Steffan Selbach

“We assume the positive trend in the global economy continues. Equity valuations are moderate and companies are expected to make good profits in the future. In addition, the expansion of the EU-rescue system and the intention to better coordinate the national economic policies within the EU should bolster the equity markets. However, the increased volatility and the downward risks due to the crises in Japan and North Africa/Middle East require close monitoring. As far as the bond market is concerned we stay with a defensive minded strategy and we remain neutral in equities for now.”