In the third quarter of 2019, the international stock markets moved sideways in a slightly positive range and bond yields fell significantly. Contrary to many fears, however, neither the escalation of the Brexit conflict nor the attack on Saudi Arabia’s oil production were able to shake the financial markets sustainably. Continue

Some normality returned to the markets in the second quarter of 2019, albeit only in terms of the pace of advances. Continue

The first quarter of 2019 will go down in history as the one that broke every record of the last 30 years. Who would have predicted that? The honest answer from most investors would be «hardly anyone». Continue

Investors had a very difficult year in 2018, with almost all traditional asset classes and markets closing with negative returns. The portfolio results were spoiled by December in particular, when significant losses were recorded across the board. Continue

In the international equity markets, the decoupling of the US from the rest of the world continues. Divergence of the markets in favor of the USA and at the expense of Europe and the emerging markets has been observed for some months now and was even more pronounced in the third quarter of 2018. Continue

The first half of 2018 was a difficult period for the international equity markets. Volatility rose sharply at the start of February, and despite subsiding in March has remained at a considerably higher (but more normal) level than in 2016-2017. Continue