Monthly Market Monitor
October 2021
Table of contents
Macro Radar In a Nutshell
Taking the pulse of economic activity
Our view on the markets
06
04
Satellite View Geopolitical heat map
Asset Allocation Notes from the Investment Committee
07
08 The Back Page Asset classes & agenda
ESG: Sustainability corner Greenwashing via carbon offsetting?
Theme in Focus
12
The coalition poker game can begin
11 10 Kaiser Partner Privatbank AG | Monthly Market Monitor - October 2021
3
In a Nutshell
Our view on the markets
Deferred, but not cancelled There is definitely no shortage of risks facing the economy as fall gets underway. The list includes the COVID-19 Delta wave, clogged supply chains, rising energy prices, political intrigue in Washington, D.C., and – last but not least – the “Evergrande case” in China. But despite the autumnal risks, we anticipate “only” a hiccup in global economic activity that will see growth slow in the fourth quarter of 2021 and then accelerate in compensation for that in the first half of 2022. Peak liquidity The US Federal Reserve looks set to start dialing back its ultra-accommodative monetary policy before this year is over. Fed Chairman Jerome Powell in September gave clear indications that tapering will probably begin in November or in December at the latest. So, the Fed is not only supplying a template for other central banks to follow to likewise slowly tighten monetary conditions, but is also sending a signal to investors that the global glut of money is near its apex (peak liquidity). Inevitable correction Autumn is here, and equity markets are following their typical seasonal pattern: they are becoming more volatile, with occasional stronger downward moves. We consider the setback over the past several weeks an overdue and welcome consolidation that was already
Chart of the Month An inexorable bankruptcy | No bailout this time Stock price of Evergrande Real Estate Group (in Hong Kong dollars)
Sources: Bloomberg, Kaiser Partner Privatbank 4
Monthly Market Monitor - October 2021 | Kaiser Partner Privatbank AG
being foreshadowed in recent months by various technical indicators. Although the correction may extend a bit further in the near future in terms of prices and its duration, we remain bullish on the general stock-market trend in the medium term. The coalition poker game can begin Germany has voted – with a tight election outcome, as expected. Since the poor performance by the Left Party caused the “risk” of a “red-green-red” government emerging to vanish into thin air, the financial markets have already been able to breathe a bit easier. It now probably will take several weeks (and hopefully not many months like last time) to form a new government. In any event, from a political point of view, a suspenseful autumn of negotiations is shaping up that needs to be watched closely and critically also from an investor’s perspective. Greenwashing via carbon offsetting? A multimillion-dollar market has arisen in recent years around the concept of carbon offsetting, but the principle behind it has its shortcomings and pitfalls. The carbon offset approach needs to be greatly improved in order to make a quantifiable contribution to combating climate change. But if done right, carbon offsetting could steer needed money to heretofore underfunded climate protection solutions.
The “Evergrande case” was long merely a local problem that only mattered to financial centers in China and Hong Kong. But Evergrande overstepped “three red lines” – financial engineering regulations aimed at cooling down China’s real estate market – back in April, and its stock price had been in a tailspin for months. The “bankruptcy in slow motion” then entered its final stage in September. Since the company was unable to service its near-term interest obligations, the prices of Evergrande’s stock and bonds outstanding plunged further into the cellar. In addition, panic spilled over to other Chinese property developers (and briefly also to Western equity markets). But this time the government chose not to arrange a quick bailout on the reasoning that home ownership should be a “social good” and not a speculative asset. We believe that Beijing wants to set a warning example this time, but won’t risk dragging the economy to a hard landing.
