The global economy has been massively weakened by the extremely unpredictable impact of the coronavirus (COVID-19). This and the plunge in the oil price a week ago has led to market turmoil of almost unprecedented levels recently. In his baseline scenario, Till Christian Budelmann, our capital market strategist, only expects an economic recovery in the second half of the year, which would then at least not be further disrupted by the risk of an anti-market US presidential candidate from the democratic party. Compared to the bond market, equities appear relatively attractive – even if one assumes a similar earnings decline as in the last financial crisis of 2008. In retrospect, the high level of uncertainty could prove to be a good opportunity to position oneself rationally and at a reasonable price in long-term, future-oriented market areas. And Gold could serve as a hedge to a balanced portfolio. (…)
16.01.2026