Key messages of the capital market outlook
- Upwards: Economic and profit growth remain high – even though positive surprises and annual growth rates are slowing.
- U-Turn: As inflation remains the defining issue, central banks are likely to announce their reversal towards the end of the third quarter – markets will play this earlier and bond yields are likely to rise.
- Back and forth: The frequent changing of favourites is likely to persist for the time being, with limited upside potential for equities. However, high liquidity, positioning and growth make strong setbacks unlikely.
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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.
Ulrich Urbahn
Head of Multi Asset Strategy & Research and Portfolio Management Alternatives
