Key messages of the capital market outlook
- Normalisation: The past year of Covid-19, restrictions and recession should be followed by a year of vaccines, re-opening and economic recovery
- Tailwinds: Equities are supported by negative real interest rates, loose monetary and fiscal policy, high levels of liquidity, rising profits, and their relative valuations. But as soon as all investors have repositioned themselves, overall market conditions are likely to become more difficult.
- Rotation potential: An even more pronounced change of market favourites looms if inflation expectations rise further or should real interest rates begin to rise.
Your contact
Ulrich Urbahn
Ulrich Urbahn has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.
Ulrich Urbahn
Head of Multi Asset Strategy & Research
