TwentyFour

With no end in sight to the US-Israeli war with Iran, and tensions escalating once again over the weekend, investors are bracing for more volatility. Inflation fears have ramped up significantly, reflected clearly in government bond markets where rising yields show rate cuts being priced out and rate hikes increasingly being priced in.

Als Anleiheninvestoren konzentrieren wir uns darauf, wie sich der Schock auf die für Anleihen wichtigsten Faktoren auswirkt: Inflation, Wachstum und die Reaktionen der Zentralbanken.

As the US-Israeli military operation in Iran enters its fourth day, markets are continuing to react to rhetoric from both sides and attempting to gauge how long the conflict may last and what the impact will be on the local and global economies.

We have had an eventful few weeks of AI-driven volatility in markets, with markets seemingly swinging from “everyone’s a winner” to “everyone’s a loser” faster than technological progress itself.

Der Marktfokus hat sich in den letzten Wochen von den Ausgaben der Hyperscaler auf die Bedrohung verlagert, die KI für zahlreiche Software-as-a-Service-Unternehmen (SaaS) darstellen könnte.

Foreign exchange markets have taken centre stage again in recent weeks. President Trump’s apparent indifference to the relatively steep dollar depreciation trend of late has raised a few eyebrows and added fuel to the dollar fire.

2026 deutet sich bereits als weiteres volatiles Jahr für Geopolitik, Wirtschaft und Finanzmärkte an. Doch ein Bereich profitiert besonders von den aktuellen Rahmenbedingungen.

Recent developments involving Federal Reserve (Fed) Chair Jerome Powell have raised fresh questions around central bank independence, the politicisation of monetary policy, and the future of Fed leadership, particularly with his term as Chair due to expire in May 2026.

After a week that saw 10-year Japanese government bonds (JGBs) hit yields not seen since the late 1990’s (and record highs for 30-year and 40-year maturities), alongside one of the most interesting Davos conferences in years, which was held in the shadow of the latest push by President Trump to “acquire” Greenland, it is helpful to take stock of where this leaves the global geopolitical landscape and financial markets.

Das Portfolio-Management-Team von TwentyFour Asset Management analysiert, wie sich Sorgen um die Unabhängigkeit der Fed aktuell an den Märkten bemerkbar machen und wie Investoren ihre Portfolios auf erhöhte Volatilität ausrichten können.

With spreads well below long term averages and government bond curves pricing in what central banks are likely to do in the next few quarters, opportunities for capital gains through spread compression or sustained rallies in government bonds appear to be limited.

TwentyFour Asset Management’s Felicity Juckes shares her take on volatility in Q4 and why we remain optimistic on credit heading into 2026.