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With the situation in Iran ongoing, the outlook for the global economy has changed and market volatility has picked up. Positive growth momentum will probably stall temporarily, while higher oil and gas prices risk fanning inflation amid attacks on energy infrastructure and escalating rhetoric between the US and Iran. As such, central banks are likely to delay interest-rate cuts in the near term.
Recently, market volatility has increased once again, this time as a result of further escalation in the Middle East. Although it is possible that this uncertainty will continue for a while longer, in our view this will be a temporary situation. We continue to view the broader global economic situation as constructive, with the help from policy stimulus (fiscal and monetary). In our view, global economic growth and corporate earnings are well supported, even when we see a temporary flare up of energy prices. We continue to see value in assets, both in bond and equity markets. Given elevated geopolitical uncertainty diversification remains key. We hold on to an overweight in gold.
The new year has just begun and markets are already roaring. Gold and equities are trading at record highs, the VIX remains low and macroeconomic conditions appear broadly supportive, even as geopolitical noise remains. We are seeing a wave of stimulus—whether monetary easing, widespread fiscal support across the Eurozone, Japan and China, capital expenditure in artificial intelligence (AI)—that is generally positive for risk assets. While geopolitical volatility can be unsettling, it has historically tended not to have persistent long-term negative effects on asset-price returns. Recent events in Venezuela and Greenland, for example, had little market impact. As we move further into 2026, we aim to help our clients filter out the noise.
At Vontobel, we actively shape the future. We create and pursue opportunities with determination. We master what we do – and we only do what we master. This is how we get our clients ahead.
At Vontobel, we actively shape the future. We create and pursue opportunities with determination. We master what we do – and we only do what we master. This is how we get our clients ahead.
| Ad hoc announcement pursuant to Art. 53 LR | Media release
Vontobel achieves successful 2025, with strong financial results, significant strategic progress and the renewal of the shareholder agreement
2025 was a successful year for Vontobel despite the dual headwinds of lower interest rates and a weaker US dollar. We increased our top-line and reduced our cost base, while continuing to invest substantially in growth areas. We attracted net new money across key segments and achieved a top-quartile position in institutional fund flows. We also advanced with discipline and focus on our strategic priorities, creating the right conditions for future growth.