Kaiser Partner Privatbank AG | Monthly Market Monitor - October 2021
5
Macro Radar
Taking the pulse of economic activity
The US Federal Reserve is getting more and more specific about tapering, which everyone expects to commence one of these days, and looks set to start reducing its bond purchases in the fourth quarter. Meanwhile, the global economic recovery has hit a speed bump. But deferred growth isn’t canceled growth…
Autumnal risks After a period of vibrant growth over the last six months, the global economic recovery has slowed a bit at the moment. Headwinds are blowing from a number of different directions: (1) The COVID-19 Delta wave is stirring new unease. (2) The clogging of global supply chains appears likely to persist well into 2022 and harbors upside risks to inflation. (3) Sharply rising energy prices are another brake pad. And (4) we soon expect to see elevated fiscal uncertainty in the USA because the federal debt ceiling must be renegotiated in October (otherwise a default looms) and the next multibillion-dollar spending package is likely to face hard bargaining. But despite the autumnal risks, we anticipate “only” a hiccup in economic activity that will see growth slow in the fourth quarter of 2021 and then accelerate in compensation for that in the first half of 2022. Tapering imminent US Federal Reserve Chairman Jerome Powell delivered his promised “advance notice” at the Fed’s policy meeting in September. This means that the Fed looks set to start reducing its multibillion-dollar monthly bond purchases probably in November or in December at the latest. Comments by Powell indicate that the Federal Open Market Committee expects to end the tapering process sometime toward mid-2022. Although the end of cheap money is thus still a relatively long way off, a majority of Fed officials now expect to see three quarter-point interest-rate hikes in 2023 (up from two previously). So, the Fed is not only supplying a template for other central banks to follow to likewise slowly tighten monetary
The frontrunner for once | Greece achieves a turnaround Evolution of real economic growth (indexed to Q4 2019 (pre-COVID-19))
conditions, but is also sending a signal to investors that the global glut of money is near its apex (peak liquidity). China’s real estate problem China’s real estate market had long been vulnerable to a correction, but this year the government is taking the gloves off to drain some air out of the overinflated (and overindebted) sector. This is a delicate balancing act, though, given the enormous size of China’s real estate sector (which accounts for around 30% of the country’s gross domestic product). So, in our baseline scenario, Beijing will strive to effectuate a “managed” unwinding of property developer Evergrande. Although some creditors are bound to incur losses, a solution will likely be found for members of the public affected. Nevertheless, one can expect to see a further slowdown in China’s real estate sector and adverse effects on consumer sentiment. China therefore could continue to exert a drag on global economic activity in the months ahead. Consensus estimates 2020
2021
2022
Switzerland
-3.2
3.5
3.0
Eurozone
-6.8
5.0
4.3
UK
-9.9
6.9
5.3
USA
-3.5
5.9
4.1
2.3
8.3
5.5
-0.7
0.5
0.6
0.3
2.2
1.6
GDP growth (in %)
China Inflation (in %) Switzerland Eurozone UK
0.9
2.2
2.6
USA
1.3
4.3
3.0
China
2.5
1.2
2.3
Kaiser Partner Privatbank interest rates view Last
3M
12M
Key interest rates (in %) Switzerland
-0.75
→
→
Eurozone
-0.50
→
→
UK
0.10
→
↗
USA
0.25
→
→
China
2.95
↘
↘
Switzerland
-0.18
→
↗
Eurozone
-0.21
→
↗
UK
1.03
→
↗
USA
1.49
→
↗
China
2.88
→
→
10-year yields (in %)
Sources: Bloomberg, Kaiser Partner Privatbank 6
Monthly Market Monitor - October 2021 | Kaiser Partner Privatbank AG
Sources: Bloomberg, Kaiser Partner Privatbank
Satellite View Geopolitical heat map
US debt ceiling US Treasury Secretary Janet Yellen has set the doomsday clock for October 18, the date when the Treasury Department will run out of cash (and accounting tricks) to meet its payment obligations. It presumably will still have a few weeks of leeway even after that date, but if the US Congress doesn’t raise the federal government’s statutory debt ceiling in a timely manner, a default on liabilities and a downgrade of the USA’s credit rating loom. Although we see more than a zero probability of that coming to pass, the Democrats’ (slim) control of the US Congress gives them the power to avert a default. So, the likeliest scenario is a last-minute suspension of the debt ceiling at the end of October or in early November. The financial markets, in the meantime, could stay volatile until a “solution” is found. The Iran threat Iran and its atomic ambitions are a risk that market participants are currently tending to underrate. Since US President Joe Biden failed to promptly restore the
