Market Comment

In June, the stock markets in the USA reached new all-time highs. The technology sector and good economic figures continued to be the market drivers. In particular this reflected the economic fantasy stemming from the potential applications of artificial intelligence. In Europe, the outcome of the European Parliament elections had influence on markets. In particular, the announcement of new elections in France weighed on the market. New elections are also scheduled for the beginning of July in the UK. Against this backdrop, increased fluctuations are to be expected on the stock markets in Europe. This also affects the USA. In the second half of the year, the country will increasingly enter the hot phase of the presidential election campaign.

Against the backdrop of weaker economic data and falling inflation figures, the European Central Bank cut its key interest rate at the beginning of June. This had become apparent following the announcements made by representatives of the central bank in advance. The decision had no significant impact on the bond markets in Europe. In the USA, the Federal Reserve left the key interest rate unchanged. This had also been expected.