Unserer Meinung nach, sind die wirtschaftlichen Auswirkungen der Terroranschläge von Paris begrenzt. Sie könnten jedoch langfristiger Natur werden. Besonders dann, wenn die Ereignisse der Beginn einer anhaltenden Serie von Anschlägen waren.
19.11.2015 | 16:33 Uhr
Economic Outlook
Developed market strength is an important anchor for the global economy
There is ample reason to hold on to our base case of robust DM domestic demand which does not seem to have been dented a lot by the EM headwinds in August. The fact that the latter have abated somewhat only increases our confidence. Read more
Asset Allocation
Consequences of Paris attacks are expected to be limited
We expect the economic consequences of the Paris attacks to be limited, but recognize that they could be more long lasting, especially if it turns out that the attacks are the start of a sustained terrorist campaign. We did not change our tactical asset allocation and maintain a balanced view. Read more
Fixed Income
Central Banks are driving government bond markets
These are again volatile times for the core government bond markets. In September the focus was on global monetary policy support, which generally contributed to falling government bond yields. This changed in October, when the market started to focus again on a possible first Fed rate hike before the end of the year. Read more
Equity Strategy
US earnings are in more advanced stage of the cycle
One of the main themes for 2016 is divergence. The US is further ahead in the business cycle than the Eurozone or Japan. This is visible in the expected trend in earnings but also in the trends we observe in financial leverage and corporate spending. Read more
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