Monthly report Juli 2024

The stock markets presented themselves inconsistently in July. While most European markets recorded slight gains, the US technology markets in particular lost ground. As expected, the ECB decided against a further interest rate cut at its meeting in July and will see this confirmed by the slight rise in consumer prices published at the end of the month. The US Federal Reserve Bank also saw no reason to change the current key interest rates. Financial market participants now expect the turnaround in interest rates to be heralded by an initial cut in September.

Looking at the seasonal, historical pattern, there was an increase in volatility, particularly over the summer months, which would certainly have a negative impact in the current environment. We therefore remain loyal to our hedging measures in order to be able to manage the risks accordingly.