Vontobel
Market insights and commentary from Vontobel.
Switzerland4 articlesLast published 2 Jun 2026
Multi-AssetEquitiesFixed Income
Research
VontobelMulti-Asset
The inflation debate returns
Vontobel's Multi Asset Boutique argues that current price pressures are largely supply-driven and may not be effectively addressed by monetary policy, even as market expectations have shifted toward a possible Fed rate hike under Chair Kevin Warsh. The team trims European equities to neutral and upgrades high-yield bonds to overweight, while flagging rising concentration risk in global equity markets led by a narrow group of large-cap technology stocks.
2 Jun 2026
VontobelFixed Income
Still waters run deep in global markets
Vontobel's Head of Fixed Income Andrew Jackson argues that markets have remained resilient despite elevated geopolitical uncertainty, Middle East conflict-driven energy inflation, and shifting central bank expectations, largely due to strong technical factors in fixed income. He outlines an evolving safe-haven landscape away from USD-only reliance toward gold, EUR, and CHF, and highlights active management in EM local currency debt and carry trades as key return drivers, while flagging AI-driven productivity gains as a structural theme with inequality risks.
27 May 2026
VontobelEquities
Emerging markets: the train has left the station, but you can still catch it
Vontobel argues that emerging markets have grown structurally more resilient—driven by deeper domestic demand, regional trade, and stronger institutions—making them less vulnerable to Western-led shocks than in prior cycles. The piece identifies AI infrastructure, energy security, and corporate governance reform as three key investment themes, with specific conviction in Taiwan, South Korea, Brazil, and Mexico.
8 May 2026
VontobelMulti-Asset
Optimistic markets amid uncertainty
Vontobel's Multi Asset Boutique CIO update for May 2026 reviews how global markets have rebounded to all-time highs in the US and Japan despite an ongoing Middle East conflict, as investors price out worst-case scenarios on the back of resilient corporate earnings and consumer spending. The update highlights the inflation dilemma facing central banks—particularly the Fed—and warns that a sustained period of elevated oil prices could eventually weigh on global growth, with the Strait of Hormuz situation a key near-term watchpoint.
4 May 2026