17 October 2019
Highlights of the current ISSUE
- We experienced difficult summer months with elevated volatility spiced up by trade war headlines
- Global growth is expected to rebound towards year-end
- In such an environment, we expect risky assets to perform well in the last quarter of 2019
- We are constructive on real assets for which we see further tailwind thanks to supportive monetary stimulus
- While the environment stays favourable for global equites, downside risk management will be the most important factor in the next months
- We stick to a strategic position in gold and would even increase exposure in sharp dips
