Humankind is optimistic
Optimism propels societies forward. However, optimism on the financial markets may turn into overenthusiasm. It is not always easy to tell the difference.
Investment compass – June 2020
The monthly newsletter includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
Positioning
Cautious restraint despite booming stock markets
The rapid pace of the stock markets is making investors overconfident. There is a risk that the state of the economy will be overlooked. The price recovery of European equities and emerging market bonds is relatively solid in our view.
There has been an improvement in the mood in Switzerland over recent weeks.
Market overview
The financial markets doubt their optimism
After the huge sell-off in March, there has been a significant recovery rally on the financial markets over recent weeks. Risk appetite has risen sharply. The US equity markets in particular have almost completely recouped their losses – despite the continued negative figures from the economy. Doubts over the sustainability of this recovery have only just emerged.
Economy
No country can escape economic damage
Shutting down an economy on command will inevitably have major consequences. However, the first signs of recovery are apparent.
Model portfolios
Nervousness remains high
We have recommended defensive positioning of the portfolio since the outbreak of the coronavirus pandemic in January. We maintain this recommendation with slight modifications.
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Investment compassInformation relevant to your investment decisions. The “PostFinance house view”, complete with our position on and assessment of the financial markets and the overall economic situation.
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Investment compass compactFor independent investment decisions: concise, crystal-clear information on the financial markets and the overall economic situation.
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