Market Compass September 2021

In Short

Edited by the Macro & Market Research Team. The team of analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues. The team translates macro and quant views into investment ideas that feed into the investment process.


  • Toppish data, rising Covid worries and China’s regulatory clampdown are weighing on the outlook.
  • Yet the recovery will not run off the rails and policy makers will tread cautiously in removing accommodation.
  • Low real yields and solid expansion still leave risky assets with legs, while rates will creep higher only sluggishly.
  • We maintain  a prudent pro-risk bias, but acknowledge a higher risk of setbacks in the more mature phase of the cycle.

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Market Compass September 2021

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