News
![image description](/globalassets/news/anlagethemen/post_ik_800x450.jpg)
Opportunities with hyperscalers
The main driver behind the strong share price performance of hyperscalers such as Microsoft and Amazon was the topic of artificial intelligence (AI). Hyperscalers are investing heavily in AI: estimated direct purchases from NVIDIA are USD 33 billion in 2023, USD 57 billion in 2024 and USD 71 billion in 2025 (source: Bloomberg, JP Morgan).
![image description](/globalassets/news/markte/markteinblick_allgemein.jpg)
Cash and bonds move more into focus
Looking ahead to the current month of July and the upcoming summer months, we are becoming somewhat more cautious. Holding a little more cash or selectively switching from equities to bonds seems sensible. One reason for us is US consumption, which is developing more weakly than expected.
![image description](/globalassets/news/markte/markteinblick_allgemein.jpg)
Europe heralds interest rate turnaround, markets remain stable
We remain constructive with regard to the month of June. A massive slump on the markets is not currently expected. Interest rates may have peaked this year and could now fall. Overall, however, the interest rate environment in both the USA and Europe is unlikely to fall as quickly as planned or hoped. Bonds in the medium maturity range remain interesting.
![image description](/globalassets/news/markte/monatsruckblick_februar-800x450.jpg)
Doves and falcons
The stock markets in Europe and North America performed well in May and were largely able to equalise the losses from the previous month. This positive development was once again driven by market expectations that the doves could prevail over the hawks in monetary policy. However, the rally stuttered from around the middle of the month onwards, as various data suggested that inflation would remain stubbornly high.
![image description](/globalassets/news/fonds/dje-zins-global_tobias-geishauser-800x450.jpg)
2024 is a good year for bonds
It doesn't really matter whether key interest rates fall this year or not: "2024 is a good year for bonds and will remain so," says Tobias Geishauser, Co-Fund Manager of DJE - Zins Global. Speculation about falling interest rates had already boosted the bond market last year.
![image description](/globalassets/news/anlagethemen/post_bk_halbleiter_april-800x450.jpg)
AI and local production plans drive the semiconductor industry
Artificial intelligence (AI) is currently the dominant topic in the technology sector. New, fast data centres require enormous investments. Microsoft and OpenAI recently announced that they will invest USD 100 billion in an AI data centre project.
![image description](/globalassets/news/markte/monatsruckblick_februar-800x450.jpg)
Good US economic data and AI provide momentum
The stock markets maintained their momentum from the previous month in February and performed very favourably. The continuing enthusiasm for the topic of artificial intelligence drove the markets, as did good economic data from the USA. The markets in Asia also rose sharply. One factor behind this could be the hope that Chinese growth will pick up again.
![image description](/globalassets/news/anlagethemen/post_bk_textilhandel_800x450_0124.jpg)
Textile business in upheaval
The surprising change in management at Sweden's largest textile supplier and the restructuring measures initiated there are a wake-up call. After all, they show that the textile trade is still in a state of upheaval. While the coronavirus pandemic temporarily strengthened online-only providers in particular, aggressive pricing concepts are now gaining in importance in the wake of excessive inflation.
![image description](/globalassets/news/markte/markteinblick_allgemein.jpg)
Market expectations: too optimistic about interest rate cuts?
2024 got off to a positive start: the global MSCI share index gained around 2.85 per cent in the first month of the year, while the DAX rose by 0.91 per cent. The upward trend was primarily driven by the good performance of technology and healthcare stocks.
![image description](/globalassets/news/markte/rueckblick-monatsrueckblick.jpg)
Positive Momentum
The international stock markets initially moved mostly sideways in January and were able to maintain their positive momentum from before the turn of the year in the second half of the month. Only China, otherwise a strong driving force behind the global economy, is sluggish. And hopes of interest rate cuts turned out to be premature.
![image description](/globalassets/news/anlagethemen/post_bk_e-autohersteller_800x450_0124-1.jpg)
Where has the momentum gone?
Electric vehicle (EV) stocks have recently come under pressure - as have most companies in the battery value chain: in 2024 to date, for example, the share prices of the world's two leading EV producers have fallen. Up-and-coming, smaller listed companies have lost even more ground.
![image description](/globalassets/news/markte/rueckblick-monatsrueckblick.jpg)
Interest rate optimism supports equity and bond markets
The positive trend on the international equity and bond markets continued in December, albeit not quite as briskly as in the previous month. Market participants expected interest rate cuts against the backdrop of falling inflation data. The US Federal Reserve held out the prospect of this for 2024.