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    Global Investment Strategy: what comes after a sharp recovery?

    investment insights

    Global Investment Strategy: what comes after a sharp recovery?

    Stéphane Monier - Chief Investment Officer<br/> Lombard Odier Private Bank

    Stéphane Monier

    Chief Investment Officer
    Lombard Odier Private Bank
    Samy Chaar - Chefökonom

    Samy Chaar

    Chefökonom

    As the northern hemisphere’s summer holidays come to an end, the global economy is looking strong. Many regions’ recoveries are catching up as growth rotates towards Europe, and from trade and manufacturing to services.

    There are still challenges, such as the evolution of the pandemic and concerns about slowing growth, but fears about overheating economies are now mostly behind us. Globally, growth is slowing to levels that are more in line with each economy’s long-term potential.

    The critical element at this point in time is US monetary policy, and how the Federal Reserve’s asset tapering will impact economies and markets in the US and rest of the world.

     

    As the northern hemisphere’s summer holidays come to an end, the global economy is looking strong

    We keep a moderate pro-risk stance in our clients’ portfolios. We prefer equities over high-quality fixed income, and focus on European and UK stocks, where growth should be stronger in the near term, as well as cyclical and value equities, which have more catch-up potential. We also took advantage of recent market volatility to increase our positions in Chinese stocks. In addition, we believe investors can look for additional returns in infrastructure and real estate, two asset classes that should benefit from continued fiscal stimulus and low yields. Crucially, the transition to a net-zero economy offers strategic opportunities for superior risk-adjusted returns.

    While the market outlook remains constructive through the year-end, we expect more volatility in the coming months. Active portfolio management is key. Discover our investment strategy in this new video featuring Stéphane Monier, CIO Private Bank, and Samy Chaar, Chief economist.

    Wichtige Hinweise.

    Die vorliegende Marketingmitteilung wurde von der Bank Lombard Odier & Co AG (nachstehend “Lombard Odier”) herausgegeben. Sie ist weder für die Abgabe, Veröffentlichung oder Verwendung in Rechtsordnungen bestimmt, in denen eine solche Abgabe, Veröffentlichung oder Verwendung rechtswidrig ist, noch richtet sie sich an Personen oder Rechtsstrukturen, an die eine entsprechende

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