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

Macroeconomic environment

  • In the United States, the highly expansionary fiscal policy could trigger the fastest growth since the early 1980s.
  • While normalisation of inflation in the short term is almost certain, it seems too early to say what will happen beyond 2021.
  • Deflation is a risk not to be ignored given the current extreme level of speculation and risk-taking.

Financial markets

  • Equity markets continued to forge ahead in the first quarter.
  • Investors turned away from growth stocks and shifted towards the value type.
  • The rise in bond yields has had a negative impact on the price of gold.

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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