There is a good reason why markets are expensive

Equities are expensive by nearly all measures. Still, given the robust economy, we would use any dips in the market as potential buying opportunities.

Investment traffic lights

Our tactical and strategical view

No messing with volatility

Why we hedge against rising volatility despite the risk being called old fashioned.

A very British affair

From a market perspective, the UK elections look almost like a non-event.

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Back on track for growth

Growth momentum is gaining regional breadth, thereby increasing the stability of the global economy. Politics remain a stress factor.

Unlike other markets, exchange rates remain under the sway of politics

Labor’s rebound is weighing on the British Pound

European earnings

A strong start into the year 2017

French election with big market impact

Markets have reacted with relief after the results of the first round of the French presidential election were published.

The wave of positive economic surprises seems to peter out

We have been arguing for some time that the optimism prevailing in financial markets might take a hit sooner or later. Surprise indicators can assist in measuring whether markets see the glass "half full” or “half empty”.

Remarkable yield divergence between French and German sovereign bond yields

French and German short term government bond yields typically move in tandem, with French bonds offering slight higher yields compared to their German counterpart

On to the next hike

The Fed finally moves, and signals there is more to come.

Renzi resigns

For now, we consider a snap election very unlikely.