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FINANCIAL MARKETS WEEKLY - Bad mood continued

FINANCIAL MARKETS WEEKLY - Bad mood continued

Global stock markets fell by 12 % last week. Since the beginning of March they are lower by 23 % and since the beginning of the year even by 30 %. Of course, there is nothing else to blame but the massive spread of the global pandemic COVID19, at the moment mainly in Europe...

CHART OF THE WEEK - Global stock markets cheapened

CHART OF THE WEEK - Global stock markets cheapened

Our major propriety composite valuation indicator was at the level of +13 % at the end of 2019 which indicated to us that global stocks markets were a bit overvalued. However due to massive sell-off from the last week, the biggest since the global financial crisis in 2008...

CHART OF THE WEEK - US equities are strongly overvalued

CHART OF THE WEEK - US equities are strongly overvalued

Trend of the past years when US equities have showed significantly better performance should in our view gradually reverse (mean-reversion). And this primarily due to valuation reasons. We are of the view that US equities are tremendously overvalued. The following table...

CHART OF THE WEEK - Financial repression

CHART OF THE WEEK - Financial repression

The term financial repression describes a situation in which we have been on financial markets recently. It regards negative interest rates, respectively negative yields to maturity on government bonds and exceptionally also corporate bonds, especially in the Eurozone.