After a strong rebound, the market is due for a breather, our investment strategists write in the Global Asset Allocation Strategy for July.
Current valuations need some faith to be justified, but that faith might turn out to be correctly placed if the recent post-crisis earnings pattern repeats this time around, they argue.
The blockbuster macro figures seen recently are likely to pull expectations higher and thereby reduce the chances of further upside surprises. In short, the strategists’ usual tactical drivers point in all directions currently.
What does that mean for the investment strategy? Find out by reading the July edition of the Global Asset Allocation Strategy. (pdf, 1 MB)
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