This week, the publication of Ortelius’ long-awaited report on the socio-economic impact of a Flemish contribution to the Einstein Telescope received significant media attention. As interpretations varied widely across publications, this article aims to contextualize key findings and highlight their relevance for Flanders. The Einstein Telescope is an advanced gravitat ...
It’s the end of the world as we know it (and markets feel fine)
“The days of principles are gone” - Prince Schwarzenberg discussing the end of the Metternich era in a letter to his employer, Austrian Ambassador Baron Hubner in 1851) “It is the rational optimist who fails, the irrational optimist who succeeds, for he is ready to smash the whole universe for the sake of itself.” - GK Chesterton The Geopolitical Risk Premium In the after ...
#MacroFriday: Chinese Tech equities surge in 2025 following Deepseek AI breakthrough
The 30 largest technology companies listed in Hong Kong have surged more than 15% since the start of the year, driven largely by the release of Deepseek’s cost-effective AI model. This development has raised questions about the high capital expenditures in AI of US Big Tech firms, prompting a shift in investor sentiment away from US technology stocks in favor of Chinese tech eq ...
Science Says No, Policy Says Yes: The Hybrid Car Fallacy
Last week, we provided a high-level analysis of the new federal government agreement, highlighting four major points. Today, we look at one specific aspect: climate policies. While the overall targets remain unchanged, new policies have been introduced, including adjustments to the fiscal treatment of plug-in hybrid vehicles (PHEVs) used as company cars. Since 2023, the tax de ...
New Federal Government Agreement: What impact for you as an investor?
The new government agreement led by Bart De Wever brings several significant changes for investors—and not all of them pleasant. In this article, we discuss the adjustments that could impact your investment portfolio. We focus on the simplification of the tax on stock exchange transactions (TOB), the annual tax on securities accounts, adjustments for investment companies under ...
De Wever I: A Long-Awaited Government – What It Means for Belgium
After six months of negotiations, Belgium finally has a new federal government. The De Wever I coalition is notably leaner than previous governments, with 15 ministers including the Prime Minister. While this efficiency is welcomed, it also concentrates significant responsibilities on key ministers like Jan Jambon (Finance, Tax, and Pensions) and Frank Vandenbroucke (Social Aff ...
#MacroFriday: Golden Lining to Uncertainty
After a staggering 30% price increase in 2024, gold has continued its upward trajectory, reaching a new record high. On Wednesday, gold hit $2,882 per ounce, driven by escalating fears of a trade war under Trump's presidency. This safe-haven asset has been on a long-term rise, defying historical trends. Typically, rising real interest rates act as a headwind for gold. ...
The Competitiveness Compass: Keeping Europe’s Decarbonisation Plans on Course in a Shifting Global Landscape
The Competitiveness Compass, recently outlined by European Commission President Ursula von der Leyen, sets a strategic direction for Europe’s economy amid increasing global competition[1]. It builds on insights from the Draghi Report and paves the way for the upcoming Clean Industrial Deal. The report emphasizes the link between decarbonization and competitiveness, introducing ...
#MacroFriday: The Great Divergence
‘Es ist die Wirtschaft, Dummkopf!’ Growth Paths Between the European and American Economies Continued to Diverge in 2024 This week’s data releases included the first estimates of Q4 economic growth in the US and the Eurozone. The US economy maintained its solid growth trajectory, expanding by 0.56% in Q4 and 2.8% over the course of 2024. Strong consumer spending was th ...
Een Chinese Black Swan? DeepSeek zet techbeleggers op scherp
2025 is nog maar net begonnen, maar maandag leken de markten een Black Swan te beleven. Techgiganten kregen wereldwijd harde klappen na de aankondigingen van het Chinese AI-lab DeepSeek. Het bedrijf claimt betere resultaten met Reasoning Gen-AI te behalen dan de Amerikaanse Mag7, en dat met beperkte middelen en verouderde Nvidia-chips – tegen een fractie van de kosten van Micro ...