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Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the third quarter of 2021.

Macroeconomic environment

  • The improvement in the global economic situation is accelerating as services activities gradually recover.
  • The key question of whether the current inflationary pressures are transitory or permanent is difficult to answer. 
  • For the first time since the start of the pandemic, the US Federal Reserve has indicated that it has started talking about moderating its ultra-accommodative monetary policy. 

Financial markets

  • The issue of inflation is of paramount importance for the financial markets.
  • Equity markets seem to be well ahead of economic reality.
  • Gold companies continue to display very strong fundamentals.


Guy Wagner, Managing Director

An economics graduate from the Université Libre de Bruxelles, Guy joined Banque de Luxembourg in 1986 where he was head of the Financial Analysis and Asset Management departments. He was appointed Managing Director of BLI – Banque de Luxembourg Investments in 2005.

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