Let's wait and see
- The situation in financial markets remains tense. The strong correction in March was followed by a strong recovery in financial markets until the end of April.
- The coronavirus containment measures successfully implemented in many countries give hope for an economic recovery in the near future.
- However, while it was quite easy to turn off the economic engine by decree, it will probably not be possible to kick-start it without stuttering.
- The news flow is therefore likely to remain fragile, and we expect financial markets to continue to be highly volatile.
- In our multi-asset portfolios, we have now slightly reduced the risks again and are adopting a wait-and-see and risk-neutral stance.
- Thanks to the generous support of the central banks, the area of high-quality bonds continues to appear particularly attractive to us.