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Market commentary equities: Shifting equity factor dynamics between AI, style rotation and geopolitics
Equity markets have shifted into a more complex regime in early 2026, moving beyond the narrow, AI-led leadership that characterised the previous year. Market behaviour is becoming more differentiated, with…
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Low spreads or safe haven – corporate bonds in 2026
Current spread levels After several years of rallying – interrupted by political events such as trade wars – investment grade (IG) credit spreads have reached low levels in both euros…
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High yield bonds – a buffer for rising yields
Current high yield environment The high yield market has been the focus of many investors in recent weeks. Following a remarkable rally, most recently fuelled by Donald Trump's election victory…
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A bear in a bull market – how did that pan out in 2025?
At first glance, 2025 looked like an easy year to be an equity investor. Global equities delivered strong returns, with the MSCI AC World Index posting gains of over 14%…
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Corporate bonds 2026: Yields, risks and realistic scenarios
Starting point: Yields, roll-down and market dynamics At the start of 2026, corporate bonds are yielding just over 3%. The current yield on the ICE US Corporate Master Index amounted…
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Market commentary equities: Equity strategies at the inflation tipping point
In 2023, all eyes will continue to be on the central banks. The success of equity strategies and investment styles is currently largely determined by the expected interest rate steps…
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Market commentary bonds: From 2022 to 2023 - How strong will the recession be this year?
Annual Review 2022 Inflation was the dominant theme of 2022. Due to expansionary fiscal policy to combat the consequences of the Covid pandemic, pandemic- and war-related dislocations in global supply…
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Credit Performance in the Summer of 2022
Market moves in summer 2022 The summer months July and August 2022 were characterised by strong spread and interest rate moves. This was nowhere as present as in Euro investment…
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How attractive is investment grade credit?
In the article “How do government and corporate bonds fare in a stagflationary environment?” we analysed how to position oneself as an investor who expects a longer-term stagflationary environment similar…
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Oil price shocks and energy sector credit spreads
Absolute and relative performance under supply- and demand-driven oil shocks Oil price shocks are a key driver of macro-financial conditions, with important implications for credit markets. While higher oil prices…
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Market commentary bonds: War in Iran: Oil price, inflation and economic shock
The global economy was hit by another shock in early 2026 as the conflict between Israel, the US and Iran escalated, including attacks on key energy infrastructure. The closure of…
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Oil price shocks and the dynamics of investment grade credit spreads
1. Introduction Sharp increases in oil prices represent one of the most consequential macroeconomic disturbances affecting financial markets. As a key input into global production, transportation and consumption, oil price…
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Global Data Sentiment: Information-driven multi-asset outperformance
Performance overview 2025 2025 was an exceptional year for Global Data Sentiment (GDS), marked by strong absolute performance and clear outperformance versus traditional CTA benchmarks. In a market environment dominated…
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Market commentary bonds: Interest rates in step? Why the eurozone and the US are diverging
Interest rates: Divergence between currency areas On the interest rate front, the decoupling between the eurozone and the US was particularly striking in the fourth quarter of 2025. While the…
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Market commentary equities: 2025 between AI euphoria and valuation discipline
The stock market year 2025 will be remembered as another fascinating and exceptionally strong year for equities. It was a period in which economic robustness, technological euphoria, and a dose…
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