Horizon Q3 | 2021

The economy is recovering dynamically, but positive surprises are likely to fade and year-on-year comparisons will become more difficult. Inflation remains high.

Prof Dr Bernd Meyer and team provide an outlook for the 3rd quarter of 2021 in the current Horizon publication.

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.

Your contact

Prof. Dr. Bernd Meyer
Chief Investment Strategist and Head of Multi Asset
Phone +49 69 91 30 90-225
Ulrich Urbahn
Head of Multi Asset Strategy & Research