Allianz Research

Allianz Global Wealth Report 2023:
The next chapter

2022 was a turning point, both politically and economically. Whether it also marked a turning point for financial assets will certainly only become clear in retrospect. 

Five things that could derail the ECB

At its meeting this week, the ECB is set to stay stable in turbulent times. Despite the stormy news flow,  the ECB is in a sweet spot in economic terms, confirming our longer-run outlook of policy rates on hold at 2%, a level the ECB views as broadly neutral.

A new decade high for major insolvencies driven by services, retail and construction

Business insolvencies ended 2025 with an upside trend in most countries, despite already high levels. The first final data available for 2025 confirm our expectations of a +6% increase in global business insolvencies, with Western Europe (+6%) remaining a key contributor to the global trend, several Asian countries posting double-digit rises (five out of nine) and most advanced economies noticeably exceeding pre-pandemic numbers.

From Japan with love: New policy stance creates both market opportunities and liquidity risks

The major sell-off on the long end of the Japanese sovereign yield curve is not a “Truss moment” but signals a bumpy final stage of Japan’s monetary normalization.