Insights

France’s fiscal problems are serious, but stronger external balances and institutional safeguards make a repeat of the earlier euro crisis unlikely.

France has a spending problem for which its political parties have so far offered no solutions. We do not see a euro crisis in this; the markets could even take some of the work off the ECB’s hands.

The monthly Investment Traffic Lights provide a detailed market analysis and our view on developments in the main asset classes. 

Starting yields can cushion inflation losses or leave investors dangerously exposed.

In our monthly Multi-Asset update we describe the translation of our CIO View into the CIO View model portfolio.

The Hormuz crisis has revealed the limitations of traditional energy statistics, telling us much about where energy comes from, but little about how it is used.