Compétence professionnelle en matière de placement pour les investisseurs privés et institutionnels

Today the attention of the financial markets will be on the US Federal Re-serve's decision about plans to unwind parts of its USD 4.5trn balance sheet. This will be the first major reversal of global quantitative easing since the financial crisis a decade ago. Germany is issuing a new bond of EUR 2bn today, making history in the German bond market with a 1.25% interest coupon rate – a new European record low.

In his first speech at the UN yesterday, US President Donald Trump pleaded for billions of savings in the world organization, which he had already described as an "underperformer" during his election campaign. Meanwhile US Secretary of State Rex Tillerson said that the USA could re-engage in the Paris climate deal after the initial refusal to participate. China and the EU are going ahead in the battle against global warming and are increasing their efforts for a coordinated mutual approach.

Asian shares reached decade highs on Monday following a record-breaking Wall Street session, while the yen declined. MSCI’s broadest index of Asia-Pacific shares outside Japan rose +0.9% to reach the highest level since 2007. This week US Federal Reserve chair Janet Yellen is expected to announce the start of the US central bank's effort to winnow its USD 4.5trn portfolio while leaving rates unchanged.

Although the military threat of North Korea persists and is again in the center of attention after the new missile flight over Japan this night, the markets are decreasingly impressed by the saber-rattling. The short-lived reaction shows how investors become accustomed to the frequent provocations and diplomatic measures. The Nikkei index is up +0.6% today.

On the eve of the opening of the 67. International Motor Show (IAA) many European carmakers announced plans to accelerate their shift to electric cars, after the diesel scandal started to unfold two years ago and battery technology was significantly improved. On Wednesday the EU car industry lobby offered to further cut CO2 emissions. EU auto suppliers, on the other hand, warn that the focus on electric cars risks handing jobs to China.