Steffan Selbach

“We still hold on to our allocation. In equities, we are underweight to our neutral position but we are looking to increase our exposure. The reports for the first quarter from US and European companies are better than expected and economic indicators signal that perhaps the market has reached the bottom. We still focus on the European and emerging markets where a recovery of the global economy should have the larger impact. For goverment bonds we still see the risk of rising yields into the direction of 3.4/3.5 per cent for 10 year-bonds. The large supply from governments should put further pressure on the bond market”