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Oct 22, 2018

LGT Navigator: Italy remains on confrontation course

There is growing concern on the capital markets that the conflict between Italy and the EU could escalate into a new debt crisis after Brussels warned the government in Rome in writing to comply with the budget targets. Italy has to answer until today. If Rome does not change its draft budget, the EU Commission could reject it as of 29 October. Concerns about Italy's public finances were particularly felt on the bond market, where risk premiums for Italian government bonds climbed to a six-year high.

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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Oct 19, 2018

LGT Navigator: Interest rates and Italy dominate market sentiment

Wall Street closed with losses, burdened by concerns about interest rates and growth, and Asian stock markets followed the negative trend. While the US corporate reporting season is in focus, latest US economic data confirmed the strong state of the US economy and fed concerns about rapidly rising interest rates with the Fed minutes published the previous evening. On Europe's stock markets, concerns about Italy's financial situation dampened sentiment on the floor yesterday.

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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Oct 18, 2018

LGT Navigator: Fed protocol reinforces interest rate concerns

On Wall Street and Asia, stock markets were dominated above all by persistent interest rate concerns. The FOMC minutes seem to have strengthened investors' concerns about interest rates. The agreement within the Fed's monetary policy council seems to show a clear tendency towards further interest rate hikes. A fourth interest rate hike in the current year is now being priced into the interest rate futures market for December with a probability of 81.4% compared with 78.5% the previous day.

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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Oct 4, 2018

LGT Investorama: Active versus passive? It depends on the mix!

The financial industry has long pondered the question of whether active or passive investing is better for a portfolio. It is hotly disputed which strategy is superior. Which is why the focus of the debate should be on the question of how an investor best combines the two philosophies across an investment cycle.

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