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LGT Beacon: Risk outlook remains balanced

July 16, 2020

Equities and credit markets have remained well bid over the past month, albeit with less momentum than between March and June. As global equities move toward the upper limit of their recent trading range, the bullish factors are still broadly balancing the downside risks. We hence maintain our neutral equity positioning and focus on active rebalancing.

Despite a resurgent pandemic in the US and some other regions, market sentiment remained quite upbeat in recent weeks and global equities are trading near the highs recorded in early June. Even after a 43% surge in global equities between 23 March and 8 June, intermittent setbacks were rather short-lived and shallow so far.

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Note: The next edition of the LGT Beacon is scheduled for August 2020.