Aug 17, 2018
LGT Beacon: Moving toward a neutral positioning
The S&P 500 nearly reclaimed its historic January high over the past six weeks. Strong corporate earnings and good economic data helped investors to forget the trade conflict for a while. Then, the escalating Turkish lira crisis highlighted how quickly a continued rise in US interest rates and tariffs can hurt some economies and weigh on global market sentiment.
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Aug 17, 2018
LGT Navigator: Signs of de-escalation?
In Asia, the stock markets today followed Wall Street's positive direction after talks between the US and China scheduled for the end of August nurtured hopes of an easing in the ongoing trade dispute between the two world's largest economies. A fast agreement in this poker to gain better trading conditions might not be however to expect. Investors also hope for signs of relief in the Turkey crisis.
The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.
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Aug 16, 2018
LGT Navigator: Fundamental data remains in the background
Investors remain cautious in the face of a potential further escalation of geopolitical risks (trade war, Turkey, Russia, or Iran) and even solid US economic data were unable to brighten the tarnished stock market sentiment and currently remain in the background in the perception of investors.
The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.
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Aug 15, 2018
LGT Navigator: Turkey crisis overshadows market sentiment
The crisis in Turkey continues to weigh on the stock markets and increases investors' risk aversion. Following the threat by Turkish President Erdogan to boycott US electronics in response to the recently doubled US tariffs for steel and aluminum, the conflict threatens to escalate further. The Turkish lira resumed its slide in Asia and lost up to -3.4% against the US dollar in early trading.
The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.
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Aug 14, 2018
LGT Navigator: Unclear contagion risks from Turkey crisis
In view of the lack of new impetus, capital markets are currently focusing on the Turkish crisis. Investors are concerned that Turkey's economic collapse could affect the European banking system and other emerging markets.
The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.
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