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

Macroeconomic environment

  • Hopes that robust economic growth will continue in 2022 may be disappointed.
  • There is ongoing debate as to whether the current inflationary pressures are transitory or permanent.
  • The US Federal Reserve will begin to taper its asset purchases in the fourth quarter.


Financial markets

  • The most important question for the financial markets at the moment is whether or not inflation is here to stay.
  • The main conclusion to be drawn from the current high valuation multiples is that future returns are likely to be low.
  • Changing economic fundamentals and much more reasonable valuation multiples continue to point towards a gradual shift from West to East.

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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