Investments

Financial markets have continued their recovery since the trade war sell-off. Equity markets are closing in on all-time highs while credit spreads have steadily decreased. Although we are closing in on the negotiation deadline for trade deals in July, investors are expecting de-escalation. We are confident with our current positioning amidst this uncertainty and remain neutral on equities and modestly overweight on bonds. Meanwhile, our strategic position in gold helps with diversification.

• Bonds: focus remains on quality
• Equities: all-time highs back in sight
• Gold/Oil: geopolitics drive prices

Israel-Iran attacks extend to four days, adding another layer of uncertainty for investors. So far, investors’ reactions remain quite muted. Volatility in financial markets did not increase significantly, except for the oil market which is taking centre stage.

We are holding cash to capitalize on opportunities later this year. Where could these opportunities emerge – and which market segments are currently attractive for investors?

‘Sell America’ seemed to be the motto in markets when the US announced high import tariffs in early April. Are investors losing their confidence in the US as a safe haven?

Security has returned as a defining priority for Europe. But the nature of defence has changed.