At the start of a bull market or a bull trap?

Switch of favourites due to expected "Fed pivot" with rate cuts in 2023

Earnings expectations likely to come under pressure

One of the historically worst first half years is behind us

Bear markets take hold - bonds also with massive losses

Systematic investment strategies supportive in the short term

Government bonds recently again with better diversification effect

Equity markets likely to remain erratic for the time being

Bonds not yet significantly more attractive despite higher real yields

April historically tends to be the best month for global equities