Market Outlook | 4th Quarter 2020

Market outlook for the fourth quarter of 2020. We expect the world economy to contract some 4.5% in 2020 but forecast the recovery will produce 3.5% growth in 2021. Right now, the global economic recovery is losing some momentum be-cause Covid-19 infections are rising again. The economic effects of the Covid-19 pandemic have forced practically all central banks to push their policy interest rates close to zero. These central banks are now following the path already taken by the ECB and the Bank of Japan. More details on our assessments in the new Aquila Viewpoints.

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Market Outlook | 3rd Quarter 2020

Market outlook for the third quarter of 2020. Despite opening measures regarding lock-downs, a V-shaped economic recovery is unlikely. The development on the stock markets contradicts the development of the macro indicators. More details on our assessments in the new Aquila Viewpoint.

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Market Outlook | 2nd Quarter 2020

Market outlook for the second quarter of 2020. With the coronavirus now affecting all parts of the world and widespread quarantine restrictions we have substantially cut our estimates for economic activity this year. More details on our assessments in the new Aquila Viewpoint.

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Market Outlook | 1st Quarter 2020

Market outlook for the 1st quarter of 2020. Over the next year we expect tentative growth stabilization. The ECB and the FED will maintain their balance sheet expansion programs. The FED is likely to keep further rate cuts open as an option next year.

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Market Outlook | 4th Quarter 2019

Market outlook for the fourthquarter of 2019. The downturn continues. As expected, the ECB and the Fed further eased their monetary policy in September.

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Market Outlook| 3d Quarter 2019

Market outlook for the third quarter of 2019. The global economy has continued to lose momentum. How will monetary policy react?

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