Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

European Corporates: Cash-rich sectors get richer

The Covid-19 crisis has pushed up cash concentration among European non-financial corporates: overall, NFCs now hold cash reserves equivalent to three months of turnover, more than half a month higher than pre-crisis averages, and it is the richest sectors and companies that have become even richer. 

Demystifying the four horsemen of the inflation apocalypse

Will Covid-19 be the inflation game-changer in 2021? We are firmly in the “reflation” not “inflation” camp: expect a temporary inflation overshoot in the coming months, rather than consumer prices galloping out of control. 

Taper Tantrum in 2021-22: Beware of the TUCKANS

The Fed will start to normalize its monetary rather sooner than later. With the recent USD1.9trn fiscal stimulus package and a new USD2.3trn infrastructure program (our estimate of what could represent the amount of the Build Back Better program), US GDP growth is likely to reach +6.1% in 2021 and +4.1% in 2022.