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On tenterhooks

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.

Market pruning

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.

Roaring times

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.

Vontobel strengthens US presence with new Los Angeles office

Vontobel opened a new office in Los Angeles as part of its strategic US expansion

Vontobel 3-month 2026 trading update

Vontobel delivered positive inflows and stable assets during the first three months of the year, despite persistent macroeconomic uncertainty and market volatility

Vontobel Annual General Meeting 2026

In total, 86.89 percent of shares with voting rights were represented at today’s ordinary Annual General Meeting of Shareholders of Vontobel Holding AG. Vontobel’s shareholders approved all proposals submitted by the firm.