Monthly Review August
Waiting for interest rate cuts
After a very volatile start to the month, the international stock markets were relatively calm in August. One of the factors contributing to the calm was that US Federal Reserve Chairman Jerome Powell confirmed the markets‘ expectations of an interest rate cut at the annual central bankers’ meeting in Jackson Hole.
AI investments
Opportunities with hyperscalers
The main driver behind the strong share price performance of hyperscalers such as Microsoft and Amazon was the topic of artificial intelligence (AI). Hyperscalers are investing heavily in AI: estimated direct purchases from NVIDIA are USD 33 billion in 2023, USD 57 billion in 2024 and USD 71 billion in 2025 (source: Bloomberg, JP Morgan).
Market outlook July
Cash and bonds move more into focus
Looking ahead to the current month of July and the upcoming summer months, we are becoming somewhat more cautious. Holding a little more cash or selectively switching from equities to bonds seems sensible. One reason for us is US consumption, which is developing more weakly than expected.
Monthly Review June
Europe’s political stock markets
The international stock markets performed unevenly in June - strong in the USA, weak in Europe. Here, the ECB lowered key interest rates as expected, but the European elections and a snap legislative election in France had a negative impact on the stock markets.
Market outlook June
Europe heralds interest rate turnaround, markets remain stable
We remain constructive with regard to the month of June. A massive slump on the markets is not currently expected. Interest rates may have peaked this year and could now fall. Overall, however, the interest rate environment in both the USA and Europe is unlikely to fall as quickly as planned or hoped. Bonds in the medium maturity range remain interesting.
DJE - Zins Global
The fund invests globally in government and corporate bonds. The focus is on investment grade debt with active management of duration and currency movements. The asset allocation is flexible and is adjusted by the fund manager for optimal positioning in any market situation. Take advantage of the current interest rate environment.
ESG screening
We take certain ESG criteria into account for all our investment decisions.