All eyes on AI
The AI rally is masking an increasingly complex market environment.
Investment compass – May 2026
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
The euphoria surrounding AI makes it easy to overlook the uncomfortable reality.
Positioning
Differing realities on the financial markets
Equity markets generally yielded positive returns last month thanks to a strong tech sector. At the moment, they are largely ignoring geopolitical and economic tensions, as well as uncertainties regarding technological change. Cautious positioning remains advisable.
Market overview
Between the AI boom and inflation fears
The AI euphoria pushed equity markets in the USA and Asia to new record highs last month. However, rising inflation, higher interest rates and growing valuation concerns in the tech sector have recently created headwind.
Economy
Asia and Europe facing economic headwind
Europe and Asia are already feeling the effects of the Iran war on economic performance. Meanwhile, global inflation continues to rise.
Model portfolios
AI the driver, caution called for
Financial markets recovered strongly last month, led by US and emerging market equities. By contrast, bond markets came under pressure. The challenging economic environment calls for caution and justifies more defensive positioning.
“Investing with foresight” short video
In the video, our CIO, Philipp Merkt, shows how conflicts can affect the financial markets and how we’ve reacted to recent events.
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Investment compassInformation relevant to your investment decisions. The “PostFinance market view”, complete with our position on and assessment of the financial markets and the overall economic situation.
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