{"id":3088,"date":"2019-04-16T12:43:45","date_gmt":"2019-04-16T11:43:45","guid":{"rendered":"https:\/\/corestone.site\/?p=3088"},"modified":"2019-07-25T10:35:34","modified_gmt":"2019-07-25T09:35:34","slug":"investment-outlook-q2-2019","status":"publish","type":"post","link":"https:\/\/www.corestone.ch\/de\/investment-outlook-q2-2019\/","title":{"rendered":"Investment Outlook (Q2\/2019)"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3088\" class=\"elementor elementor-3088 elementor-bc-flex-widget\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2a2a0088 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2a2a0088\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6b17993e\" data-id=\"6b17993e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2ebf4104 elementor-widget elementor-widget-text-editor\" data-id=\"2ebf4104\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<blockquote class=\"is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSuccessful investing is anticipating the anticipations of others.\u201d<\/p>\n<p>John Maynard Keynes<\/p>\n<\/blockquote>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\">Macro Environment<\/h2>\n<p><\/p>\n<p><\/p>\n<ul class=\"wp-block-list\">\n<li>Inflation pressure in developed markets is subdued<\/li>\n<li>European growth loses momentum<\/li>\n<li>US consumer confidence remains intact while capital markets become more fragile<\/li>\n<li>Emerging markets growth remains robust while confidence numbers paint a less favorable picture<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\">Outlook and Markets<\/h2>\n<p><\/p>\n<p><\/p>\n<ul class=\"wp-block-list\">\n<li>Valuations are stretched in a lot of markets \u2013 even more so after the January rebound<\/li>\n<li>Trade frictions between the US and China continue to be a major market mover<\/li>\n<li>Fed changes stance and remains on hold for the time being. Rate cuts towards Q4 become possible<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\">Main Investment Calls<\/h2>\n<p><\/p>\n<p><\/p>\n<ul class=\"wp-block-list\">\n<li>Stay cautious and keep small overweight in the income portion of the model portfolio<\/li>\n<li>Maintain an overweight in Cash<\/li>\n<li>Equities over Sovereign Bonds<\/li>\n<li>Emerging over Developed Equities<\/li>\n<li>EMD and Investment Grade Credit over Sovereign Bonds<\/li>\n<li>TIPS as an (unexpected) inflation hedge<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<h2 class=\"wp-block-heading\">Main Risks<\/h2>\n<p><\/p>\n<p><\/p>\n<ul class=\"wp-block-list\">\n<li>Full scale trade war between the US and China escalating further also on a political level<\/li>\n<li>Higher than expected inflation in the US, coupled with substantially increased spending leads to the Fed needing<br \/>to restart hiking rates, thus choking off economic momentum, leading to a possible recession<\/li>\n<li>Unexpected fallout from a chaotic Brexit could lead to another Euro crisis and put global growth at risk<\/li>\n<li>Risks of policy missteps as China continues the attempt to rebalance its economy to a more domestically supported<br \/>one and impose too strict regulatory frameworks on banks<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p>To receive the full Investment Outlook, please subscribe to our mailing list below.<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>The Investment Outlook for the second quarter of 2019 has been published.<\/p>","protected":false},"author":3,"featured_media":3224,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[8],"tags":[15,111],"class_list":["post-3088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-outlooks","tag-investment-outlook","tag-q2-2019"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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