#Market Strategy
— 15.10.2019
October 2019: Investment Strategy Update
We abandon our negative view on equities in the short term. The stock markets have been in a consolidation phase for two years (except for the trough in the last quarter of 2018) as fundamentals have been deteriorating: less economic growth expected, profit increases revised down, political risks still present. The markets are increasingly pricing in this deterioration and the downside risks are diminished in our opinion.
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