Inspiration52
We are living longer than ever before, but true progress lies in enjoying these extra years with vitality. The "longevity" megatrend is changing how we understand age and health. Although life expectancy in Europe and North America will continue to increase by 2026, the line between medicine and lifestyle is becoming increasingly blurred. Markets are emerging with rapid growth, from AI-supported diagnostics to personalized genomics.
Geopolitical escalation, a K-shaped economy, AI-driven market dislocations and a weaker US dollar. Capital markets are under pressure in 2026. While stock markets and corporate earnings continue to climb in many places, consumers, bonds, currencies and entire industries are increasingly caught in a crossfire of uncertainty, inequality and structural change. This Investors' Outlook reveals what forces are really driving markets right now, where opportunities are emerging, what risks investors should keep on their radar and why looking beyond the headlines matters more than ever.
After weeks of escalating rhetoric between the US and Iran, a preliminary peace agreement could be imminent, according to media reports, adding to signs of improvement. Tanker traffic had slowly picked up again, but remains well below pre-war levels.
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.
Another eventful year is drawing to a close - and we would like to take this opportunity to thank you for your trust and loyalty! We wish you and your loved ones a Merry Christmas and a successful start to a happy and healthy New Year 2026.
Know-How9
For individuals who invest in Knock-Out products such as Warrants with Knock-Out or Mini Futures, it is crucial to know when and under what conditions their product can be knocked out. But what many do not know: The trading times of the underlying asset play a decisive role here. If the underlying is not a share or an index, the trading times of the underlying and the product may diverge.
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.
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.
Constant Leverage Certificates (CLCs) allow investors to participate in the performance of an underlying asset with leverage. They are equipped with a constant leverage (factor) that multiplies the daily percentage change of the underlying asset. With Long CLCs, investors can bet on rising prices, while Short CLCs allow them to bet on falling prices of the underlying assets. These products are suitable for short-term investment horizons and are not intended for a buy-and-hold strategy.