Steffan Selbach

“The latest sentiment data in Europe and the US combined with economic data from the emerging markets support our view of a moderate economic expansion. We think the uncertainty about Greek debt and other euroland countries will abate in the coming months and will be positive for equities. Therefore we did not change our exposure. Interest rates for German bonds should not increase much due to low inflation and a moderate economic growth rate. Corporate bonds are supported by a good earnings season in the US and Europe and emerging market bonds should profit from high demand.”