2015 nuclear accord after taking office, the risk of a crisis and attendant adverse impacts on the price of oil has increased considerably because Iran may already possess enough highly enriched uranium by November or December to build atomic weapons. Washington thus far has focused on using diplomacy and has eschewed issuing a credible ultimatum (of war) that would halt Iran’s nuclear progress. Even Israel now supports a nuclear deal with Iran, but in the absence of one advocates for a global coalition (to impose sanctions) or a military option as a last resort. But given the USA’s poor relations with China and Russia, it’s extremely doubtful that the Americans would be capable of assembling an effective global coalition. So, the USA and Israel will probably continue to rely on sabotage and cyberattacks for the time being to slow Iran’s progress in developing atomic warheads and missiles. However, the “nuclear threat” would continue to escalate under this scenario. In any case, the financial markets would hardly be prepared for the next crisis in the Middle East.
Geopolitical developments do not stop at the gates of the financial markets. On the contrary, they have become an increasingly important influencing variable in recent years. Our Satellite View takes a look at the major hotspots at the moment.
Kaiser Partner Privatbank AG | Monthly Market Monitor - October 2021
7
Asset Allocation
Notes from the Investment Committee
Clocklike as autumn gets underway, it’s beginning to rumble on the equity markets, at least a little. But anything beyond a slightly more extended consolidation is unlikely at the moment.
Asset Allocation Monitor -
+
-
Cash
Equities
Fixed Income
Global
Sovereign bonds
Switzerland
Corporate bonds
Europe
Microfinance
UK
Inflation-linked bonds
USA
High-yield bonds Emerging-market bonds
+
Emerging markets 09/2021
Alternative Assets
Insurance-linked bonds
Gold
Convertible bonds
Real estate
Duration
Hedge funds
Currencies
Structured products
US dollar
Private equity
09/2021
Swiss franc Euro British pound
Equities: It’s that time of year again… Scorecard • Autumn is here, and equity markets are following + their typical seasonal pattern: they are becoming Macro more volatile, with occasional stronger downward Monetary/fiscal policy moves. But with drawdowns ranging between 6% Corporate earnings for the S&P 500 and 8% for the Swiss Market Index, Valuation the losses from the recent peaks have been “noth- Trend 09/2021 ing to worry about” thus far. On the contrary, the Investor sentiment setback in recent weeks seems an overdue and welcome consolidation that was already being foreshadowed in recent months by various technical in- Fixed income: Fine-tuning in the emerging-market dicators such as narrow market breadth. Although bond space the correction may extend a bit further in the near • Owners of bonds issued by Chinese real estate defuture in terms of prices and its duration, we remain velopers have suffered severe price drawdowns in bullish on the general stock-market trend in the merecent weeks. Those interest-bearing securities, dium term against the backdrop of above-average which are already rated “junk” due to their poor economic growth, solid corporate earnings, contincredit standings, have recently been intermittently ued monetary policy accommodation and, last but trading at less than 20% of their nominal value. The not least, supportive stock buyback programs. “Evergrande case” illustrates that yield pickup on the • With regard to picking individual stocks to invest in, bond market is indeed associated with higher risk we are sticking with a balanced strategy, which has and that there is seldom a free lunch on the finanalready stood the test multiple times this year. This cial markets. But the damage inflicted on foreign inmeans that shares of dividend-paying companies vestors by the Evergrande incident looks set to stay with sustainable business models and sound balwithin reasonable limits. Only USD 20 billion of the ance sheets (quality bias) belong in our equity mix, more than USD 300 billion of debt that Evergrande as do (defensive) growth stocks and selective expohas amassed is held by foreigners. Even if the govsure to cyclical stocks. In the wake of the sector and ernment of China initially continues to pursue efstock rotation in recent weeks, cyclicals may embark forts to deleverage the country’s real estate sector, on a new upward run in the near future on expectait will probably try to avert adverse side effects for tions that bond yields will soon start to pick up again. the banking sector and the Chinese public (and new 8
Monthly Market Monitor - October 2021 | Kaiser Partner Privatbank AG
