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Latest news
News and Articles
December 2025 on the markets
23.01.2026
Although global markets gained in 2025, Asian and particularly European markets strongly outperformed US markets. Despite US indices hitting all-time-highs by year-end, a number of factors drove a break from American market dominance, particularly a weaker US dollar, but also attractive valuations outside the US and a rotation by some investors away from US technology stocks
November 2025 on the markets
16.12.2025
November 2025 was defined by strong volatility as markets navigated a government shutdown which finally came to a close on November 12 after a record-long 43-day stoppage. Also Federal Reserve (FED) expectations shifted.
October 2025 on the markets
18.11.2025
In October markets were mostly positive despite being overshadowed by the U.S. Federal Government shutdown, which began on October 1 after Congress failed to pass a continuing resolution to fund government operations
September 2025 on the markets
21.10.2025
US markets gained in September despite weak job data and a looming government shutdown. After negative revisions of the nonfarm payrolls in June and July by a staggering 250000 jobs, news jobs in August amounted to only 22000, well below the anticipated 75000 new jobs. As the government effectively did shut down in early October, there has been no report for the September figures. Neither are US inflation numbers reported with the government shutdown, leaving the Federal Reserve guessing what to do with the interest rate. Nonetheless the FED did finally cut the interest rate by a modest 0,25% in September on increasing pressure of the job market despite gradually increasing inflation.
Monthly markets review: August 2025
12.09.2025
US markets took a tumble on August 1 as a result of poor US job data. Not only did the non-farm payrolls come in lower than expected but numbers were also revised down sharply for May and June by more than 250,000 jobs than was initially reported. The significantly revised numbers caused Trump to fire the commissioner of the Bureau of Labor Statistics.
Monthly markets review: July 2025
14.08.2025
Global shares gained in July amid greater clarity on trade tariffs as the 1 August deadline approached. Emerging market shares outperformed developed markets. Stock markets were supported by progress on tariffs, some well-received corporate earnings, and the ongoing enthusiasm for AI investments.
Monthly markets review: June 2025
22.07.2025
Global shares were mixed in June with European indices losing modestly and US and Asian indices gaining some ground. Tariff news continued to occupy headlines as the July deadline approached, though the markets were not as volatile as earlier in the year, anticipating further delays, amendments and potential cancelations. The latest news was that Trump was simply going to send out letters to various countries, saying what tariff they'll get. Meanwhile those countries are scrambling to avoid the trade war from escalating.
Monthly markets review: May 2025
11.06.2025
Global shares advanced in May as concerns over tariffs eased. The US and China agreed to a 90-day suspension of tariffs on most goods. Despite the tariff pause between the US and China, tariffs were still a source of market volatility as Trump threatened 50% tariffs on the EU, starting from 1 June. However, a day later he also delayed those tariffs to July.
Monthly markets review: April 2025
12.05.2025
April started off with Trump laying out his global tariff plan, dubbed »Liberation Day«. Nobody expected anything good from this but few could have imagined Trump would take out a flamethrower and burn global trade relations to a crisp. The tariffs were larger and broader based than expected, namely a 10% tariff rate on all US imports and higher "reciprocal" tariffs for countries with which the US has a large trade deficit.
Monthly markets review: March 2025
14.04.2025
Tariff news continued to rattle the markets in March. From the beginning of the month the trade war accelerated as Trump's 25% import taxes on Canadian, Mexican and Chinese goods went into effect, following a one month delay.
Monthly markets review: February 2025
17.03.2025
February unfolded similarly like January in that European markets once again outperformed US markets. Almost every single day president Trump threatens tariffs against various countries, then initiates or delays them, only to cancel them again the next day when other countries respond in kind with counter tariffs. This causes continuous uncertainty, which puts pressure on the markets.
Monthly markets review: January 2025
17.02.2025
European markets strongly outperformed US markets in January as newly inaugurated president Trump threatened tariffs on United States' closest allies and China's Deepseek rattled AI-related stocks.
2024: the year of outliers
15.01.2025
2024 delivered another strong stockmarket performance globally, although index performances were largely defined by a small number of stocks with heavy index weights. I'm referring to stocks that are engaged primarily in the field of artificial intelligence, and particularly Nvidia as well as a few others.
November 2024 on the markets
16.12.2024
In November US shares outperformed other markets following Donald Trump’s victory in the Presidential election. Other markets came under pressure amid worries over trade tariffs Trump threatens to impose, including against the US' main trading partners Mexico and Canada, resulting in condemnation and warnings from its leaders.
September 2024 on the markets
15.10.2024
Global stock markets were generally positive in September and throughout the third quarter of the year. Unlike previous quarters, the information technology sector lagged behind other sectors as enthusiasm around Artificial Intelligence was subdued following earnings reports of companies such as Alphabet, Microsoft and Nvidia in late July.
