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 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
