The signals and the noise
As we look ahead to the next three months, and consider how to invest on behalf of our clients, we are confronted by seemingly conflicting signals from depressed bond yields and exuberant equities.
While our medium-term view remains positive, due to the belief the economic cycle has been extended by recent developments, we reduced our tactical view to neutral given equity market gains year-to-date.
Following the recent rally, we have dialled down our tactical equity exposure to neutral from positive, in light of market expectations for central bank action and the still-simmering trade war.
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Author(s)
Emiel van den Heiligenberg
Head of Asset Allocation
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