Global CIO View

Not so long ago, Eurozone inflation was almost too dull to mention. Nowadays, the opposite risk looms: rising factory-price expectations deserve attention – but not panic.

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

U.S. productivity is improving. In aggregate economic data, however, the AI dividend remains easier to imagine than to measure.

Critical minerals are increasingly playing a key role in the development of electromobility, renewable energy and digitalization – and thus in shaping future developments.

In light of the very dynamic market environment these forecasts are subject to change at any time.

Micro beats macro. The Iran war and inflation are being overshadowed in the markets by the AI boom, where profits are no longer artificial but real. Markets are bifurcated in many ways.