Podcasts

KI-Agenten gehen von der Unterstützung zur Ausführung über. Die Entstehung von KI-Agenten wie Claude Cowork hat die Debatten unter den Anlegern intensiviert: Könnte es in Teilen des SaaS-Ökosystems zu einem strukturellen Disintermediationsrisiko kommen?

The State of the Polarized Union

Global activity proved resilient into the new year as policy uncertainty around US trade eased from late-2025 peaks and the IMF nudged world growth forecasts modestly higher. Within the euro area, Q4 growth accelerated, but January PMIs were mixed – manufacturing stabilised while services softened, pointing to a slight loss of momentum at the start of 2026.

Schwellenländeranleihen (EMD) haben die Anleger in letzter Zeit gut behandelt. Staatsanleihen in Hartwährung haben von hohen Kuponrenditen, engeren Spreads und einigen gut getimten Erholungen profitiert, während Unternehmensanleihen einem ähnlichen Drehbuch folgten.

European equities have remained in positive territory since our last Equity Committee, benefiting from diversification outside the US and improved macro signals. GDP growth accelerated in the final quarter of 2025.

The major US equity indices have gone nowhere. Since the late-October peak in Technology, the S&P 500 has moved sideways, masking what has in fact been a decisive rotation. Energy has rallied more than 20%, Materials close to 20%, and Consumer Staples well into double digits. Technology, by contrast, is down roughly 11% over the same period.

We are moving to a neutral stance on US duration this month after our tactical long. While the macro backdrop remains broadly resilient, the balance of risks across the curve has shifted sufficiently to warrant a recalibration of our positioning.

In the US, the delayed job report will be in the spotlight. Market consensus is expecting 70k job creations and a stable unemployment rate, at 4.4%.

Die Welt von 2030 nimmt bereits Gestalt an: KI-Assistenten sind in den Alltag integriert, autonome Mobilität etabliert sich, softwaredefinierte Fabriken gewinnen an Bedeutung, digitale Zwillinge optimieren Prozesse, und intelligente Energiesysteme steuern Angebot und Nachfrage in Echtzeit.

Why Europe’s autonomy agenda is becoming a powerful catalyst for new investment cycles and sector-level opportunities.

Jedes Jahr am 4. Februar lenkt der Weltkrebstag die Aufmerksamkeit der Weltöffentlichkeit auf die Fortschritte, die im Kampf gegen den Krebs erzielt wurden, und auf die Herausforderungen, die noch bestehen.

In the US, the job report will be in the spotlight. Market consensus is expecting 65k job creations and a stable unemployment rate, at 4.4%.

This week’s focus will be on the Fed decision and the subsequent press conference, where Jerome Powell is likely to face questions on the subpoenas and Lisa Cook’s Supreme Court hearing. Central banks in Canada and Sweden will also set rates.

The year opens with a global economy that is neither stalling nor accelerating decisively, but increasingly shaped by overlapping and, at times, conflicting forces. Growth .

Growth and inflation indicators ended the year on a steadier footing.

We maintain a neutral strategic stance on US duration and rely on tactical implementation. Growth momentum continues to look resilient rather than fragile, and the labour market is showing signs of stabilising at lower levels rather than accelerating deterioration. Survey data supports this view, and high-frequency growth tracking remains firm, reinforcing our assessment that recession risks are not the central case in the near term.

European equities have risen sharply since the last Equity Committee in December, with small caps outperforming large caps.

The focus this week will be the World Economic Forum’s annual meeting in Davos, where US President Trump is scheduled to give a special address and where ECB President Lagarde is also expected to speak.

The focus this week will be on the US CPI report for December and the release of the Fed’s Beige book ahead of the FOMC end-January.

Investor focus at the start of the year will centre on the US December job report, as recent labour market signals have been increasingly noisy.

Wie sollten Anleger den Portfolioaufbau für 2026 angehen, wenn die KI-Investitionen zunehmen, China im Aufwind ist und es zunehmend Chancen in allen Regionen gibt?

Impact Investing kann praktische mit finanziellen Ergebnissen verknüpfen und potenziell das Vertrauen in nachhaltige Finanzen wiederherstellen.

Global growth is slow but steady, AI is driving investment cycles, and central banks are backstopping risk. Explore our 2026 outlook: equity conviction, monetary policy shifts, and the evolving role of gold and EM debt in balanced portfolios.

Data releases will be sparse during the holiday season as Christmas and New Year’s Day festivities around the world are expected to cool down financial market activity.

Safe Haven, Inflationsabsicherung, Diversifikationsinstrument oder Anlage aus Überzeugung – welche Rolle spielt Gold heute?