Allianz Research

Powering ahead:
Global Wealth Report 2025

Corporate credit: straddle or struggle?

The war in Ukraine has put pressure on European corporate margins. The conflict has sent (energy) commodity prices soaring, amplified existing supply-chain disruptions and increased uncertainty weighing on investment. 

The cost of the zero-Covid policy for China and the world

With provinces accounting for nearly a quarter of GDP under partial or full lockdown, the cost of China’s zero-Covid policy is climbing. We expect that omicron outbreaks in Q1 and April will have cost -0.4pp of GDP growth in 2022. 

200bps more - Will the Fed hike the economy into recession?

The flattening (and partially inverted) US yield curve is signaling rising recession fears. There are signs that a rapid hiking cycle could narrow the window for a “soft landing” as a slowing economy amid elevated energy prices makes a recession increasingly probable.