Vienna Stock Exchange News

Market analysis: Before vaccination

Martin Bruckner

A virus has turned the globe upside down. Within weeks the public life has come to a complete stand still. Our life will probably be never the same as it was before Corona due to some profound, sometimes forced changes. These will change our life in the future.

The governments are supporting with fiscal stimulus the economies, but this will come at a price. The increase in public debt will be massive. Parallel to that, central banks all over the globe have reacted with further fiscal measures, be it purchases of government or corporate bonds or the ultra low negative interest rates, which will prevail for the years to come.

The equity markets have recouped all the losses since March and even surpassed the highs before the Corona Crisis. If the expected positive economic rebound will not materialize, we will have to live with high volatility in the markets. However, we will need some time to discover the true effects oft he lockdown on the economy.

An additional factor, which will change the capital markets profoundly will be EU climate action plan for sustainable finance. In Austria, the government is supporting and driving the change with a domestic plan named Green Finance Agenda in order to reach the climate and energy targets for Austria.

Martin Bruckner,
Member of the Management Board
Allianz Investmentbank AG
CIO Allianz Group Austria
2 February 2021

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