Monthly Market Monitor
November 2020
Table of contents Satellite View Geopolitical heat map
In a Nutshell
Our view on the markets
07
04 Macro Radar
Theme in Focus When will the great rotation take place?
Taking the pulse of
Asset Allocation Notes from the Investment Committee
08
economic activity
The Back Page
10
06
Asset classes & agenda
ESG - Sustainability Corner ECB’s monetary policy to become “greener”
12
11
Kaiser Partner Privatbank AG | Monthly Market Monitor - November 2020
3
In a Nutshell
Our view on the markets
The United States has voted… …and contrary to expectations, the election ended in a razor-close finish. At the time of writing, it has not yet been conclusively determined who will preside in the White House for the next four years. But one outcome is already clear: there wasn’t a “blue wave” – the Democrats didn’t win a landslide victory and the Republicans maintain the upper hand in the US Senate. If Joe Biden ends up the new president, he would arguably have to make major cutbacks to his ambitious agenda of reforms. Only a small economic stimulus package? Two more years of political gridlock in Washington D.C. is now the most probable scenario. This means that the long-awaited and fiercely contentious new fiscal program to mitigate the economic effects of the pandemic will probably turn out to be much smaller than the Democrats were hoping for. But even the fiscal hawk camp in the Republican Party is bound to recognize that the second (or third?) coronavirus infection wave requires further actions to help out US citizens and industries afflicted by COVID-19. Double dip Annualized GDP growth rates of +33.1% in the USA and +12.4% in the Eurozone for the third quarter inscribed new records in the history books. But in both of those regions, those numbers are far from enough
Chart of the month The second wave… |…is rolling through Europe Number of new COVID-19 cases per million population 900 800 700 600 500 400 300 200 100
Germany
Switzerland
France
Spain
Italy
UK
Sources: ourworldindata.org, Kaiser Partner Privatbank
4
Monthly Market Monitor - November 2020 | Kaiser Partner Privatbank AG
01.11.20
01.09.20
01.07.20
01.05.20
01.03.20
0
USA
to offset the previous contraction in economic activity. Quite the contrary in fact, today it is already foreseeable that the “year of the coronavirus” will set an all-time record for negative growth because the pandemic most likely will now cause economic activity to follow a W-shaped trajectory. Central banks called on again Less fiscal stimulus in the USA and a double whammy of weak economic growth and far-too-low inflation in the Eurozone mean that central banks on both sides of the Atlantic have to step into the breach once more. While the US Federal Reserve is likely to hold off at first on taking additional actions until US politics have returned to a more or less “normal” mode, the European Central Bank may already reach into its monetary-policy toolbox once again in December. Rollercoaster market As many market participants had expected (or feared), high price volatility was observable on the financial markets during election week on both the overall market and in individual sectors. Technology stocks in particular posted significant gains at first because they stand to be beneficiaries of the expected US political gridlock (and a resulting status quo on taxes). The rather solid earnings reporting season drifted a bit out of the spotlight.
Our “Chart of the Month” is once again a coronavirus graph. But the pandemic also remains the topic of the hour. A second wave of contagion has been washing over Europe in recent weeks at near-breathtaking speed and has driven case counts to new heights. As happened last spring, governments are responding with tightened containment measures and even with renewed lockdowns in some instances. This bodes ill for the fourth-quarter economic activity outlook. Consumer sentiment is rapidly deteriorating, and a double dip in economic growth can hardly be averted. Governments will probably try hard to enact fiscal policy measures to soften the economic contraction. Saving looks destined to be last item on the list of priorities for many governments at the moment.
Kaiser Partner Privatbank AG | