Global CIO View

Crude still matters, but damaged refineries, depleted inventories and disrupted trade routes are increasingly setting the price American farmers and European drivers pay.

From Singapore to New York, the hidden affordability story lies in spending power, not housing costs.

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.