LGT Navigator

Caution over AI profitability resurfaced after Wednesday’s US trading session, sending Asian stocks lower on Thursday, particularly semiconductor shares. Wall Street and European markets had finished Wednesday higher, buoyed by encouraging SpaceX results before subsequent technology reports...

Forecast-beating results from SpaceX and a higher sales forecast from Super Micro Computer helped drive a semiconductor-led recovery across much of Asia on Wednesday. Wall Street had finished Tuesday on a mixed note, with broader indices advancing despite weakness in technology stocks, while...

Questions over the profitability and financing of the AI boom drove Asian shares lower on Tuesday, with South Korean chipmakers particularly hard hit. The regional sell-off contrasted with Monday’s technology-led gains on Wall Street, while European markets finished lower amid rising bond yields.

A stronger-than-forecast Chinese growth report on Monday provided some reassurance about the economy, although buoyant exports continued to mask weakness in domestic spending and property. Mainland shares held steady, while equities elsewhere in Asia traded unevenly as investors remained wary...

A rebound in chipmaker shares lifted most Asian markets on Friday, while Indonesian stocks plunged on a proposed MSCI downgrade. US equities rose on Thursday as Treasury yields fell despite strong producer price data. European data showed faster French inflation, a monthly rise in Swiss...

US consumer prices rose more than the market had expected in September, with annual inflation accelerating to 3.7% from 3.4%. The surprise raised market expectations of a Federal Reserve (Fed) rate increase and weighed on technology shares on Wall Street on Wednesday. Chip stocks then led sharp...

A larger Chinese trade surplus and a rebound in chipmakers gave Asian equities a modest lift on Wednesday. China’s producer-price inflation accelerated, but consumer inflation remained subdued, pointing to continued weakness in domestic demand. US stocks closed lower on Tuesday amid technology...

Technology shares led losses across Asia on Tuesday as the prospect of stronger Chinese competition unsettled South Korea’s chipmakers. US stocks closed mixed on Monday, with tech shares under pressure, while European equities gained. Investors are awaiting German inflation figures and earnings...

This week’s economic calendar is led by US consumer prices on Wednesday and euro-area inflation on Friday. Third-quarter earnings season begins with reports from major US banks on Tuesday and Wednesday. Germany reports inflation on Tuesday, China on Wednesday and France on Thursday, with US...

Questions over whether OpenAI’s revenues can justify hefty investment in artificial intelligence weighed on US technology stocks on Thursday, while the Dow Jones finished marginally higher. The pressure on chipmakers extended into Friday’s Asian session, although gains in Hong Kong and...

Risk assets have not lost their appeal, but they now have more to prove. Resilient growth and strong corporate earnings support the market momentum, but renewed inflation and higher government bond yields have raised the return available without taking equity risk. The bar for taking equity...

The investment environment remains more supportive than the headlines might suggest. Economic growth has proved resilient on both sides of the Atlantic, inflation has eased from its earlier peaks and Europe’s recovery is becoming broader. At the same time, investors face an uncomfortable...

Markets are entering the second half of the year with a more supportive growth-in­flation mix, even as geopolitical risks remain elevated. Earlier declines in energy prices have helped inflation retreat meaningfully, restoring some confidence among consum­ers and businesses. The US economy...

Sometimes the most important market signal is not where the pressure is greatest, but where resilience proves strongest. As the first half of 2026 draws to a close, the global economy has absorbed the energy shock better than many feared. The US economy in particular continues to show...

Generally speaking, the price of oil is primarily driven by the global economy and the resulting demand for oil; however, the impact of market disruptions is significantly greater when supply becomes the determining factor. This is currently the case due to the ongoing blockade of the Strait of...

With the conflict in the Middle East and the temporary closure of the Strait of Hormuz, the markets are facing a major macroeconomic shock, yet they have so far reacted with surprising calm. Momentum remains intact, and falling prices continue to be used as an opportunity to "buy the dip"...

Over the past weeks, the world has become more uncertain again. The conflict with Iran and the effective blockade of the Strait of Hormuz have pushed oil and gas prices sharply higher. This hits regions unevenly: while the United States is cushioned by its energy self sufficiency, Europe is...

Sometimes a few data points are enough to flip sentiment. After a tough industrial year in 2025, the mood was subdued in many aspects: supply chain shifts, tariff disputes, and concerns about an economic dip after the AI investment boom weighed on markets. Now, the latest sentiment indicators -...

At the start of 2026, the global economy is on firmer footing than many had anticipated a year ago. Recession fears have not materialised, with consumption and investment - particularly in the United States - proving resilient. Easing inflation pressures, the prospect of more supportive...

Before the year comes to an end, we would like to take the opportunity to highlight our monthly strategic assessment. In our view, economic growth is set to slow but remain positive, while inflation has likely peaked at lower than feared levels and financial conditions are still supportive.