A major change in our investment strategy is that we step up the profit-taking underway since March and become negative on equity markets in the short term. The political risks have increased, and the markets seem too complacent (in our view) about the trade tensions between China and the United States, heightened risks of a hard Brexit, and the unclear political situation in Europe following the European elections, particularly in Italy. Volatility is set to increase at the end of the stock market cycle.
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