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23 entries

Sep 1, 2021 7:00:00 AM | LGT Private Banking Europe House View

LGT Private Banking Europe House View – September 2021

The doves remain at the helm at the Fed, as Chairman Powell reiterated the Fed's patient stance in face of rising corona risks at the Jackson Hole symposium. At the asset allocation level, our two key convictions remain unchanged. We prefer equity investments to bonds and expect commodities to yield a better return than liquidity. In equities, we recommend realizing some of the gains in the durable goods sector, e.g. in luxury goods stocks. In the fixed income space, we adjust our assessment in corporate and high yield bonds, increasing our quality ratio.

Jul 28, 2021 7:00:00 AM | LGT Private Banking Europe House View

LGT Private Banking Europe House View – August 2021

Investors should expect increased volatility in the coming months, but growth prospects remain intact. European utilities offer catch-up potential and we therefore upgrade the sector to “attractive. On the other hand, we reduce emerging market equities to “neutral” following the recent price losses in Chinese equities. In addition, we advise buying gold during periods of weakness and expect oil prices to rise by the end of the year.

Jun 30, 2021 7:00:00 AM | LGT Private Banking Europe House View

LGT Private Banking Europe House View – July 2021

The Federal Reserve’s slightly adjusted rhetoric creates some headwinds on capital markets. In view of an anticipated earlier interest rate turnaround by the Fed, we are a “touch” more defensive in our equity positioning and see potential in gold. In the fixed income space, we upgrade emerging markets local currency bonds to “attractive”. In the equity segment, we see further potential for European equities, but also continue to like emerging markets.

May 26, 2021 7:00:00 AM | LGT Private Banking Europe House View

LGT Private Banking Europe House View – June 2021

If inflation expectations continue to rise, both equities and bonds are likely to come under pressure in the short-term. Meanwhile, the rapid economic recovery is straining global supply chains, we consider commodity stocks also in this market environment as “attractive”. On bond markets, US bond yields are likely to rise gradually into the summer, but we believe the upside potential is limited.

Apr 28, 2021 7:00:00 AM | LGT Private Banking Europe House View

LGT Private Banking Europe House View – May 2021

Financial markets have been experiencing a spring awakening for some time now, and positive economic indicators are giving rise to optimism. The focus continues to be on the monetary policy of the major central banks, first and foremost the Federal Reserve (Fed). Now, there is little doubt that the Fed will not raise interest rates in the coming months but will start to gradually reduce the additional liquidity injections (“tapering”). Against this backdrop, we focus on adequate risk compensation and prefer equities over bonds and commodities over liquidity.

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