Sticky inflation puts money to work
25.09.2024
Since July 2022 the European Central Bank (ECB), among other major central banks, has been strongly raising the interest rate to combat the surging inflation which ensued following the reopening of the global economy in the aftermath of the COVID pandemic. The ECB went on to raise the interest rate to 4,50% by September 2023, including two consecutive 0,75 percentage point hikes in late 2022 when inflation peaked at 10,7%, an unprecedented aggressive move. Luckily at that point inflation curved downward a
July 2024 on the markets
14.08.2024
Global stock markets generally climbed in July with developed markets outperforming emerging economies. The information technology sector fell at the end of the month with declines for some of the mega-cap companies that have powered the US markets in recent years. When Alphabet (formerly Google) and Microsoft posted quarterly earnings, there were concerns over whether the scale of investment into artificial intelligence will be matched by returns in the near future.
June 2024 on the markets
19.07.2024
Global stock markets were highly mixed in June, ending the second quarter of the year with mixed results. The information technology and communication services sectors booked strong gains while basic materials, energy and utilities sectors suffered losses. Europe underperformed the United States on uncertainty caused by the announcement of parliamentary elections in France and dwindling expectations for steep interest rate cuts.
May 2024 on the markets
17.06.2024
Global shares rose in May with developed markets outperforming emerging markets. Investors continued to anticipate interest rate cuts, albeit with US cuts likely to come later than in some other regions such as the Eurozone.
April 2024 on the markets
15.05.2024
Global stock markets dropped in April as US inflation remained sticky, dampening hopes on a an early interest rate cut. The consumer price index (CPI) for March ticked up by 0,4% month-on-month, taking annual inflation to 3,5% compared to 3,2% in February. Core inflation remained at 3,8% year-on-year. The Federal Reserve’s (Fed) preferred measure of inflation - personal consumption expenditure (PCE) - also ticked higher to 2,7% in March. Bonds also came under pressure as the yield on 10-year treasury note
March 2024 on the markets
16.04.2024
Global stock markets gained in March, closing the first quarter of the year with strong gains across the board. Only the Chinese and Hong Kong markets are still struggling to rebound. Expectations of interest rate cuts in the US boosted shares although the pace of cuts is likely to be slower than the market had hoped for in the beginning of the year as a result of sticky inflation and a resilient labor market.
February 2024 on the markets
15.03.2024
Global stock markets gained in February with emerging markets performing strongly as Chinese shares experienced a rebound. By contrast, in fixed income yields were generally higher, meaning prices fell, as investors pushed further the expected timeframe for central banks to cut interest rates on sticky inflation and a resilient labor market.
January 2024 on the markets
15.02.2024
January was a modestly positive month for developed markets, supported by some strong corporate earnings and the sentiment that central banks may soon cut interest rates. By the end of the month that sentiment was crushed in the US as a wave of strong data was published.
December 2023 on the markets
15.01.2024
2023 was a fairly good year with most stock indices closing the year with double digit gains, primarily delivered by a late rally in November and December on anticipation that major central banks will start cutting interest rates in 2024 as inflation continues to slide, albeit more gradually.
November 2023 on the markets
15.12.2023
In November global shares rallied, undoing four consecutive monthly losses, in the best monthly market performance in 3 years. The turnaround occured when US October inflation data was published, showing that the consumer price index (CPI) had fallen to 3,2% year-on-year from 3,7% in September. The release raised hopes that inflation is on course to fall back to the Federal Reserve's 2% target, and that further interest rate hikes may not be needed.
October 2023 on the markets
16.11.2023
Global shares fell for the fourth consecutive month in October amid worries that US interest rates may remain higher for longer, given still strong inflation and labour market. Bonds also fell, with 10-year Treasury yields rising sharply, temporarily testing 5%, the highest level in 17 years.
September 2023 on the markets
13.10.2023
After a strong first half of 2023 markets closed September and the third quarter overall in negative territory. Government bonds also declined in the quarter, with yields rising. Commodities were a notable outperformer with energy gaining amid oil production cuts from Saudi Arabia and Russia.
August 2023 on the markets
07.09.2023
US equities declined in August with the Dow Jones, S&P500 and Nasdaq Composite losing 1,77%, 2,36% and 2,17% respectively. The dollar gained 1,38% against the Euro to close at 1,0841 USD/EUR. Investors' confidence that the Federal Reserve would stop its cycle of raising the interest rate after July's increase took a hit as FED policy makers are divided on the next steps.
June 2023 on the markets
13.07.2023
Global shares climbed in June, bringing the second quarter as a whole to a positive end. The main exception was China and Hong Kong – although the Hang Seng index added 3,74% in June, the index dropped 7,27% from April through June combined on disappointing economic data despite post-COVID reopening and weakening investor appetite, in part due to geopolitical tensions.
