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 has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.
Ulrich Urbahn
Head of Multi Asset Strategy & Research
