Key messages of the capital market outlook
- Short-term dampener: The powerful recovery continues despite temporary setbacks. The prevailing scepticism about growth in the third quarter seems exaggerated.
- Reflation revival: Looking ahead to an economically solid 2022, strong growth, higher inflation over the longer term and the typical seasonality, bond yields
should rise and cyclical assets gain.
- Clear preferences: Equities and some commodities will continue to be favoured over bonds. For the time being, however, short term risks caution against
adopting an overly aggressive position.
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