May 2023 on the markets
09.06.2023
Global shares fell in May. However, there was a marked difference between sectors, as enthusiasm over AI (Artificial Intelligence) boosted technology stocks, particularly chipmakers.
April 2023 on the markets
09.05.2023
US equities made limited gains in April despite continued stress surrounding the banking sector after the collapse of Silicon Vally Bank in early March. This time the collapse of First Republic bank looked unavoidable by the end of April but it was eventually acquired by JPMorgan in a deal with the US government.
A brief history of US recessions
21.04.2023
Over the past 50 years there have been six recessions in the United States, not including the recent COVID-19 »recession«, and I'm placing that between quotation marks because in my view it really wasn't a recession as I'll explain later. Each recession is unique in its own way.
March 2023 on the markets
14.04.2023
Over the course of five days in early March, three small- to mid-size U.S. banks failed, triggering a sharp decline in global bank stock prices and swift response by regulators.
February 2023 on the markets
17.03.2023
After a strong start in January, markets were mixed in February with European indices adding small gains and US markets booking modest losses, countered by the US dollar gaining against the Euro. Hong Kong and China were the main underperforming markets with the Hang Seng index dropping 9,41%.
January 2023 on the markets
14.02.2023
Stock markets started 2023 on a strong note with gains across global equities. China's re-opening after dropping the zero-Covid policy in late December helped push the advance. Inflation continues to ease in several major regions, further adding to market optimism as central banks may be close to the peak of their rate hiking. Global government bond yields fell in January on the inflation news. The Bank of Canada hiked rates by 25 basis points but signalled a pause in its hiking cycle, while the Federal R
Year 2022 on the markets and outlook for 2023
19.01.2023
2022 was a pretty rought year. Because of a slowdown in consumer spending and recovering supply chains, we expected the elevated inflation to spike late in the Spring and then gradually normalize but nonetheless remain above the historical average by the end of the year. However the invasion of Russia into Ukraine in February considerably altered the macroeconomic landscape.
November 2022 on the markets
19.12.2022
Shares gained in November with China and Hong Kong strongly outperforming their European and American market counterparts.
October 2022 on the markets
15.11.2022
In October global developed markets performed strongly, canceling out the September losses. The main focus remained on inflation and central bank policies, but it was also the month of quarterly earnings announcements.
September 2022 on the markets
17.10.2022
In September US markets continued to slide as inflation remained resilient. Even though inflation ticked lower for the second time – from 9,1% in June to 8,5% in July to 8,3% in August – core inflation (which excludes food and energy prices) picked up pace again. After declining each month since April core inflation increased from 5,9% in July to 6,3% in August. As a result the Federal Reserve once again reiterated its commitment to continue raising the interest rate for as long as needed to bring inflati
August 2022 on the markets
19.09.2022
Stock markets started August strong after the rally in July but, after the speech of the chairman of the Federal Reserve, Jerome Powell, the market turned around and initiated a correction as it became clear that further substantial interest rate rises may be needed to tame inflation. The correction lasted throughout the month, leading the markets in red for August.
July 2022 on the markets
17.08.2022
Economic data in July provided further evidence of a slowing global economy. Inflation continued to soar to new highs, central banks raised interest rates and GDP growth numbers were negative.
June 2022 on the markets
15.07.2022
Equity markets sold off heavily in June after US inflation came in above expectations, which prompted the Federal Reserve to hike its overnight rate by 75 basis points, the largest rate hike since 1994. More interest rate increases are expected.
May 2022 on the markets
14.06.2022
May was a rather turbulent month on the markets which saw American markets book its largest single-day decline in 2 years. Nonetheless, as the month progressed, volatility settled down and markets closed nearly unchanged. Debates are raging around inflation, while central banks are finally stepping up to subdue it.
April 2022 on the markets
13.05.2022
Even though the invasion in Ukraine is still ongoing, it no longer dominated the top economic news as for now gas and oil continues to flow from Russia despite global sanctions crippling the Russian economy.
March 2022 on the markets
19.04.2022
The war in Ukraine dominated the news and markets in March. Commodity prices soared given Russia is a key producer of several important commodities including oil, gas, and wheat. Russia and Ukraine account for around 30% of global wheat exports. Natural gas soared 28% to 5,642 MMBTU, in part on concern about security of supply from Russia which Europe heavily relies on. As the invasion began, Germany also suspended the approval of the Nord Stream 2 gas pipeline from Russia. Oil gained 4,76% to 100,28 doll
The war in Ukraine
09.03.2022
I was going to write an article about central bank policy in light of the high inflation, its impact on the economy and what to expect for the future, but then something happened what we hoped would be entirely avoided: Russia invaded Ukraine, causing a humanitarian disaster and sending the markets into turmoil. As a result this article will address the war from economic and investment perspective. Sadly it's unavoidable to write about it because it is currently driving the global news and markets and it
January 2022 on the markets
15.02.2022
As a new year begins, all eyes are focussed on central bank comments and decisions. Inflation worldwide continues to climb and it is up to the central banks to get it under control. It's no longer a question of »if« but rather »when«, »how many times« and »by how much« they will raise interest rates.
