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So far, 2025 has been a strong year for equity markets, despite headwinds from rising trade tensions and geopolitical risks. Nevertheless, the rally in gold and the sharp decline of the US dollar suggest that investors remain cautious about risk exposure. As focus shifts toward 2026, optimism in Europe is growing, supported by a cyclical recovery, an accommodative monetary policy, and increasing fiscal stimulus—particularly from Germany. These factors should temporarily narrow the growth gap with the United States, paving the way for stronger performance by European equities. This is the view of Christoph Berger, CIO Equity Europe at Allianz Global Investors.
Strong performance in equity markets
Equity markets have delivered...
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