The economic consequences of war, persistent inflation and renewed worries about supply chain problems due to the coronavirus outbreak in China, all fuel uncertainty about the global economic outlook. Monetary policy tightening is about to start, and bond yields have soared since the start of the year. Stock market volatility has increased, but stocks are holding up well despite the global headwinds. Can this fairly benign market development continue?
Read moreInterest rates are close to zero, all asset valuations are high and inflation is running hot. How does the macroeconomic environment look like in 2022? Will it continue to be supportive for risk-taking in the markets? What’s ahead of us in 2022?
Read moreGlobal growth momentum is losing steam and inflation is at levels last seen in 1990s. Despite the macroeconomic headwinds, the third quarter earnings season surprised on the upside and stock markets are at record highs. Inflation has, however, turned out to be more persistent than central banks expected. Can inflation be tamed without turbulence in the financial markets and in the real economy?
Read moreStagflationary tendencies are gaining strength in the global economy after many decades. 1970s was an era of weak economic growth, rampant inflation and lousy stock market performance. Luckily many things have changed since the 1970s.
Read moreMajor central banks are about to start unwinding unconventional support measures launched during the COVID pandemic. The monetary policy normalization process will be slow. What kind of risks does the process pose to investors?
Read moreEarnings optimism have pushed equity prices higher and volatility indicators are at the low levels. The second quarter displayed strong GDP growth around the developed world as economies were reopening after the lockdowns and the vaccination programs gathered pace. How strong support from the macroeconomy to corporate earnings one can expect during the coming quarters? And what roles might fiscal and monetary policies play?
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