February 3, 2021

Market Compass February 2021

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In Short

Edited by the Macro & Market Research Team. The team of 13 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 Compass February 2021
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Highlights

  • A prospective economic boom into spring/summer, the clearing of tail risks (Brexit, EU Recovery Fund) and an incoming US fiscal stimulus still bode well for risky assets.
  • Yet significant risks remain, related to the still elevated number of COVID-19 cases and a slower-than-expected vaccine rollout in Europe.
  • High valuation leaves some parts of the market exposed to disappointment, requiring vigilance.
  • We retain, but trim, our overweight exposure to Credit end Equity and confirm our positive view on Emerging Markets (EMs).
Market Compass February 2021
February 3rd, 2021

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