The financial markets performed well in the first half-year. Sharp upturns in equity prices, skyrocketing Swiss real estate funds and only slight rises in interest rates despite strong growth figures. Time to take stock: what’s the current situation and where are we heading?
There were clear rays of hope over coronavirus in the first half-year. Even though attempts to tackle the pandemic meant a bumpy start to the year for the global economy, rapid progress on vaccinations and the lifting of restrictions during the spring ensured that a lot of lost ground was made up in the USA and Europe. Both fiscal and monetary policy remained very supportive. State transfer payments not only made up for loss of income, but actually exceeded it. The central banks for the major currency areas continued purchasing securities on a large scale.