An overview of recent market developments and macroeconomic conditions, as well as our over- and underweight positions. This primarily discusses equity, bonds, and money markets. Alternative investments, such as real estate and private equity, will not be systematically covered in the report, but such products should also be included in a long-term investment portfolio.
Key points
- The leading U.S. industrial barometer (ISM Manufacturing) exceeded 50 for the first time in 16 months, signaling expansion.
- The European Central Bank (ECB) is likely to cut interest rates before the U.S. Federal Reserve within this year.
- Market sentiment is currently high, rendering the markets vulnerable to corrections.