Bits & Pieces
Edition #279 | 15/05/2026
Most traded | Markets & Macro | Allianz | Chart of the Week | AI ETFs | Scalable News
As Air Force One descends into Beijing, Donald Trump will be able to spot it from above: the largest wall mankind has ever built. And while the US president loves talking about his own “big, beautiful wall,” the talks in China are unlikely to focus on the country’s historical architecture. Instead, the agenda will revolve around hard-nosed geopolitics – with the CEOs aboard Air Force One hoping to walk away with lucrative deals. Also in this edition of our newsletter: Allianz earnings, tech ETFs, booming secondhand sales, and the retirement savings depot that’s waiting in the wings.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks on Scalable Broker between 13/03/2026 and 19/03/2026.
Spotlight: Munich Re
Premium volumes and pricing are coming under pressure at the world’s largest reinsurer – a combination that’s weighing on the stock. Even stronger Q1 earnings weren’t enough to lift sentiment. Rival Hannover Re got caught in the sell-off too, despite reporting higher premium volumes. Meanwhile, Scalable Broker users are buying the dip.
Bull market with the brakes on
The tech rally keeps rolling. US indices like the Nasdaq 100 and the S&P 500 hit fresh record highs this week. But beneath the surface, the macro picture remains mixed:
Rate cuts are still nowhere in sight: US inflation climbed to 3.8% in April, the highest level in three years. The main culprits: fuel (with the Strait of Hormuz situation looming large), electricity and food. Meaning: interest rates are likely to stay higher for longer. Even newly appointed Fed Chair Kevin Warsh, who is being sworn in today, is unlikely to change that anytime soon. Especially since the latest US jobs report came in stronger than expected, with 115,000 new jobs added.
Geopolitics in Beijing: Meanwhile, US President Donald Trump is on a state visit to China. On Thursday, he met with President Xi Jinping, who likely had one pressing question on his mind: when will oil finally start flowing through the Strait of Hormuz again? Before the Iran war, China was the biggest buyer of Iranian oil. According to Trump, Beijing is now planning to buy oil from the US instead.
Mega-deal in the making: Trump is accompanied on the trip by several high-profile CEOs, including Boeing chief Kelly Ortberg. According to the president, China is set to order 200 Boeing aircraft – potentially one of the largest deals in the company’s history.
Dividend juggernaut
Allianz is rewarding shareholders in a big way. May 12 marked dividend payout day – with investors receiving €17.10 per share, extending Allianz’s streak to 17 consecutive years without cutting its dividend. In the first quarter of 2026, the insurer posted a record operating profit of €4.5 billion, up 6.6% year over year.
- Growth across the board: Allianz’s property and casualty division delivered organic growth of 6.8% in Q1, while operating profit jumped 11.1%. Its life and health insurance arm, however, lost some momentum, with operating earnings slipping 5.1%. The group’s third pillar – asset management – grew by 12.7%. Allianz is also seeing benefits from broad geographic diversification, with operations spanning markets such as India, Africa and the US.
- AI-powered efficiency drive: Allianz wants to streamline processes and improve customer service through AI and digitalisation. In 2025 alone, the company invested €6.5 billion in digital infrastructure and in-house IT systems, including its internal AI platform “AllianzGPT.”
- Rock-solid balance sheet: Allianz currently boasts a solvency ratio of 221% – meaning it holds more than double the regulatory minimum capital required as a buffer against crises. Of course, there are risks despite the tailwinds. Rising corporate insolvencies around the world are putting pressure on credit insurer Allianz Trade. Still, the stock has cemented its reputation as a dependable dividend play in recent years and currently offers a dividend yield of around 4.1%.
Secondhand is big business
Source: Business of Apps – Retail Apps Report 2024, Vinted
Vinted has proven just how lucrative the resale market can be. Last year, the Lithuanian company generated €1.1 billion in revenue. Back in 2016, the platform – once known in Germany as “Kleiderkreisel” – was on the brink of collapse. Then new CEO Thomas Plantenga stepped in and pulled off a turnaround.
- A smart fee overhaul: By scrapping seller fees and introducing a buyer protection charge instead, Vinted dramatically boosted listings on its platform.
- Going global: Vinted now operates in more than 20 countries and has recently moved into the US market.
Vinted runs a highly scalable, asset-light business model. The company outsources most of the logistical heavy lifting to its users and mainly acts as a trusted middleman, holding payments securely in a digital wallet until parcels arrive safely.
The outlook for the resale market is bright: according to a study by KPMG, the European secondhand market is expected to grow to €26 billion by 2030, up from around €16 billion in 2024. IPO speculation is already heating up. But investors can already gain exposure to Europe’s secondhand market leader via the Scalable Broker, as Vinted has been added to the BlackRock Private Equity Fund*.
*Liquidity restrictions apply. Please refer to the specific product documentation.
Billions for the server room
Big Tech used to hoard cash and buy back shares. Now, Alphabet, Microsoft, Meta and Amazon are pouring money into AI infrastructure instead. This year alone, capital expenditure is expected to hit a staggering $725 billion. And so far, the market is fully on board: after many tech companies beat expectations this earnings season, the AI rally has shifted into another gear.
One ETF riding that momentum is the iShares AI Infrastructure. Its focus is on the “pick-and-shovel” providers of the AI gold rush. Even the most advanced data centre cannot function without Broadcom’s networking chips or Cisco’s routers and switches.
The Xtrackers Artificial Intelligence & Big Data takes a broader approach. Alongside chipmakers and hyperscalers, the ETF also includes software firms and network operators. And despite the portfolio being nearly three-quarters weighted towards the US, Asian suppliers still play an important role: Samsung is currently the ETF’s single largest holding. During the semi-annual rebalancing, however, heavyweight positions are capped at 4.5%.
Meanwhile, the Amundi STOXX Europe 600 Technology Acc focuses on Europe’s largest listed tech companies. Around 30% of the ETF is invested in ASML alone – the Dutch chip-equipment giant whose lithography systems are indispensable to the entire semiconductor industry. It is followed by German blue chips SAP at 12% and Infineon at 10%.
Even global equity indices are increasingly shaped by the AI boom. In the Vanguard FTSE All-World, technology exposure – including industrial AI beneficiaries such as GE Vernova or Siemens Energy – is likely well above 40%.
Produkt-Highlight
Competitive pricing for a classic
Everyone knows it, and almost everyone has it. Those who own an ETF on the MSCI World are unlikely to have any regrets lately. Over the past ten years, the developed markets index has achieved an average annual return of over 12%. The performance engine was primarily the USA, with hyperscalers like Microsoft or Alphabet and chip giant NVIDIA driving the index. Big Tech also appears well-positioned for the AI revolution, thanks to its expertise and massive cash reserves.
As the saying goes, if it ain’t broke, don’t fix it. ETF provider Invesco has taken this to heart and changed only one thing about its classic fund launched in 2009 – the TER. Since the beginning of April, the accumulating ETF has been available at a highly competitive price: the total expense ratio is now just 0.05% per year. This currently makes it one of the cheapest MSCI World ETFs on the market. With a fund volume of almost €6.5bn, the Invesco MSCI World UCITS ETF Acc is also a true heavyweight.
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Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX