8th September 2022
Hope is not a strategy
With the end of the summer, the recovery rally in financial markets also seems to have come to an end. Hopes of an early turnaround by the central banks have vanished into thin air. Interest rates will continue to rise as long as inflationary pressures do not weaken significantly. The macroeconomic environment therefore remains difficult and the risks of recession continue to increase. In the coming months, companies are likely to cut their earnings forecasts, increasing headwinds for equity markets. Against this backdrop, we remain cautious in our portfolios and focus on a defensive positioning.