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The economy reaches the post-peak phase
Against the backdrop of the current post-peak environment, Vontobel remains risk-neutral positioned. Check out our view on the economic outlook in the latest video update from our Chief Investment Officer.
How we position ourselves strategically: The monthly CIO Update analyzes the current market environment and reveals the background. It is presented by Dan Scott, CIO Wealth Management, and Mario Montagnani, Senior Equity Strategist.
September was a turbulent month. Concerns about inflation as well as reduced bond purchases by central banks and regulatory pressure in China accompanied us. USA, Japan, Europe, and China have already reached their economic peak and are currently in a post-peak phase or have slower economic growth.
On the equity side, a lack of strong growth sectors such as IT or communication services in European equities, among others, has in the past led to European equities underperforming in each case (compared to US equities) after a growth period.
In this environment, Vontobel continues to maintain a risk-neutral position, but is reducing its equity weighting for Europe and is overweight in US equities.