sideways in the months ahead. We therefore only homeowners). However, a potentially greater-thanhave a neutral tactical stance on the yellow metal. expected slowing of Chinese economic growth is a major risk factor at the moment. We therefore have reduced our tactical exposure to Chinese bonds and Currencies: Everything is relative are holding our remaining position in Chinese debt • EUR/USD: “Relativity” always matters on the currency markets. With regard to the EUR/USD exchange in US dollars (instead of in Chinese renminbi). In rate, the US Federal Reserve looks set to taper its seaddition, we have tactically downgraded emergingcurities purchases more quickly and to a greater exmarket bonds to a mildly underweight allocation. tent than the European Central Bank. Furthermore, We see bigger opportunities right now in the Persian it’s foreseeable that the relative interest-rate advanGulf region within the emerging-market bond cattage will also evolve in favor of the greenback in the egory. Vaccination campaigns there have achieved near future. Monetary policy is thus a compelling above-average success thus far, and high oil prices, argument in favor of the dollar at the moment. Howprogressing structural reforms and geopolitical risks ever, the US currency isn’t a classical “strong buy” that are tending to wane create a solid fundamental because the USA and Europe are at least running underpinning that is already being reflected in inmore or less neck-and-neck where relative growth creasing investor interest. differentials are concerned. Moreover, speculators have unwound most of their dollar shorts. Alternative assets: Little inspiration for gold price • The price of gold lacks upward impetus at present. • GBP/USD: The Bank of England is also showing signs of returning monetary policy to normal. Besides Although real interest rates intermittently hit new tracking inflation, the BoE is also explicitly keeplows in recent weeks (further lowering the opporing an eye on employment. This means that future tunity cost of holding gold), the precious metal has interest-rate and, ultimately, exchange-rate movebeen listlessly trading only sideways lately. Market ments will probably depend a bit more on labor participants appear to be anticipating that the next market statistics. In their baseline scenario, BoE ofmovement in real and nominal interest rates looks ficials now anticipate an initial rate hike by as early destined to be pointed upward. The technical and as summer 2022. The British pound should continue seasonal outlook for gold is also mildly muted at the to hold up well in the months ahead with this wind moment. The gold price has been in an intact downof interest-rate speculation in its sails. trend channel (with an upper bound at around USD 1,850 per ounce) for a year now and at the same • EUR/CHF: The interventions by the Swiss National Bank in July and August once again achieved their time is below its 200-day moving average, which objective. The EUR/CHF exchange rate pulled well in the past has consistently been associated with a away from the 1.07 level, and at an estimated “price” below-average performance. Moreover, from a seaof CHF 3 billion, the SNB’s activism wasn’t inordisonal perspective, over the last ten years gold has nately expensive this time. But since the interestposted a negative performance on average during rate differential between the euro and the franc is the period from September to December. Alongunlikely to change much in the years ahead, the side weak demand from investors, central banks euro lacks a driver for a sustainable renaissance. The and the jewelry industry currently are also exhibitSNB’s readiness to intervene will thus probably coning little appetite for gold (exposure). Altogether, tinue to get repeatedly put to the test in the future. our main scenario sees gold continuing to drift
There’s a pattern that equity markets have been following for decades: early autumn is typically characterized by elevated volatility and corrections (disclaimer: exceptions confirm the rule). After the S&P 500 index rose more than twofold in a span of just 18 months, the market appeared particularly vulnerable to a setback this year. Retail investors in the USA arguably had the same hunch: after just the first 2% decline in the S&P 500 index – i.e. around one-third of the ongoing correction – a large part of the investor community jumped from the bull to the bear camp. In the past, such massive swings in sentiment often presented a near-term buying opportunity. It remains to be seen whether that’s also the case this time. In any event, investors appear to have already bought the dip because despite the glum sentiment, equity ETFs registered record-high net inflows at the end of September.
