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 is a CFA charterholder and, for many years, was part of one of the world’s top three multi-asset research teams in the renowned Extel survey. After earning degrees in economics and mathematics from Heidelberg University, he spent more than ten years at Commerzbank, where he worked, among other roles, as a Senior Cross-Asset Strategist. He has been with Berenberg since October 2017 and heads the Multi Asset Strategy & Research as well as the Portfolio Management Alternatives departments. In addition, he is a voting member of the Investment Committee and is responsible for capital markets communication.
Ulrich Urbahn
Head of Multi Asset Strategy & Research and Portfolio Management Alternatives
