Volatile summer

The stock markets got off to a mostly positive start in August, carrying over the momentum from the previous month. Nevertheless, many market participants remained on the sidelines and watched developments on the inflation front with a wary eye. Rising inflation figures worldwide remained the dominant theme on the market, and the slightly lower-than-expected U.S. inflation figures were initially received favorably, with the associated hope of fewer interest rate hikes. In Europe, there were no signs of an easing of the situation in August either, which means that the pressure on the ECB and the Bank of England to turn the interest rate screw is growing. A clear signal for a more restrictive monetary policy then came from Fed Chairman Powell at the central bank symposium in Jackson Hole. Er bekräftigte seinen aktiven Kampf gegen die Inflation und stellte keine Kehrtwende in Aussicht. The expected interest rate steps until the end of the year will thus take place.

We continue to expect high volatility and remain defensively positioned overall. Our hedges protect us in the event of major upheavals.

But see for yourself: