The capital markets are entering December with considerable movement: while some sectors are losing momentum, others are gaining strength. At the same time, political pressure on central banks is increasing – and new developments in the private markets are reshaping the allocation landscape for institutional investors.
The current market overview highlights which trends are particularly important at the end of the year and where new opportunities are emerging.
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Equities & Commodities – From Big Tech to Cyclicals?
The reporting season sends a clear signal: corporate earnings are coming in better than expected. At the same time, a noticeable rotation is taking place in the equity markets.
Big Tech – for months the main driver of the global rally – is temporarily losing strength, while cyclical companies and European equities are gaining momentum.
This shift suggests that market breadth is increasing and economic expectations are improving. For investors, this raises a central question:
How can these new trends be optimally leveraged in the portfolio?
Fixed Income – What Happens After Powell?
The US Federal Reserve has cut interest rates again – as expected. Yet Jerome Powell’s tone remains cautious, and discussions within the FOMC are becoming noticeably more contentious.
At the same time, one question is moving to the forefront of market debate: What happens when Powell steps down in 2026?
Political pressure on the Fed could intensify, particularly given the calls for lower rates. This would have far-reaching implications for the bond markets: rising risk premia, more volatile yield curves and potential liquidity shortages. The market overview outlines the scenarios and explains which signals investors should monitor closely now.
Alternative Investments – Growth Surge in the Secondary Market
The secondary market for private markets is experiencing a historic boom. The growing importance of LP-led and GP-led transactions is changing the way institutional investors manage their private-market allocations.
Why is this segment growing so strongly? Because it offers access to seasoned portfolios, more predictable cash flows and lower valuation volatility – characteristics that are increasingly valued in an uncertain macroeconomic environment.
It is precisely the resilience of this asset class across different market phases that is turning the secondary market into an increasingly strategic building block.
Read the full market overview now.