The uncertainty about the capital markets has increased. Political issues from around the world are influencing investors’ investment decisions. However, only a few of them are really structurally important, says Till Christian Budelmann, the capital market strategist at the Swiss private bank Bergos Berenberg. He sees the markets as being particularly vulnerable with regard to the trade war, the upcoming US elections and, in Europe, the Brexit crisis. A low relative valuation vs. bonds and a defensive positioning of investors, however, give equities a certain resilience. (…)
28.02.2026