Monthly House View
05.11.20251 min
Macroeconomics & investment strategy
The economic data from October has been clouded more by noise than by any real underlying trend.
In the United States, temporary distortions caused by the government shutdown have obscured otherwise robust consumption trends. In Germany, the weakness in industrial production is more attributable to August holiday breaks than to a slowdown in demand. In China, headlines surrounding the trade war appear to be more theatrical than reflective of economic reality. In this environment of resilient growth, we maintain a constructive outlook on risk assets, particularly US and emerging market equities.
