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Allianz Trade Global Survey 2023: Testing resilience

• In our 2023 Allianz Trade Global Survey, we decided to check the pulse of companies in seven countries – the US, the UK, Germany, France, Italy, Spain and Poland. Over three weeks to mid-April, we surveyed a sample of high-level executives in around 3,000 companies that have export activities and suppliers and production sites located in foreign countries. 

Earnings recession to catch up with corporates

All that glitters is not gold in the Q1 earnings season, with US earnings already in recession.

European commercial real estate – selectivity matters!

The commercial real estate sector is getting squeezed by tightening financing conditions but prime assets have remained resilient. After attracting considerable investment in the era of low interest rates, the sector is now battling a storm of cyclical headwinds.

Allianz Global Insurance Report 2023: Anchor in turbulent times

Total global insurance premium income amounted to almost EUR5.6trn in 2022. Life remains the largest segment (EUR2.6trn), ahead of p&c (EUR1.8trn) and health (EUR1.1trn). In 2022, the premium pool grew by EUR259bn or +4.9% – against the backdrop of a global inflation rate of 8.6%. 

G7 summit in Japan could trigger new protectionism phase

As the G7 gathers in Japan this weekend, the US is championing outbound investment curbs on potentially sensitive technologies or the outsourcing of critical production as the next step to de-risk supply chains and reduce dependence on China. 

Bank of England: First to hike, last to pause and pivot

As expected, the Bank of England increased interest rates by +25bps today, but it will have to contend with stickier-than-expected inflation ahead. 

The Chinese challenge to the European automotive industry

The shift to battery electric vehicles is a game changer for the European automotive industry. Alternative energy vehicle sales reached a record-breaking 4.4mn units in 2022, representing 47% of all new vehicle registrations in Europe.

European housing – home, (un)sweet home?

The rapid tightening of financing conditions increasingly weighs on the housing market. Credit demand has weakened, and consumer confidence is low.

No quick wins: more jobs but little productivity in the Eurozone

The crisis-related damage to labor markets has not been as bad as expected amid changing consumer preferences and spending behavior. Employment has increased by 2.3% relative to pre-crisis levels, especially in France and Spain.

Policy rate decisions: the end of the beginning or the beginning of the end?

Ahead of the next round of monetary policy meetings next week, continued banking sector stress raises the question of whether financial stability concerns might alter the policy rate path in the US and the Eurozone, allowing inflation to remain higher for longer.