Increasing strain on the global economy
Manufacturing orders have slowed recently - this development should not be underestimated. The impact on the real economy depends on the duration of the existing uncertainties. Unfortunately, even the G20 summit was unable to clarify this issue. Global economic growth is likely to weaken further and profit expectations may decline. Nevertheless, we believe that there will be a solution to trade tensions in the medium term. The stability of the economy is likely to influence the upcoming political re-elections next year.