The Strategist

In Washington, the compromise proposal in the dispute over the debt ceiling was given the green light in the Senate by a vote of 63 to 36 and can now be signed by US President Joe Biden. The averted US default will bring relief to the capital markets. The focus this afternoon will be on the...

The ongoing political balancing act in the dispute over raising the debt ceiling in the US on the one hand and the uncertainty about the next step of the US Federal Reserve on the other hand continue to cause nervousness on capital markets. However, the bill to suspend the debt ceiling cleared...

The compromise reached in Washington in the dispute over raising the US debt ceiling did not set off fireworks on the stock markets, as a "last-minute solution" is more or less priced in. However, the graphics card, server and AI chip specialist Nvidia reached a stock market value of one...

The White House and the Republicans in the House of Representatives have reached an agreement in principle to raise the debt ceiling for two years and to limit spending, as House Speaker Kevin McCarthy confirmed. On the stock exchanges, the agreement in Washington did not cause any big jumps in...

On capital markets, investors are still nervously waiting for progress in the dispute over raising the debt ceiling in the US. While the blue chips on Wall Street moved more or less sideways, the Nasdaq technology exchange posted solid gains, driven by a strong quarterly result and outlook from...

The US Federal Reserve (Fed) currently seems to have reached a point where opinions on the future course of monetary policy diverge significantly within the top body of the central bank. Meanwhile, investors are becoming increasingly nervous against the backdrop of continuing uncertainty and...

The dispute over raising the debt ceiling in the US remains in the centre of attention, but today the focus is also shifting back to the monetary policy stance of the US Federal Reserve. The minutes of the Fed's last interest rate decision, which are due to be published this evening, could give...

The top-level talks between US President Joe Biden and Kevin McCarthy, the chief negotiator for the opposition Republicans, did not bring the hoped-for breakthrough in the dispute over raising the debt limit after the close of trading in New York. McCarthy at least spoke of "a productive and...

The dispute over the almost inevitable increase in the debt ceiling in the USA remains one of the defining issues on the international financial markets. Democrats and Republicans must reach an agreement in about two weeks, otherwise the government in Washington faces the threat of default as...

An investor confidence survey in Germany dropped for the third month in a row, signalling Europe’s largest economy may be headed for recession. The negative outlook for Germany was corroborated by slow economic growth data from the euro area on Tuesday. Markets were also under pressure Tuesday...

The topic of "artificial intelligence" (A.I.) is currently an integral part of mainstream media. Although very intensive research has been going on in this field for years and enormous sums have been invested, the breakthrough onto the big stage was not yet achieved. This changed when...

In the fight against high inflation, the Federal Reserve launched an aggressive tightening cycle a year ago. Since then, price growth has slowed, but inflation remains well above the central bank’s target.

Wall Street analysts' estimates for real global economic growth have been raised slightly since the beginning of the year from 2.1% to 2.5%. The International Monetary Fund (IMF), for its part, even expects growth of 2.8% this year, followed by 3.0% next year. This raises the question: have we...

As expected, the US Federal Reserve (Fed) last week raised its key interest rate by a further 25 basis points to a new target range of 5.00-5.25%. With this step the Fed has raised the Fed funds rate by 500 basis points in the last 14 months - the steepest rate hike cycle in the last 40 years.

China has returned to the growth path and is expected to dominate global economic growth in the coming years. This is sparking investors' interest. We see potential in emerging market equities and especially in Chinese stocks.

As so often in recent decades, the US is slowly but surely approaching the debt ceiling. The debate between the two main protagonists in Washington - the Democrats and the Republicans - is already in full swing. This summer, the limit to which the US government is allowed to incur maximum debt...

The American consumer has been the focus of attention on financial markets time and again in recent decades. This is no surprise, as consumption is responsible for almost 70% of US economic output and thus for almost 20% of global GDP. It therefore seems sensible to take a closer look at the US...

Fifty-eight years ago, in April 1965, George Moore - co-founder of Intel - invented "Moore's Law," which states that the number of transistors on an integrated circuit (IC) doubles approximately every two years. While the human brain thinks in linear processes, technological progress is always...

The topic of inflation and central banks' responses to it has been well covered over the past two years. However, much of the focus has been on current readings and market participants' expectations for the coming months. On the positive side, investors' long-term US inflation expectations...

The Federal Reserve is signalling an end to its tightening policy. But as inflation remains high, we do not expect any rate cuts for the time being. However, should the US economy slide into a deep recession, the monetary authorities are likely to loosen monetary policy. However, we consider...