Our view on the markets – the Monthly Market Monitor

Our experts constantly monitor and evaluate developments in the economy and the financial markets. Every month you can find insightful commentaries, in-depth analyses and forecasts on the economic situation in our Monthly Market Monitor.

Now hot from the press: the December issue. And here are some of the topics that we discuss in our latest Monthly Market Monitor:


After Delta, now Omicron

For the second year in a row, the pre-Christmas season is being overshadowed by an acute wave of COVID-19 contagion. In the midst of this fourth wave, the Delta variant has rendered a renewed tightening of containment measures ranging from contact restrictions to even compulsory vaccination (in some places) necessary, particularly in those countries of central and eastern Europe with low vaccination rates. The new Omicron variant is causing additional uncertainties that will take some time to unravel in the weeks ahead. But there are also some medical rays of hope for 2022.

Year-end rally canceled?

Everything was going “according to plan” for equity investors until shortly before Thanksgiving – the anticipated year-end rally was in full swing. But the new Omicron variant spoiled the festive mood, causing a huge spike in volatility and dragging down stock prices. Higher volatility could become a fixture on equity markets in 2022. In any case, a number of divergences and narrow market breadth are clear warning signs at the moment. We explain how an investor should position him or herself for the new year in the Asset Allocation section of this publication.

Inflation is near its zenith

Inflation climbed to 4.9% in the Eurozone and to 5.2% in Germany in November. In the USA, meanwhile, a “6” was in front of the decimal point at last look. The European Central Bank recently saw itself compelled to issue reassuring statements. We, in fact, by now probably are near inflation’s zenith. The US Federal Reserve nonetheless may soon announce an acceleration of tapering. 

Outlook for 2022

Advent season is always also a time for venturing a look ahead to the new year. The predictions that come from peering into the crystal ball often get overtaken by reality faster than one likes, particularly in the midst of a worldwide pandemic. Nevertheless, at the end of the year it’s helpful for an investor to have a rough roadmap in hand for the quarters ahead. We outline the key macroeconomic themes for 2022 and forecast an outlook for asset classes. 

Ask the experts

What did the world climate conference in Glasgow accomplish? What do the upheavals in Chinese politics mean? Should I buy gold even though it doesn’t pay interest? These and other questions are on the minds of our clients (and the financial markets). You’ll find our answers to them in our quarterly Q&A.


You would like to find out more? This way to the December issue.


Investment News


In a time of global change, you have to be very well informed if you want to be on the right side. Our investment experts provide you with regular updates about significant events and trends.

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