Market outlook for Q3 2020. Despite opening measures regarding lock-downs, a V-shaped economic recovery is unlikely. Equity market performance is at odds with macro indicator performance. More details on our assessments in the new Aquila Viewpoint.

Market outlook for Q2 2020. Due to the outbreak of the COVID 19 coronavirus in all parts of the world and large-scale quarantine measures, we had to revise our growth forecasts sharply downwards. More details on our estimates in the new Aquila Viewpoint.

In the course of next year, we expect growth to stabilize tentatively. The ECB and the FED will maintain their balance sheet expansion programs. The FED is likely to keep further interest rate cuts open as an option next year.

The downturn continues. As expected by consensus, the ECB and the FED further eased their monetary policy in September.

The global economy has lost further momentum. How do you think monetary policy will react?

How is the slight cooling of the global economy affecting monetary policy and the markets?

How is the global economy developing and what is the situation with interest rates in 2019?

For 2018, we expect global economic growth of 3.5%. In 2019, we expect growth to cool slightly. The exporting nations are suffering from the protectionist measures of the US government.