1. Research
  2. Global Search
622 (71-80)
February 12, 2019
Region:
Analyst:
Robo-advice is a new breed in asset management. Robos’ assets under management have been growing quickly in Germany. However, the market is increasingly becoming concentrated and competitive. Robo portfolios have shown relatively robust performance recently. Yet the high costs of robo-advice in Germany are a drag on returns and may alienate potential customers. Current clients, meanwhile, are mostly middle-age, higher-income men rather than millennials. [more]
February 5, 2019
Region:
Given much weaker than expected January business surveys and in particular the slump in their more forward-looking components we are now expecting the German economy to contract again in Q1 2019. Due to the yet unknown Q4 GDP outcome and its contradictory signals we currently refrain from formally revising our 1% GDP forecast lower again, but are expecting to shave off several tenths of a percentage point come February 22nd, unless the Statistical Offices Q4 GDP breakdown – and the new monthly data available by then – provide us with substantial positive surprises. While a technical recession might be avoided by a hair’s breadth with a positive Q4 number, the development of several key cyclical indicators is telling us that the German economy is drifting towards recession right now. [more]
February 4, 2019
Jim Reid, Global Head of Fundamental Credit Strategy and Thematic Research, explores how unique events, waves of populism and social unrest have often occurred through history. As far back as the French Revolution, such episodes were regularly associated with economic crisis, concerns over national identity, and fundamental dissatisfaction at the governing class. [more]
January 30, 2019
Region:
Analyst:
During the current cyclical upswing, which started in 2010, German manufacturing companies have increased their real gross capital expenditure by just above 3% p.a. In 2017, the industry accounted for 51% of total other capital spending (intellectual property) in Germany. This shows that manufacturing is the most important driver of research and development and thus of technical progress. The automotive and the pharmaceutical industries stand out from other sectors. The capital stock in energy-intensive industries has been shrinking for years now – a trend that gives cause for concern. While the German manufacturing industry is faced with long-term challenges, we believe that it is nevertheless sufficiently adaptable to remain competitive on a global scale. [more]
January 29, 2019
Region:
Analyst:
Dropping for the third consecutive year in 2018, nominal German exports to the UK were down by over 7% compared with 2015, the year preceding the Brexit referendum. The depreciation of the pound sterling and economic uncertainty in the UK were the key drivers behind the downturn. On the sectoral level, the pharmaceutical industry suffered the sharpest declines. In this sector, German exports to the UK look set to have nose-dived by more than 40% between 2015 and 2018, whereas auto exports to the UK plunged by over 20% in the same period. [more]
January 17, 2019
Many investors think of themselves as apolitical, however, recent market turbulence has reinforced just how much politics can affect business and finance. This issue of Konzept offers incisive opinion on some pressing political issues, including the trade war between China and the US, next year’s US presidential election, European populism, technology regulation, Brexit, and more. We also examine how the latest developments in artificial intelligence and machine learning are helping investors forecast the market impact of political events. [more]
2.1.7