Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

France: Turn the music off to hear the bells tolling

After an election campaign dominated by the topics of dwindling purchasing power and surging energy prices, it is now time for an economic reality check in France. The first 100 days of Macron’s second term need to establish a roadmap to tackle three issues in urgent need of reforms.  

Forget earnings yield, embrace “expected” capital gains?

Movements in interest rates alone cannot explain fluctuations in the earnings yield. We find that two variables – the long-term risk-free interest rate and, more surprisingly, the “expected” rate of capital gains (proxied by a weighted average of past equity returns) – explain the cyclically adjusted earnings yield of U.S. equities (S&P 500), which has dropped to a record low.

Allianz Trade Global Survey 2022

How is the current international environment affecting exporters and their willingness to trade? Allianz Trade, the world leader in trade credit insurance, decided to check the pulse of companies in the United States, China, the United Kingdom, France, Italy and Germany. Two surveys were carried out – one before the start of the invasion of Ukraine and one after, involving nearly 3,000 corporates.