Insights

Just a few weeks ago I attended my first in-person conference since 2019. Over 40,000 people descended upon Lisbon for Web Summit, one of the world’s largest technology conferences. The event brings together CEO’s and founders of established firms together with start-ups and policymakers to discuss and pitch ideas over the course of a week.

As the global economy takes steps to recover from the pandemic, prices have steadily risen around the world. Japan, however, remains an exception among the major economies. The country’s headline CPI did tick up in October, but at a very modest pace, showing that inflation is yet to gain strong traction in a country long stuck in deflation.

Alle paar Jahre stellen sich Anleger die Frage: Soll man wirklich in China investieren? Gegenwärtig erleben wir die jüngste Auflage dieser Fragerunde. Hintergrund sind die Regulierungsbestrebungen im Reich der Mitte. In der Vergangenheit galt: Wer in solchen Momenten des Zweifels in China investierte, konnte beträchtliche Gewinne erzielen. Wenn China reguliert, um zu Innovationen zu gelangen, sollte man daher den Wald vor lauter Bäumen nicht übersehen.

Asian stocks rose in October, with investors remaining focused on rising inflationary pressures and the US Federal Reserve’s tapering plans. The markets’ key concern is China’s economic performance and its impact on the energy and commodity complexes.

Has economic data really changed so much as to suggest an inflection point on inflation and the growth outlook was near? To some degree perhaps, at least in the eyes of the market, but not enough in the end for central banks to meaningfully change their guidance.

We expect Indonesian bonds to outperform, as demand is supported by positive supply technicals. Meanwhile, we see bonds of low-yielding countries like Singapore, South Korea and Thailand prone to bear flattening, driven mainly by UST movement.

October was a tough month for the New Zealand bond market with yields rising in anticipation of further increases in cash rates and in response to global markets bracing for the possibility of central banks reducing stimulus by tapering bond purchases.

The optimist says prices are cheap. The pessimist says prices are expensive. The central banker says inflation is transitory. We remain in the aftermath of a month where the worldview on the future of monetary policy has dramatically changed.

The New Zealand stock market has been flat in the calendar year to date, with companies working to adapt to a number of risk factors. This puts it in stark contrast with markets in the rest of the developed world, which have seen gains ranging from 10% to 25%.

Japans Medizintechnik macht rapide Fortschritte. Experten trauen ihr zu, Ineffizienzen im Gesundheitssektor zu beheben und potenzielle Value-Chancen zu bieten.