Weekly Newsletter #21/2015

Weekly Newsletter #21/2015

Versus our last report two weeks ago equity markets gained again while government yields were fairly stable. Taking a closer look at equities shows strong gains for European and Japanese equity markets, moderate gains for US markets and even a slight decrease for Emerging Markets.


U.S. Fed Minutes bolstered expectations that U.S. interest rates will remain near zero until later in 2015. Officials were concerned about soft consumer spending. Still most Fed members expect the U.S. economy to pick up pace after the slow first quarter.


Also the euro area’s economic recovery stuttered in May as Germany lost momentum, while weakness in China’s manufacturing industry persisted. The Markit index of services and manufacturing slipped for both the Eurozone and China. While it is for the Eurozone still on expansion level, it indicates for China contraction for five of the past six months. See also our chart of the day.


Erwin Lasshofer says the U.S. were probably the best-performing major economy in the world. However the resulting capital inflows have driven prices higher. Thus it is important to screen global markets for opportunities. See also our product offer with German and Australian stocks.

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