Key messages of the capital market outlook
- Reality check: Hopes for a strong economic recovery must now be backed up by real growth. For markets to remain stable, this growth should neither be too weak nor too strong.
- Inflation worries: Inflation, bond yields and central bank reaction will dominate markets into the summer. Real interest rates are likely to rise further.
- Slowing pace: If markets fear that central banks will take their foot off the gas, investors will do so, too. We remain constructive in the medium term but expect further volatility into the summer.
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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
