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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.

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