Allianz Research

Allianz Global Wealth Report 2024:
Surprising relief

ECB Strategy Review: Easy does it!

Today’s ECB meeting was uneventful when it comes to the short-term monetary policy outlook as all policy rates remained unchanged.

U.S.. energy: Black not gold

The U.S. energy sector, particularly shale oil, is highly leveraged, with an averge gearing close to 200% and net debt to Ebitda ratio of 2.8x for our independent/shale basket of quoted companies.

Retail in the U.S.: Towards destructive destruction

At first glance, the U.S. retail industry is the typical case of what the Austrian economist Joseph Schumpeter called “creative destruction”, in which new entrants capture growth or create new markets altogether at the expense of established companies.