Americas CIO View

By: David Bianco

New S&P 500 target of 5300: A.I. lives and it needs food and shelter

Americas CIO View

By: David Bianco

The end of macro?: Some companies are so big they are the macro

AI – the power of large numbers

We believe that artificial intelligence will continue to drive the markets in 2026 – both positively and negatively. Its possibilities remain exciting. But investors will become more selective.

A truce between two trading giants

As the preliminary deal with the European Union shows, Trump’s trade policies increasingly look like solutions in search of non-existent problems.

3rd Quarter 2025 Market Update: Views on Germany

By: Hansjoerg Pack

10 themes for the year ahead

Which investment themes could be relevant for 2026? An overview of all 10 themes.

10 Themes - #9: Diversification today

Planning scenarios, managing risks and seizing opportunities

10 Themes - #8: U.S. dollar under pressure, but that’s not the end

The greenback is caught between tactical shifts and structural anchoring.

10 Themes - #7: Industrial policy in transition – from global to local

Governments are increasingly prioritizing resilience over efficiency, with far-reaching consequences for markets and companies

10 Themes - #6: Europe's rearmament is a project for decades

Europe's limited defense capabilities may remain so for some time. This is not a comforting realization, but it means funds could be flowing into the defense sector for a long time.

10 Themes - #5: Could Europe's demographics raise interest in stocks?

Europe’s pay-as-you-go pension system should be supplemented by a funded system. This could also help foster public financial literacy and support Europe's economy.

10 Themes - #4: Digitalization meets sustainability

Our digital future is going to need a lot more energy than people think

10 Themes - #3: Stablecoins may have the potential to transform the payment infrastructure

Regulated euro stablecoins are emerging as benchmarks for efficiency, liquidity and institutional acceptance

10 Themes - #2: China as relative beneficiary of U.S. trade policy

No country is targeted by U.S. tariffs and sanctions as much as China. But China is also a country that seemed well prepared for Trump's second term. China's stock markets may be benefiting.

10 Themes - #10: Artificial Intelligence: too big for a one-pager

Surging investment, rapid innovation, and rising volatility – why AI is reshaping winners and losers, and how active selection may be key in what we think could be a boom, not a bubble.