Activinvest Plus
Weil Sie einen Private Banking-Berater bevorzugen, der auf das gesamte Wertpapieruniversum spezialisiert ist.
Resilient markets against a mixed backdrop
Investment Update - September 2026
August ended on a positive note for equity markets. The global equity index, driven mainly by the rebound in US and Asian markets, rose by 1,70%*. The United States gained 1,80%*, while emerging markets advanced by 3,4%*. Europe also ended the month higher, albeit with a more modest gain of 0,5%*.
This recovery was accompanied by renewed interest in growth stocks, which returned to favour. The Technology sector regained positive momentum, although performance across the artificial intelligence theme was more mixed.
Geopolitical tensions remained firmly in focus throughout the month. The lack of decisive progress between the United States and Iran maintained a risk premium in energy markets. Following their sharp rise in July, oil prices edged higher in August and remained close to multi-month highs, with Brent trading at around USD 90. This continues to raise questions about the inflation outlook and, consequently, the future path of monetary policy.
Developments in bond markets were more mixed. The yield on the 10-year US Treasury ended the month slightly higher at around 4,75%. In Europe, the German 10-year yield rose by around ten basis points to 3,32%, its highest level since 2011. With public-sector financing needs increasing, persistent inflationary pressures and rising term premiums continue to weigh on longer maturities.
Neither the Federal Reserve (Fed) nor the European Central Bank (ECB) held a monetary policy meeting in August. The main focus was therefore on the Jackson Hole Symposium. On this occasion, Fed Chair Kevin Warsh reiterated the firm commitment to the 2% inflation target and stressed that price pressures remained too strong. His remarks, which were interpreted as relatively hawkish, strengthened expectations of possible monetary policy tightening as early as September.
On the macroeconomic front, US data painted a mixed picture. Second-quarter growth was confirmed at an annualised rate of 1,5%, while labour market and consumption data showed some signs of slowing. Nevertheless, business activity remains robust: the preliminary composite PMI reached 56,0 in August, its highest level since April 2022, supported in particular by strength in the services sector.
Economic momentum in Europe also remains resilient. Second-quarter eurozone growth was confirmed at 0,4%, while the composite PMI rose to 52,1 in August. The improvement in industrial activity, particularly evident in Germany, is an encouraging sign. There is one caveat, however: inflationary pressures are becoming entrenched. Eurozone inflation rose to 3,3% in August, driven in particular by a year-on-year increase in energy prices, while core inflation remained at 2,4% year on year.
Against this backdrop of continued solid growth but persistently high interest rates, portfolio positioning remains favourable towards risk assets. Equities remain overweight relative to bonds, while the sector allocation retains a cyclical bias. The Industrials and Technology sectors continue to benefit from the investment cycle linked to artificial intelligence. European and US banks also remain favoured in order to benefit from resilient economic activity and high interest rates. Meanwhile, positions in Biotechnology and small and mid caps have been reduced.
From a geographical perspective, positioning remains broadly neutral, although the United States was recently moved to overweight. Finally, within the bond allocation, the preference remains for credit, where carry and spread dynamics remain more attractive than exposure to long-dated sovereign bonds.
*Performances are calculated in euros.
Disclaimer
The recommendations contained in this document are, unless otherwise expressly stated, those of Spuerkeess Asset Management and are produced by Carlo Stronck, Managing Director & Conducting Officer, Aykut Efe, Economist & Strategist, Guillaume Gehant, Portfolio Manager and Martin Gallienne, Portfolio Manager, acting under an employment contract with Spuerkeess Asset Management.
Spuerkeess Asset Management is an entity supervised by the CSSF (Luxembourg’s financial sector supervisory authority) as a UCITS management company able to provide discretionary portfolio management and investment advisory services.
All external sources (financial information systems, Bloomberg and Refinitiv Datastream) are, unless expressly stated in the recommendation itself, deemed reliable, it being understood that Spuerkeess Asset Management cannot, however, fully guarantee the accuracy, completeness or relevance of the information used by these sources. The information may be either incomplete or condensed and cannot be used as the sole basis for valuing securities.
The valuation of financial instruments and issuers contained in this document is based on data provided by Bloomberg. The full description of the valuation method used by Bloomberg is available at www.bloomberg.com.
Any reference to past performances should not be construed as an indication of future performances. The price or value of the investments to which this document refers directly or indirectly may vary at any time against your interests. Any investment in financial instruments entails certain risks of which Spuerkeess (Banque et Caisse d’Épargne de l’État, Luxembourg) has been informed beforehand, such as the loss of the investment made.
With a view to providing these recommendations to Spuerkeess, Spuerkeess Asset Management has verified all relationships and circumstances that could reasonably be likely to undermine the objectivity of the recommendations contained in this document and confirms the absence of interests and conflicts of interest relating to any financial instrument or issuer to which the recommendations relate directly or indirectly, as well as those of the persons involved in producing these recommendations.
Recommendations are made on the date indicated on the first page of the document and were first released on the same date. The recommendations contained in this document may, where applicable, be used and therefore updated when Spuerkeess Asset Management next provides investment advice to Spuerkeess.
All recommendations sent by Spuerkeess Asset Management to Spuerkeess over the past twelve months may be consulted directly and free of charge at Spuerkeess Asset Management’s registered office, 19-21 rue Goethe, L-1637 Luxembourg. The information to be consulted shall include the date of dissemination of the recommendation concerned, the identity of the individual(s) involved in the production of the recommendation, the target price and the relevant market price at the time of dissemination, the direction of the recommendation concerned and the period of validity of the target price or recommendation.
The information contained in this document cannot be used as the sole basis for valuing securities and this document does not constitute an issue prospectus.
This document is for information purposes only and does not constitute an offer or solicitation to buy, sell or subscribe. Spuerkeess Asset Management may not be held liable for any consequences that may result from the use of any of the opinions or information contained in this document. The same is true for any omissions.
Spuerkeess Asset Management does not accept any liability for this document if it has been altered, distorted or falsified, particularly through online use.