Chart in the Spotlight Everyone has one foot out the door | (Retail) investors turn bearish quickly S&P 500 index and change in bulls-to-bears ratio
Sources: American Association of Individual Investors, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - October 2021
9
Theme in Focus
The coalition poker game can begin
A “traffic light” coalition (SPD, Greens, FDP) the Green Party might express openness to certain tax A “traffic light” coalition would combine the most votes simplifications. What’s certain, though, is that a “Jamaica” and would clearly signalize an embarkment into the post- government would also radiate a green hue, but it would Merkel era. But an abrupt change in direction is hardly to likely focus on basing the transition to a CO2-neutral fube expected. At most there might be a lane change on ture primarily on market-based mechanisms as much as the current path. A “traffic light” coalition would continue possible. But it’s questionable, in contrast, whether a “Jato be fervently pro-European with regard to institutional maica” coalition would succeed in quickly balancing Gerprocedures and Germany’s willingness to bear more than many’s federal budget (getting it back to a “black zero”) its share of costs for furthering EU integration and cohe- as the CDU/CSU and FDP have in mind, not just because sion. On the foreign policy front, a “traffic light” coalition the green transformation will be cost-intensive, but also would be the one most likely to take a tougher stance because the Green Party will not content itself with being toward China and Russia. The SPD and the Green Party a junior partner in the coalition. stand very close to each other on environmental issues and would likely want to push through their green agen- A “grand” or “Germany” coalition (CDU/CSU and SPD, da. The FDP would probably support this to a large extent, possibly with the FDP included) but would act as a corrective to prevent the “greening” A reprise of the “grand coalition” is unlikely to be preof Germany from overburdening the economy. In addi- ferred by voters nor desired by Germany’s two erstwhile tion, to follow through on its election campaign platform, dominant parties, but electoral math nonetheless makes the liberal FDP is likely to ardently oppose (significant) tax it a possibility. There’s a small probability that it could rehikes and an excessive easing of fiscal rules. A “traffic light” sult in the formation of a “Germany” (black-red-yellow) coalition would definitely be “acceptable” to the business government that would include the FDP. But it’s doubtful community (and the financial markets). Certain burdens whether that would bring a wind of change to everyday like a foreseeable raising of the mandatory minimum governing in Berlin. In both variationsone could most wage would probably be tolerated in exchange for main- likely count on seeing more of the same. But if Germany taining a policy climate with a pro-business bias. continues to stick to the status quo, it risks further eroding the foundation of the country’s economic success over A “Jamaica” coalition (CDU/CSU, Greens, FDP) the last 16 years. That’s why extensive personnel and A “Jamaica” coalition would clearly be the friendliest policy agenda changes would be needed to field a team one toward business interests, at least on paper. Higher capable of governing for at least four years. Although a taxes, let alone a wealth tax, are hardly to be expected “grand coalition” is considered unlikely at this time based in this scenario. On the contrary, the pragmatic wing of on recent statements by various party officials, it is not mathematically impossible and could regain realistic sigA narrow affair | The era of (two) dominant political parties is definitively over nificance depending on how the coalition negotiations go. Results of 2021 Bundestag elections and vote gains and losses versus 2017 Germany has voted – with a tight election outcome, as expected. It will probably take several weeks to form a new government. What would the different potential governing coalitions mean for the country?
