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Cybersecurity stocks are under selling pressure and one name keeps popping up: Anthropic. With its new Claude Mythos model, the AI company has demonstrated how powerful artificial intelligence has become in detecting software vulnerabilities. What is intended as a technological breakthrough for cyber defense has triggered a crisis of confidence in the entire software sector on the markets.

Emerging Asian countries are driving technological progress with impressive dynamism. China in particular has become a world leader in key technologies such as artificial intelligence, 5G, e-mobility and healthcare technologies and is making targeted investments in forward-looking innovations. Tracker certificates on the Vontobel Rising Economies Disruptors Index enable investors to participate in this technological and economic change in one of the world's most dynamic regions.

The year begins with a bang: Geopolitical tensions in Venezuela, Iran, and the Arctic are making headlines, yet the markets remain surprisingly resilient. The S&P® 500 Index surpasses the 7,000-point mark, driven by the unrelenting boom in Artificial Intelligence (AI) and a strong earnings season. European stocks also reach new record highs before geopolitical uncertainties lead to slight pullbacks. Meanwhile, geopolitical conflicts are driving commodity prices higher, and bond markets are responding with rising yields due to global fiscal tensions. But how long can the AI boom continue to support the markets? As 2026 begins, questions about a potential overheating of the market come into focus.

2026 has been defined by uncertainty: the war in the Middle East is pushing energy prices higher and forcing central banks into difficult trade-offs between inflation and growth. At the same time, Japan is undergoing a political and economic transformation under Prime Minister Sanae Takaichi, whose ambitious "Sanaenomics" agenda aims to break decades of stagnation. But how are these global forces shaping markets? What risks lurk beneath the geopolitical turmoil, and where do the opportunities lie?

The gaming retailer, which gained notoriety due to the short squeeze triggered by retail investors in 2020, has big plans. Specifically, GameStop wants to take over the world-famous second-hand market giant eBay. It is interesting to note that eBay has a market capitalization of around 48 billion US dollars, while GameStop only has a market capitalization of around 11 billion US dollars (Yahoo Finance, 04.05.2026). What are GameStop's plans?

Discount certificates feature a discount compared to the underlying asset at the time of issue. The reduced issue price shows its strengths when the market environment is stagnant or slightly positive, as it cushions possible price losses. However, the profit potential is limited by the cap. The level of the cap determines the price discount compared to the price of the underlying and can be set below, at or above the current price of the underlying. Here, the level of the cap determines whether the discount certificate is defensive, neutral or offensive.

Among investment products, capital protection products represent the lowest-risk investment option. A special feature of these products is a minimum repayment at maturity and participation in the positive performance of the underlying asset. Capital protection products are particularly interesting for risk-averse investors who want to avoid price losses but still participate in a positive performance.

Reverse convertibles offer investors the opportunity to profit from sideways movements in the price of an underlying asset, usually a share. Similar to a bond, a reverse convertible features a coupon that is fixed at the time of issue and is generally paid out at the end of its term. The repayment of the nominal amount, on the other hand, depends on the performance of the underlying asset. A predetermined price level (strike price) is of decisive importance here. If the price is at or above the strike price at the end of the term, the investor will receive the nominal amount back. If the price is below the exercise price on the maturity date, the investor will be delivered units of the underlying with the settlement type “physical delivery”, the value of which will usually be less than the nominal amount. Alternatively, a cash settlement is also possible.

Bonus certificates are suitable for investors who expect prices to trend sideways, fall or rise slightly over a certain period of time. A bonus certificate generally relates to an underlying asset, usually a share or an index, and can be superior to a direct investment in certain scenarios. If the price of an underlying asset moves within a predetermined price range over the term, the exercise price (bonus level) is paid out to the holder of the bonus certificate. The upper end of the price range is limited by the strike price. This also determines the redemption amount, taking into account the conversion ratio specified in the product terms and conditions. The barrier is located at the lower end of the range. If the price falls below this barrier during the term, the entitlement to the strike price expires and the investor receives the underlying securities on maturity or a cash settlement.

Discount certificates with a barrier add an additional feature to conventional discount certificates: the knock-in barrier. As a result of the barrier, repayment at maturity now depends on whether or not a barrier event has occurred during the term period. Similar to conventional discount certificates, discount certificates with a barrier are also suitable for investors who expect a sideways or slightly positive performance of the underlying asset. However, price setbacks to or below the barrier should generally be ruled out.