Investment compass – September 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.

A storm is brewing

Turbulent months lie ahead for the USA. In light of the uncertain situation, it is advisable to sacrifice potential in order to be less exposed to downturn risks.

Positioning

Anxious autumn ahead

The US presidential election entails risks that mean uncertainty on the financial markets is expected this autumn. The first indications appeared last month: the upturn on the US equity market ground to a halt, and investors are increasingly cautious again.

But weather forecasts based solely on a glance at the sky can notoriously be misleading.

Market overview

Markets show no clear direction

The financial markets showed no clear direction last month. After hitting a new record high, the US stock market recently began to falter. The sustainability of the tech rally seems increasingly doubtful. The downturn potential remains high.

Economy

Still no sign of recovery in tourism and industry

Since its low point in April, the global economy has recovered strongly. The upturn is being held back by tourism and industry.

Model portfolios

Economic and political risks mean more defensive positioning is advised

We are extending the defensive positioning of our portfolios and have now adopted an underweighted position on the US equity market.

Newsletter

Investment compass

Information 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.

Newsletter

Investment compass compact

For independent investment decisions: concise, crystal-clear information on the financial markets and the overall economic situation.

The newsletter is aimed at customers domiciled in Switzerland. The legal information and information on the protection of personal privacy apply.