Sources: German Federal Returning Officer, Kaiser Partner Privatbank 10
Monthly Market Monitor - October 2021 | Kaiser Partner Privatbank AG
A colorful autumn of negotiations ahead Contrary to what some people feared, the “red-green-red” party alliance that has been governing the city of Berlin for the last five years will not be superimposed on the rest of the Federal Republic of Germany. The financial markets have already taken note of that with a sigh of relief, but this is unlikely to render the upcoming coalition negotiations any less suspenseful. Although financial market participants favor a “Jamaica” coalition based on their party membership, their preference also ultimately depends on what concessions the CDU/CSU will make to the Greens or the SPD will make to the FDP in coalition talks. So from a political point of view, a suspenseful autumn of negotiations is shaping up that needs to be watched closely and critically also from an investor’s perspective.
ESG: Sustainability corner Greenwashing via carbon offsetting?
Climate-neutral air travel? Saving one ton of carbon dioxide in one place to emit it somewhere else with a green veneer and (cleaner) conscience? This is an apt description of the concept of carbon offsetting, around which a multimilliondollar market has formed in recent years. Examples of carbon offset schemes abound. Oil multinational Shell, for instance, plants forests in the Chinese province of Guizhou in order to supply climate-neutral natural gas to PetroChina. Meanwhile, customers of British Airways can fly CO2-neutral these days: a shopping trip from Zurich to New York City causes nearly a half ton of CO2 emissions per passenger, which can be offset for a surcharge of GBP 2.84. The airline uses that money to buy corresponding emissions credits from a partner. Companies around the world purchase CO2 credits this way from vendors that, in exchange, plant trees, produce renewable energy or “cleanse” the atmosphere in some other manner. One prominent seller of carbon credits is automaker Tesla, which owes a large part of its profits to this lucrative side business.
from review and clearance fees, which definitely casts doubts about their independence.
Planting trees in order to fly frequently with a clean conscience? The principle of carbon offsetting has its shortcomings and pitfalls. The carbon offset approach must be viewed and regulated holistically if it is to make an appreciable contribution to combating climate change.
A trading system for CO2 credits It has since been recognized that the current “system” has its shortcomings. Last year, a task force to address this issue was formed under the directorship of former central banker Mark Carney. It has been joined in the meantime by more than 250 members from the private-sector economy and scientific community. Its goal is to establish an ironclad set of regulations for carbon offsetting and, in the longer term, to enable liquid trading of emissions credits. The task force may already present particulars about the conceivable architecture of a new trading system at the UN climate conference in Glasgow in November. It will only gain acceptance if it is ultimately capable of making a quantifiable contribution to combating climate change. To achieve that objective, on one hand it mustn’t compete with already existing trading in emissions credits (or with carbon credit trading schemes under development in many places), and on the other hand, it reA license to greenwash quires a clever pricing mechanism because at current But is this method of offsetting CO2 emissions really prices between USD 5 and USD 7 per ton, a license to an effective way to reach ambitious climate targets? greenwash is still far too cheap these days. Done right, There is more than a seed of doubt about this from a liquid trading of emissions credits could steer needed climate science perspective alone because every gram money to heretofore underfunded climate protection of carbon dioxide emitted potentially contributes to solutions by generating higher prices and bigger transglobal warming. The moment it enters the atmos- action volumes (thanks to clear framework conditions phere, the damage is already done, even if it is “offset” and a good infrastructure). somewhere else. Moreover, carbon offsets should actually constitute an added climate protection benefit A clean conscience… | …can still be had on the cheap that otherwise wouldn’t exist without an associated CO2 offset projects, 