Q3 2017 – The elections of recent months in Austria, the Netherlands, and France have delivered a clear rejection of the Euro-skeptics. People want a united, shared Europe. As a result of this process, the euro exchange rate rose significantly—contrary to the original expectations of the capital markets. The dividend season of the European stock markets has largely concluded with record payouts. The markets themselves remain stable at levels close to their all-time highs. Some residual uncertainty remains, particularly in Germany, due to the upcoming federal elections. It is expected that, in addition to four coalition-capable parties, both the far-left and far-right spectrums will enter the Bundestag, making the formation of a government more difficult. For the markets, we expect continued stable sideways movement with short-term, larger fluctuations. We remain almost fully invested.
The tourism project of our newest shareholder was completed as planned in August after six months. In about a year, she is expected to reach academic maturity and will then be increasingly available to our advisory team.
We wish all friends of our company successful business.
