Steffan Selbach

“During the last month the European debt crisis lost its momentum and markets consolidated in a tight range. The ECB’s statement expressing its willingness to support the euro increased the confidence of market participants. Now, as the US elected its president, markets are focusing on what will happen at the end of the year. Because of the high uncertainty of the ‘fiscal cliff’ we decreased our position in equities and increased the amount invested in cash. In addition to investments in German and euroland bonds we favour corporate and emerging market bond funds.”