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Articles by Oddo Bhf Se
Focus sui mercati emergenti - Dove la crescita incontra l’innovazione
I mercati emergenti sono spesso associati a volatilità, incertezza politica e rischio valutario. Tuttavia, per gli investitori di lungo periodo possono rappresentare anche una fonte di crescita, innovazione e diversificazione globale, grazie all’esposizione a economie le cui prospettive di crescita, in alcuni casi, rimangono superiori a quelle delle economie sviluppate. L’asset class non costituisce più semplicemente un’allocazione di nicchia.
The US labour market: the economy’s Achilles’ heel
By Jan Viebig, Chief Investment Officer, ODDO BHF SE. American stock markets seem to be in a good mood again. But things are not as good as they appear. The US has many highly dynamic sectors and regions, alongside some that are far weaker. Commentators have increasingly been quoting the phrase “Markets are climbing a wall of worry” to describes a situation in which markets continue to rise despite mounting concerns. The labour market is one such cause for worry.
The US labour market: the economy’s Achilles’ heel
By Jan Viebig, Chief Investment Officer, ODDO BHF SE. American stock markets seem to be in a good mood again. But things are not as good as they appear. The US has many highly dynamic sectors and regions, alongside some that are far weaker. Commentators have increasingly been quoting the phrase “Markets are climbing a wall of worry” to describes a situation in which markets continue to rise despite mounting concerns. The labour market is one such cause for worry.
Why German equities are currently outperforming French equities
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. "The reporting period for the second quarter is beginning. We are maintaining our high weighting in European equities." Three surprises are currently shaping the European equity markets: 1) the rise of the DAX so far this year, 2) which stocks and sectors have driven the upturn on the German stock market to date, and 3) the significant performance gap between the German and French stock markets.
Why German equities are currently outperforming French equities
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. “The reporting period for the second quarter is beginning. We are maintaining our high weighting in European equities.” Three surprises are currently shaping the European equity markets: 1) the rise of the DAX so far this year, 2) which stocks and sectors have driven the upturn on the German stock market to date, and 3) the significant performance gap between the German and French stock markets.
Why German equities are currently outperforming French equities
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. “The reporting period for the second quarter is beginning. We are maintaining our high weighting in European equities.” Three surprises are currently shaping the European equity markets: 1) the rise of the DAX so far this year, 2) which stocks and sectors have driven the upturn on the German stock market to date, and 3) the significant performance gap between the German and French stock markets.
American economic policy at a dangerous turning point
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. The legislative package that US President Donald Trump pushed through at the end of last week, despite resistance even among Republicans, poses incalculable risks for American economic policy. Using the omnibus procedure, Trump pushed various measures through the legislative process under the name “One Big Beautiful Bill Act” (OBBBA), comprising thousands of pages of detailed regulations.
American economic policy at a dangerous turning point
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. The legislative package that US President Donald Trump pushed through at the end of last week, despite resistance even among Republicans, poses incalculable risks for American economic policy. Using the omnibus procedure, Trump pushed various measures through the legislative process under the name “One Big Beautiful Bill Act” (OBBBA), comprising thousands of pages of detailed regulations.
Why exchange rates play a secondary role in our investment policy
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. Lately, the US dollar has suffered significant losses. At the start of 2025, markets rewarded the perceived strength of the US economy by hitting new all-time highs. At the same time, the dollar soared to its highest level in 27 months. But the euphoria dissipated soon after Donald Trump took office. On the one hand, the new administration’s trade policy poses significant risks for the US economy.
U.S. debt problems offer opportunities for Europe
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. Against the backdrop of Trump’s economic policy, it will become increasingly difficult for the US to finance its government spending. International investors are noticeably more cautious about buying US government bonds – at a time when the US government’s financing requirements are reaching new heights. This poses a particular challenge for global markets, especially for the US government bond market.
U.S. debt problems offer opportunities for Europe
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. Against the backdrop of Trump’s economic policy, it will become increasingly difficult for the US to finance its government spending. International investors are noticeably more cautious about buying US government bonds – at a time when the US government’s financing requirements are reaching new heights. This poses a particular challenge for global markets, especially for the US government bond market.
