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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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Market commentary equities: NVIDIA and the concentration on the stock markets
While technology stocks were already the main drivers of positive stock markets in the years of the pandemic, this trend has intensified again in 2023 due to expectations of future…
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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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Did Factor Investing Continue to Diversify in 2022?
Background – Quoniam’s research findings In our recent publication “Diversifying credit portfolios with factor investing”, we showed the diversifying effect of credit factor investing in a broad IG credit allocation.…
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Credit factor performance 2024: Carry investors thrive as momentum and value trail
How did credit spreads develop in 2024? 2024 was another positive year for corporate bonds. While the economic development in the US was uncertain for a long time, it turned…
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White-Paper_LowVol-EM-Story
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Market commentary bonds: Falling interest rates - reality or wishful thinking?
What happened in the bond markets in the fourth quarter of 2023? The fourth quarter of 2023 was marked by a noticeable decline in inflation rates, which has now spread…
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Market commentary equities: Markets buoyed despite high valuations and inflation concerns – central banks' next moves awaited
Equity markets had a strong positive first quarter in 2023. The MSCI World, MSCI Europe and MSCI EM gained 5.83%, 8.61%, and 2.12% respectively (all in EUR terms). The rally…
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Market commentary bonds: Have credit events ended the central bank rate hike cycle?
Current macro environment The year 2023 began on the macro side in a friendly manner regarding inflation, growth and the labour market. The USA in particular initially proved to be…
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Can government bonds plus index CDS replace a credit allocation?
Concept and arguments Recently, investment approaches have become more widespread that replace an allocation to investment grade (IG) corporate bonds with government bonds plus index CDS. In this case, the…
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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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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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