision to cut rates by 50 basis points, the Fed gives the labor market priority over inflation

Global real estate – how to find value

As prices adjust, many areas of the global real estate market are looking increasingly attractive

Global infrastructure assets – a more nuanced outlook

In a challenging operating environment, selection and thorough bottom-up research remain crucial

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.

Germany’s election: what should we expect?

By: Vincenzo Vedda

Germany’s government fell in November. What new government will emerge now? Will it be able to tackle the country’s big structural economic problems? And what will it mean for German financial assets?

German election 2025: Not quite a sweeping mandate

Germany has voted. Tackling the country’s big structural economic problems still looks like a daunting task.

German Bunds with renewed appeal

They have a balanced risk/return profile and look attractive compared to U.S. Treasuries

Generative AI – a new iPhone moment in tech?

After a short break, the IT sector is on the rise again in 2023, not least thanks to Generative AI

From valuation risk to earnings risk

The danger of recession is more evident now in market valuations but not in earnings forecasts

French elections - a noisy non-event

No clear winner. The worst might have been averted from a (European) perspective, while from a French perspective some uncertainty will persist until a government emerges.

Female Finance: the benefits of diversity

How and why we still need to do more to get more women into finance, encourage more women to invest and improve education about gender, diversity and finance.

Extraordinary forecast adjustments

The U.S. president's policies are forcing us to revise our growth and market forecasts downwards. Regardless of how U.S. tariff policy develops, enough confidence has already been destroyed to make consumers, investors and companies more cautious. We expect markets to remain volatile in the short term but in our core scenario anticipate declining uncertainty and positive equity returns for the 12 months to come.

European Transformation – finally, Europe gets a makeover

Europe is embracing digitalization and renewable energy – This will require substantial investments

European small-caps – time to shine

“Big was beautiful” in the U.S. – European stocks chased U.S. big caps for the longest time