The Quarterly Q3 2019

  • While the second quarter 2019 was challenging, it did not disappoint investors after all
  • After a turbulent Q2, the odds are increasing, that US/China will reach a common framework for the future
  • A recession does currently not look to be on the horizon and risk assets should still perform well into H2 2019
  • Global growth is expected to rebound towards H2 2019
  • The Fed is rather too dovish than too hawkish
  • We are constructive on real assets for which we see further tailwind through monetary stimulus
  • While the environment stays favourable for global equites, downside risk management will become even more important during the next months
  • We stick to gold after its multi-year-breakout

For further information please click on the link below:

TWM_TheQuarterly_2019Q3