Investment compass – October 2021

The monthly newsletter 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.

All-rounders (in good times)

Ever greater demands have been placed on central banks – which they have also met. There are increasing signs this task will become more challenging in future. 


Financial markets gripped by inflation fears

Inflation pressure will not ease up any time soon. We are maintaining our underweighted position in global bonds and recommend buying UK equities at the expense of their European counterparts.

Tackling inflation is making it more difficult for central banks to meet the other demands placed on them.

Market overview

A turbulent start to the autumn

The near bankruptcy of the Chinese real estate giant Evergrande gave the financial markets a rude awakening after their summer break. Rising inflation expectations led to losses on the bond markets.


Chinese economy faces strong headwind

China’s economic problems are persisting. But the outlook for the USA and Europe remains bright.

Model portfolios

Energy and financial stocks hold their own in the inflation environment

The financial markets got off to a turbulent start in autumn. In the environment of increased inflation expectations, commodities are among the winners, bonds among the losers.

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