Our monthly market analysis and positioning
By: Klaus Kaldemorgen
Monetary and fiscal packages are driving the markets, but their valuation leaves little room for economic disappointment.
How deep the crisis could be remains uncertain. The size of many aid packages, however, is rather concrete. Equities should be among the relative winners.
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By: Christian Hille
2019 has been exceptional for investors thanks to receding recession fears and generous central banks. 2020 is unlikely to be as good.
Central banks have pushed valuations up, leaving little upside potential. We stick to equities and hedge portfolios.
We are less gloomy on the outlook than bond markets. In our view, equity markets have to correct before offering opportunities for entry.
While U.S. stocks are back to their pre-crisis levels volatility is not. Surprisingly, stocks and volatility have been moving in tandem for weeks. Time to worry?
As an institution, the European Union is borrowing on a large scale for the first time for its reconstruction fund. This creates opportunities for security-conscious investors.
S&P 500 leverage update: another young vs. old sector split
