Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

Back to School: When the tech bubble hisses

A back-to-school tech-led sell-off. As if markets wanted to remind everyone the risks of interpreting stock market movements, major U.S. equity indices had a hard day on 03 September: the S&P 500 fell by 3.51%, the NASDAQ by 4.96% and the NASDAQ 100 by 5.23% over the day. Through this correction, markets have rekindled a long-standing question about the nature of the rally that resumed in March: Is it a bubble or not?

 

 

Quantative Easing in Emerging Markets: Playing with fire?

The Covid-19 pandemic marked a turning point for ‘unconventional’ monetary policies in Emerging Markets (EMs), several of which embarked on government bond purchase programs to address market dislocations and ease monetary conditions in the short run.

 

ECB: Talking the Talk, Before Walking the Walk in December

The spreads have been closed but the ECB’s job is nowhere near done yet: Tomorrow’s policy meeting will be all about cues for the ECB’s game plan to tackle mounting deflation risks and a strong euro in the context of an uncertain economic recovery. As if the ECB did not already have enough on its plate with the unprecedented Covid-19-related growth shock, which led to the announcement of additional asset purchases to the tune of EUR1,350bn, it will now need to decide how to deal with two additional headaches to its growing list of worries.