A difficult outlook
We are only at the beginning of a difficult phase.
Investment compass – April 2026
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
Less growth, more inflation. This is toxic for the stock markets.
Positioning
Cautious positioning in an uncertain environment
The financial markets have recently recovered ground, driven in particular by expectations of easing tensions in the Middle East. At the same time, structural risks remain high, which supports the case for maintaining a cautious position.
Market overview
Fragile recovery on the financial markets
The Middle East conflict continued to shape the course of the month on the financial markets. A strong recovery after hopes of de-escalation mainly helped the equity markets.
Economy
The global economy is hanging in the balance
The first economic repercussions of the Iran war are evident in a global decline in consumer confidence and a rise in inflation.
Model portfolios
Caution still advised
The financial markets remain dominated by geopolitical uncertainty and a gloomy economic outlook. Rising risks to inflation and growth argue in favour of cautious positioning.
“Investing with foresight” short video
In the video, our CIO, Philipp Merkt, shows how conflicts can affect the financial markets and how we’ve reacted to recent events.
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Investment compassInformation relevant to your investment decisions. The “PostFinance market view”, complete with our position on and assessment of the financial markets and the overall economic situation.
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