Market Compass March 2021

In Short

Edited by the Macro & Market Research Team. The team of analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues. The team translates macro and quant views into investment ideas that feed into the investment process.
Market Outlook

Highlights:

  • Despite stretched investors’ positions and residual risks from Covid-19 mutations, the Spring rebound to support favourable financial conditions.
  • Fears of soaring US inflation pose risks for fixed income.
  • Equities should prove resilient, but the pick-up in real yields deserves to be watched, especially for the impact on highly valued risk assets.
  • Overall, we maintain a moderate pro-risk tilt in our portfolios, with potential equity setbacks providing buying opportunities into a broader ‘Spring reopening’.

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Market Compass March 2021

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