October 2021 on the markets
16.11.2021
After a negative September, global markets largely recovered in October, supported by encouraging corporate earnings and an easing of fears around China's property sector. Nonetheless energy prices continued to climb, adding continued upward pressure on inflation. Central banks however indicated they were prepared to withdraw monetary policy accommodation to counter the inflationary pressure and persisted elevated inflation is only transitory. In the United States economic data indicated a slowdown wit
September 2021 on the markets
15.10.2021
In September oil and gas prices soared, supply chain problems worsened, the Federal Reserve announced tapering and China's real estate company Evergrande spooked the markets. After dropping 7,37% to 68,5 dollars per barrel in August, oil gained 9,53% in September to close at 75,03 dollars per barrel. Hurricane Ida cut about 80% of the Mexican Gulf's offshore oil and gas production for more than a week and damaged platforms. The climb persisted throughout the month as global output disruptions have forc
August 2021 on the markets
21.09.2021
In August many different factors kept the markets on edge, but eventually managed to close the month in positive territory. The main factors are the strong employment numbers with the US reporting the addition of over 1 million jobs in July, and pushing the unemployment rate down to 5,4% from 5,9% in June, the lowest level since March 2020 when the covid-19 lockdowns kicked in. While the economy is growing at very strong rate, concerns of a slowdown remain. The Federal Reserve is considering to slow do
July 2021 on the markets
13.08.2021
In July strong corporate earnings and a continued economic recovery were overshadowed by concerns over Covid-19 Delta cases, calling into question if the economic growth momentum will be sustained. Even so, data continues to show the US economy as healthy. The FED acknowledged that the economy was making progress but that tapering (i.e. slowing the pace of asset purchases) would require additional improvements. Also inflation remains a risk but the FED maintained the view that this would be transitory. Ea
June 2021 on the markets
15.07.2021
Now that a sharp increase of inflation has become a reality, the next question is whether it is only a temporary spike or if this high inflation will sustain itself for a longer period of time and will affect economic growth. Is it the result of the economy reopening, increased demand and temporary supply shortages? Or could it transform into long-term inflation? The Federal Reserve persists it is only temporary and kept the interest rate close to zero. The market did shortly dip however as the FED sig
May 2021 on the markets
15.06.2021
The long anticipated jump in inflation has become a reality. On May 12 the US Bureau of Labor Statistics announced that core inflation jumped by 0,9% in April, well above the anticipated 0,3% and the biggest monthly increase in nearly 40 years. Year over year, core inflation nearly doubled from 1,6% to 3,0%, also well above the anticipated 2,3% and at the highest level in 25 years. Core inflation excludes food and energy because their prices are much more volatile. A similar picture is developing around t
April 2021 on the markets
17.05.2021
April started with President Joe Biden's proposed 2,25 Trillion dollar infrastructure plan, described as »the single largest investment in American jobs since World War II«. Then plan that includes transport, drinking-water, broadband, manufacturing and construction infrastructure developments. These positives have boosted market confidence. However, as would be expected, Republicans are fully opposed to the plan and, as was the case with the previous $1,9 trillion pandemic relief plan, Biden may have to
March 2021 on the markets
16.04.2021
March was a month with overall solid gains in Europe and the United States. Yields on 10-year Treasure notes stabilized after strong gains since November last year, somewhat easing concerns on potential interest rate hikes. Rising bond yields have kept markets on edge so far this year on concerns that an economic recovery from COVID-19, combined with fiscal stimulus, could cause a spike in inflation from catch-up consumer demand when lockdowns end. The technology sector once again underperformed other
Should stock market investors fear inflation?
25.03.2021
Production of COVID vaccines is rapidly growing and expanding with more vaccine candidates in the pipeline. Vaccinations are administered in increasingly higher numbers with countries like the United Kingdom and United States among those with the highest vaccination rates so far. As restrictions are gradually being loosened, the economic recovery is all but certain to take shape throughout the remainder of 2021 and to get into full swing in 2022. The anticipation of this economic recovery already beca
February 2021 on the markets and monthly reports
16.03.2021
February was a bit of a rollercoaster with main stock indices booking solid gains early on in the month but then gradually selling off again during the second half. Nonetheless markets overall gained in February, erasing the small correction in late January and turning positive year to date. The Eurostoxx 50 gained 4,45%, the German DAX 2,63% and the French CAC40 5,63%. The Slovenian SBITOP also gained 2,38%. The UK FTSE index increased by a modest 1,19%, but the Pound Sterling gained a solid 3,17% aga