Von der Engagements in Lieferketten bis hin zur Geoanalyse wird es immer wichtiger, zu verstehen, wo Unternehmen tätig sind, um ihre langfristige Widerstandsfähigkeit zu beurteilen.

The central-bank gauntlet begins, with the Fed, ECB and BoJ all expected to hold. The key signal will be how much further tightening they still see ahead.

Eine Krebsdiagnose stellt vor sehr persönliche Fragen. Welche Behandlung wirkt am besten? Woher wissen Ärzte, ob sie funktioniert hat?

Earnings season will broaden this week, with Meta, Tesla, Netflix, Procter & Gamble and American Express reporting. Flash PMIs will test whether growth in the US, Europe and Asia can withstand higher rates and energy costs.

September was characterised by resilient global economic activity, persistent inflationary pressures and increasing concerns over monetary tightening and geopolitical risks. In the United States, economic momentum remained robust, supported by AI-related investment and resilient consumption, despite signs of labour market moderation. In Europe, economic indicators continued to improve, with manufacturing and services PMIs signalling greater resilience.

The Fed has delivered a hike where investors just months ago expected cuts. Markets now anticipate further tightening through 2027, yet US equities remain higher this year. Earnings expectations have held up through the reversal in monetary expectations. The upcoming Q3 reporting season will show whether companies can deliver on them.

We retain a modest duration overweight in the two-to-five-year segment after September's sharp sell-off. Higher real yields have made valuations more appealing, but we keep conviction limited. Our strongest argument remains monetary policy: markets discount a terminal Fed rate around 4.75% , leaving room for a less extensive tightening cycle to support shorter maturities.

Europa will seine Abhängigkeit von russischen fossilen Brennstoffen hinter sich lassen, aber Energieautonomie wird nicht allein durch eine Änderung des Energiemix erreicht. Sie erfordert stärkere Netze, höhere Industriekapazitäten und robustere Lieferketten für kritische Rohstoffe.