The Quarterly Q2 2019

  • 2019 had an impressive start for risk assets
  • We downplay the recessionary fears as different factors show positive signs
  • Global growth should rebound towards the second half of 2019
  • The Fed is committed to boost inflation expectations, we expect zero rate hikes in 2019 but up to four in 2020
  • Favourable environment for equites across developed and emerging markets, except financials which should only do well in the short run
  • We prepare to temporarily overweight cyclical stocks in particular from the European area
  • The odds are increasing, that US/China will reach a common framework for the future
  • We still believe in gold going forward, thus, buy the dips

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