04 September 2025 | 1 min. readingtime
Last month was relatively calm on the financial markets, with a slight risk-on sentiment. Given the many geopolitical hotspots around the world, policy uncertainty in the US, and the relatively weak economic outlook, this is quite remarkable.
European equities rose by 1% last month and Asia Pacific equities rose by 0.7%. US equities performed even better in local currency terms, with a return of 2% in August. However, as the dollar weakened by 2.4% against the euro last month, the return on US equities measured in euros was negative (-0.3%). Listed real estate and emerging market equities were the two biggest losers last month, with a return of -1%. Emerging markets were affected by trade tensions with the US, including the recently announced 50% tariff on imports from India.
Bonds did not perform particularly well last month. Government bonds were affected by rising interest rates and fell by 0.4%. Investment grade corporate bonds remained flat, while the somewhat riskier high yield corporate bonds showed a slight gain of 0.2%.
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07 May 2025 | 1 min. readingtime
April was anything but a dull month for the stock markets. A major reason for that was the uncertainty surrounding the trade tariffs imposed by U.S. President Trump.
08 April 2025 | 2 min. readingtime
In March, stock markets worldwide yielded sharply, with U.S. equities again the biggest laggard. Meanwhile, interest rates on European government bonds rose.
10 March 2025 | 1 min. readingtime
European stocks are catching up with U.S. stocks and are already at a 10% return in this early year versus just 1.8% for U.S. stocks.
