Key messages of the capital market outlook:
- High uncertainty:The war brings more inflation, less growth and high uncertainty – the economic damper is yet to come. The risk of stagflation increases. But central banks are less restrictive in the short term.
- Solid starting point: The economy and profits surprised positively and the coming burdens are likely to pass. Equity markets have corrected, valuations and positioning are lower, pessimism dominates.
- Chances of recovery: Market recovery likely with some easing of uncertainty, inflation and volatility. However, balanced positioning is still advisable.
In the Insights interview, Klaus Naeve, Co-Head of Berenberg Wealth and Asset Management and Head of Sales, analyses what developments he sees among our clients and how we react to them.
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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.