AI investments demand tolerance for high volatility
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. You need strong nerves to invest in tech stocks. The American semiconductor producer Nvidia illustrates why. Last week, the company announced a 69% boost in revenue to USD 44.1 billion in the first quarter of 2025 and an increase in profit of 25% to nearly USD 18.8 billion, despite US trade policy challenges. Markets responded enthusiastically.
Engaging selectively in equity markets
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. The magnitude of the tariff increases announced by President Trump on 2 April 2025 came as a nasty surprise. Market participants expected tariffs on goods imported to the US to be hiked from just under 3% to around 11% on average. Following Trump's speech, it became clear that they would soar to 23%. Trump claims – falsely – that higher tariffs will generate revenue for the US and that exporting countries will foot the bill.
Engaging selectively in equity markets
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. The magnitude of the tariff increases announced by President Trump on 2 April 2025 came as a nasty surprise. Market participants expected tariffs on goods imported to the US to be hiked from just under 3% to around 11% on average. Following Trump’s speech, it became clear that they would soar to 23%. Trump claims – falsely – that higher tariffs will generate revenue for the US and that exporting countries will foot the bill.
Engaging selectively in equity markets
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. The magnitude of the tariff increases announced by President Trump on 2 April 2025 came as a nasty surprise. Market participants expected tariffs on goods imported to the US to be hiked from just under 3% to around 11% on average. Following Trump’s speech, it became clear that they would soar to 23%. Trump claims – falsely – that higher tariffs will generate revenue for the US and that exporting countries will foot the bill.
Prospect of a stable German government is good news for the German stock market
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. After the German election on 23 February 2025, a coalition government between the CDU/CSU and the SPD is emerging. It would be the fifth black-red coalition in the history of the Federal Republic after 1966 to 1969, 2005 to 2009, 2013 to 2018 and 2018 to 2021. In our opinion, the German economy needs a German government that will be able to tackle the economic challenges decisively.
Prospect of a stable German government is good news for the German stock market
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. After the German election on 23 February 2025, a coalition government between the CDU/CSU and the SPD is emerging. It would be the fifth black-red coalition in the history of the Federal Republic after 1966 to 1969, 2005 to 2009, 2013 to 2018 and 2018 to 2021. In our opinion, the German economy needs a German government that will be able to tackle the economic challenges decisively.
Prospect of a stable German government is good news for the German stock market
By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. After the German election on 23 February 2025, a coalition government between the CDU/CSU and the SPD is emerging. It would be the fifth black-red coalition in the history of the Federal Republic after 1966 to 1969, 2005 to 2009, 2013 to 2018 and 2018 to 2021. In our opinion, the German economy needs a German government that will be able to tackle the economic challenges decisively.
US Trade Policy: Stormy weather ahead for Europe
By Prof. Rd. Jan Viebig, Chief Investment Officer, ODDO BHF SE Those who expected that Donald Trump’s first policy move would be to cut taxes were wrong. On 1 February, the White House opened fire with trade policy, introducing a first raft of measures raising import tariffs on goods from Canada, Mexico and China, to 25% for its immediate neighbours to the north and south (but 10% on Canadian energy raw materials), and by an extra 10% on goods from China.
US Trade Policy: Stormy weather ahead for Europe
By Prof. Rd. Jan Viebig, Chief Investment Officer, ODDO BHF SE Those who expected that Donald Trump’s first policy move would be to cut taxes were wrong. On 1 February, the White House opened fire with trade policy, introducing a first raft of measures raising import tariffs on goods from Canada, Mexico and China, to 25% for its immediate neighbours to the north and south (but 10% on Canadian energy raw materials), and by an extra 10% on goods from China.
US Trade Policy: Stormy weather ahead for Europe
By Prof. Rd. Jan Viebig, Chief Investment Officer, ODDO BHF SE Those who expected that Donald Trump’s first policy move would be to cut taxes were wrong. On 1 February, the White House opened fire with trade policy, introducing a first raft of measures raising import tariffs on goods from Canada, Mexico and China, to 25% for its immediate neighbours to the north and south (but 10% on Canadian energy raw materials), and by an extra 10% on goods from China.
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