SFA | Videos

6 October 2025

Name: Current macro developments and longer-term AI impact
Uploaded: 2025-07-22T13:43:27Z
Duration: 4 min 54 s

Watch Our Insights on Macro Trends, AI's Growth Impact, and Equity Risk Premium

Published on 06.10.2025 CEST

US economic growth uncertainties remain high but the overall global economy appears to be relatively strong in our view. This is also supported by monetary and fiscal policy easing, especially in Europe. Looking towards the long run we believe that the AI trend will likely continue. There is a significant need for continued capital expenditure and data centers. We also note that the adaptation of AI seems relatively quick in comparison with other big technological boosts, like e-commerce and this trend may be a support for the corporate earnings growth as well. With regards to equity valuation relative to fixed income, we observed that in the US there is a relatively low risk premium for taking equity risk while it is higher, and close to the long-term average, in the euro area and Switzerland. When comparing stocks to bonds, we found that in the US, the extra expected return for taking equity risk is relatively low, while in the euro area and Switzerland, it is higher and closer to the long-term averages.
In our "Investment Insights" video series, Dr. Pascal Koeppel – Chief Investment Officer and Head Investment Management Vontobel SFA – Dr. Pieter Jansen – Chief Investment Strategist Vontobel SFA – discuss current macro developments and longer-term AI impact. In the second video Marcel Wetzels – Senior Investment Adviser – discusses the equity risk premium in different regions.

Published on 06.10.2025 CEST