2019 (transaction volume and average price in US dollars) project. But whether a solar farm got built solely because of the CO2 credits that can be earned with it and otherwise would never have come into existence in a business-as-usual scenario is difficult to determine. And it can hardly be said with certainty today whether the planting of an extra forest will be capable of sequestering the necessary amount of CO2 in the future (not least due to the ever-present risk of a forest fire occurring). And finally, the question of what projects come into consideration at all as being suitable for carbon offsetting also delivers a dissatisfying answer because an independent regulatory authority that defines and enforces requisite (high) quality standards doesn’t exist at present. Carbon offset projects to date get reviewed and approved by a variety of nonprofit organizations that receive most of their funding Sources: Ecosystem Marketplace, Kaiser Partner Privatbank
Kaiser Partner Privatbank AG | Monthly Market Monitor - October 2021
11
The Back Page Asset classes & agenda
Performance as of 30 September 2021 Asset class
YTD
1 Month
1 Year
3 Years
Cash CHF
-0.1%
-0.7%
-2.0%
EUR
0.0%
-0.5%
-1.3%
USD
0.0%
0.2%
3.9%
Sovereign bonds
-1.1%
-2.3%
9.2%
Corporate bonds
-1.6%
1.6%
18.9%
Fixed Income
Microfinance
0.1%
3.1%
9.9%
Inflation-linked bonds
-1.6%
4.1%
22.4%
High-yield bonds
-0.2%
9.8%
19.2%
Emerging-market bonds
-2.3%
4.2%
18.6%
Insurance-linked bonds
1.0%
4.3%
12.8%
Convertible bonds Equities
-2.3%
23.0%
55.4%
Global
-3.7%
29.0%
44.1%
Switzerland
-5.9%
16.2%
35.8%
Europe
-3.4%
30.4%
25.3%
UK
0.0%
25.8%
3.7%
US
-4.8%
29.9%
56.6%
Emerging markets
-4.2%
15.8%
19.6%
Commodities
5.0%
42.2%
18.3%
Gold
-3.1%
-6.8%
47.5%
Real estate Switzerland
-0.3%
15.3%
40.9%
Hedge funds
-0.4%
8.9%
13.5%
Alternative assets
Currencies EUR/USD
-1.9%
-1.2%
-0.2%
EUR/CHF
-0.2%
-0.1%
-5.4%
GBP/USD
-2.0%
4.3%
3.4%
On our Agenda October 16: World Food Day Millions of people around the world still suffer from starvation, and a whopping 3 billion cannot afford a healthy diet. World Food Day aims to remind people about this dissatisfying fact, but also to serve up food for thought on topics such as food waste and sustainable agriculture methods. October 19: Liechtenstein Digital Summit The latest know-how, trends and innovations regarding digital transformation and future developments in the digital space – all of this features on the agenda again this year as the location promotion initiative digital-liechtenstein.li invites leaders and interested members of the business, academic and policymaking community to Vaduz. October 31 to November 12: UN climate change conference The likelihood of reaching the Paris climate accord targets and limiting global warming to 2 or even 1.5 degrees Celsius is diminishing day by day. The 26th UN climate change conference (COP26) in Glasgow presents one of last chances to change the world’s environmental policy course.
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Monthly Market Monitor - October 2021 | Kaiser Partner Privatbank AG
Kaiser Partner Privatbank AG | Monthly Market Monitor - October 2021
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This document constitutes neither a financial analysis nor an advertisement. It is intended solely for informational purposes. None of the information contained herein constitutes a solicitation or recommendation by Kaiser Partner Privatbank AG to purchase or sell a financial instrument or to take any other actions regarding any financial instruments. Furthermore, the information contained herein does not constitute investment advice. Any references in this document to past performance are no guarantee of a positive future performance. Kaiser Partner Privatbank AG assumes no liability for the completeness, correctness or currentness of the information contained herein or for any losses or damages arising from any actions taken on the basis of the information in this document. All contents of this document are protected by intellectual property law, particularly by copyright law. The reprinting or reproduction of all or any parts of this document in any way or form for public or commercial purposes is expressly prohibited unless prior written consent has been explicitly granted by Kaiser Partner Privatbank AG.
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Monthly Market Monitor - October 2021 | Kaiser Partner Privatbank AG
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