NEWSLETTER of March 6, 2026

The following content has been added at finexpert:

Deutsche Bank Research
THE BRILLIANT WORLD OF FX: A DEEP DIVE INTO RESTRICTED MARKETS
In this report, we discuss "restricted markets," defined as emerging markets with current or capital account restrictions, or both. We examine their market structure and challenges of trading. Recent regulatory and technological changes offer new opportunities for market participants involved in these markets. >more

PwC
BAUFINANZIERUNGSSTUDIE Q4 2025: MARKT STEHT ZUNEHMEND UNTER DRUCK
New business volume of €59 billion: The construction financing market recorded a 15% increase in the fourth quarter of 2025 compared to the same quarter of the previous year. However, rising interest rates and economic uncertainties are slowing down momentum. This is the conclusion of the Q4 2025 mortgage financing study conducted by the auditing and consulting firm PwC Germany (PwC) in cooperation with Interhyp AG. >more

KfW Research
INTERNATIONALE WETTBEWERBSPOSITION DES MITTELSTANDS UNTER DRUCK
The foreign trade environment for German SMEs remains difficult. Competition from China is a growing challenge, as the results of a special survey conducted by the KfW SME Panel underscore. Although many SMEs still consider themselves competitive at present, their confidence in their ability to maintain their position in global competition is declining. Regression analyses show that SMEs with direct competitors from China and energy-intensive companies are particularly pessimistic. However, companies' confidence in their ability to maintain their position in global competition is declining. Regression analyses show that SMEs with direct competitors from China and energy-intensive companies are particularly pessimistic. On the other hand, SMEs that continuously engage in research and development and produce process innovations that promise efficiency gains in the face of rising wage and energy costs are much more positive about the future. >more

Allianz Research
CONFLICT IN THE MIDDLE EAST: IMPLICATIONS FOR MARKETS AND MACRO
The US-Israeli strikes on Iran will have implications for energy markets, shipping costs, inflation risks and financial conditions – but everything hinges on how long the conflict lasts. While a prolonged war could bring back a 2022-style inflation shock, we continue to expect a relatively short-lived escalation, with oil prices expected at 70 USD/bbl (more than +15% from previous estimate; peak expected at 85 USD/bbl) and contained implications for global GDP and inflation. This would not change the course of the ECB and Fed as in Europe and the US, a 10% higher oil price leads to around 0.1-0.2pp higher inflation in the short term. A conflict extending beyond a four- to six-week window would have greater macro and market implications: We view three months as the turning point towards a switching regime risks and a recessionary scenario. >more

WHICH INVESTORS DRIVE ANOMALY RETURNS AND HOW? 
Andrea Tamoni, Stanislav Sokolinski, and Yizhang Li
2026
We decompose variation in anomaly returns across investor types and trading motives, linking returns to holdings within a demand system. Fundamental-based trading is the primary driver of anomalies, and both this channel and non-fundamental trading are driven disproportionately by small investors. Institution-led channels—flows and industry tilts—are secondary and concentrated in specific anomalies. These patterns favor theories with heterogeneous investors and distinct trading behaviors over pure flow- or risk-only explanations. Small investors account for a large share of the cash-flow news component of fundamentals-based trading, suggesting that biases in processing information play a role in anomaly returns. >more

MANAGEMENT DISCLOSURE AND MEDIA COVERAGE
Hamid Boustanifar, and Sasan Mansouri
2025
We examine how management disclosure affects media coverage by analyzing firms' responses in earnings call Q&A sessions. Using a machine-learning-based "non-answer" score, we find that evasive managerial responses reduce subsequent media attention, particularly from professional outlets generating original content. This supports a supply-driven view of media coverage: poor disclosure limits journalistic content creation. Reduced coverage, in turn, is associated with lower investor engagement and weaker stock performance. Our findings highlight the critical role of a firm's information environment in shaping the level and nature of subsequent media coverage, with implications for broader financial market outcomes. >more