Key messages of the capital market outlook:
- Mid-cycle year: We expect neither a strong acceleration nor a decelera-
tion in global growth but unsynchronised growth be-tween regions. This calls for a balanced position in re-gions, sectors and styles. - Inflation: The development of inflation and central banks' corre-
sponding reactions are likely to become the decisive fac-tors for capital markets. We expect inflation to decline but ultimately become more persistent. - Headwinds: Rising (real) interest rates are weighing on valuations and earnings growth is falling. Fundamentally, the up-side potential is getting smaller for equities, but alternatives are scarce due to the ongoing financial repression.
In the Insights interview our fund manager Christoph Mäder shows how to successfully invest in European bonds in a sustainable and impact-oriented manner.
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.
