LGT Private Banking Europe House View

Big Picture Videos The big picture in five minutes

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The Swiss National Bank (SNB) and Bank of England (BoE) both forged ahead with rate hikes on Thursday, despite signs of financial sector instability emerging around the world. The moves - 50 basis points in Switzerland and 25 basis points in the UK - echo hikes by the European Central Bank last...

The Federal Reserve increased interest rates by 25 basis points in an effort to balance its fight against inflation with the need for stability in the financial sector. The move, which increases the federal funds target range to 4.75-5.00%, was largely in line with investor expectations. While...

Equity markets were making gains to start Wednesday’s session ahead of a difficult interest rate decision by the Federal Reserve due in the evening. The central bank is stuck between a rock and hard place as battling stubbornly high inflation with higher rates could potentially exacerbate...

Swiss major bank Credit Suisse is to be acquired by domestic rival UBS after a weekend of intense negotiations. The "deal" comes with a government guarantee of nine billion Swiss francs as well as liquidity assistance from the Swiss National Bank (SNB) of 100 billion francs. However, the end of...

With a further interest rate hike, the ECB is continuing its fight against inflation unperturbed for the time being. The key interest rate was raised by half a percent to 3.5%. In her inflation and growth outlook, ECB President Lagarde was more confident and stressed that developments in the...

International stock exchanges experienced another day of losses in the middle of the week. In particular, the European banking sector remained under pressure after the shares of Credit Suisse slumped to a new record low on Wednesday. The announcement that the Swiss National Bank (SNB) will...

Equity markets continued their recovery after the price losses of the last few days, which were driven by turbulence in the banking sector. Investors found support in the assumption that the Federal Reserve will raise interest rates only moderately, if at all, at the monetary policy decision...

The banking crisis in the US, triggered by several bankruptcies, initially caused heavy losses on European stock markets at the beginning of the week. On Wall Street, share prices stabilized, thanks in part to the rapid intervention of the US government authorities. Signs of uncertainty...

Fears of loan defaults in the banking sector due to turmoil surrounding the troubled Silicon Valley Bank caused a slide in share prices on Wall Street and the worst weekly performance since June 2022. In addition, interest rate concerns weighed on share prices after significantly more jobs were...

The labour market in the US remains one of the important pieces of the puzzle in the monetary policy of the Federal Reserve. Indeed, low unemployment relative to the overall economic situation is creating additional inflationary pressure through rising wages. On Wall Street, interest rate fears...

Any rate cut fantasies seem to have fizzled out and investors have a more realistic view of the Federal Reserve's rate path again. Within the equity quota, we recommend a defensive positioning and prefer the "rest of the world" to the US. After the correction, we are raising gold in the...

The main asset classes had a brilliant start to the new year, yet investors continue to hold high levels of liquidity. In the fixed income space, we consider short-duration investment grade credit strategies to be particularly attractive. We see re-rating potential for the banking sector and...

In a still challenging market environment, patience is required, and investors should stay the course. On the equity side we remain defensively positioned and in the fixed income area we expect positive returns again. In the current market environment, portfolio components with a low...

Given the turmoil in the banking sector, central banks seem to be confronted with a dual mandate. While the fight against inflation remains the primary goal, the rate hike cycle is starting to show signs of fracturing. Therefore, the risk of an escalation of the banking crisis could play a...

Central banks mutate from saviour to villain, while the cycle of interest rate hikes is showing first cracks in the system, as the bankruptcy of SVB demonstrates. In our view, investors should be patient and invested in companies that show stable margins in the current environment.

The likelihood of an overly restrictive monetary policy has certainly increased over the past month, but central banks are aware that their creditworthiness is an extremely valuable asset that needs to be defended.

A look at the inflation targeting of central banks

The inflation target of many central banks remains an integral part of monetary policy and the financial world. We name four reasons why Western central banks are targeting two percent inflation. In our view, portfolio risk should not be increased as there is an attractive alternative with...

The broad MSCI ACWI is dominated by US companies, particularly tech giants. The equity risk premium of European vs US stocks is much higher today than before the Great Financial Crisis. Within the global stock market, "the rest of the world" remains in focus at the moment.

Investors now face higher interest rates in the longer term, both in the US and the euro area. In this environment, one should focus on medium-term growth, inflation and market expectations. We maintain our view on the attractiveness of corporate bonds in both absolute and relative terms.

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LGT Private Banking Europe House View

Big Picture Videos The big picture in five minutes

Is the metaverse all hype or the next big driver of disruption?

Is the metaverse all hype or the next big driver of disruption?

Financial markets: Investment outlook for 2023

Global connectivity thanks to 5G - economic fillip

The energy transition - an attractive investment theme?

"Globalization's momentum has abated"

What do interest rate hikes mean for financial markets and investors?

The blockchain trend: Does it fit into your investment strategy?

Investments and emotions: An opportunity or a risk?

SNB and BoE follow other central banks with hikes

Fed continues inflation fight with moderate hike

Markets trade strong ahead of tricky Fed decision

UBS takes over Credit Suisse secured by state guarantees

Prospects of a more moderate monetary policy and recovery in the banking sector provide for more positive sentiment

Banking sector keeps stock markets under pressure - ECB interest rate decision in focus

Further decline in US inflation could provide relief for the Fed

Market sentiment remains fragile in view of turbulence in the US banking sector

Silicon Valley Bank causes nervousness and pressure on stocks

Stock markets under pressure ahead of US labour market report

Central banks have not yet reached their targets

February 2023

January 2023

Dual challenge

From savior to villain

Credibiltiy

A look at the inflation targeting of central banks

Rest of the World

Potential for interest rate cuts vanished

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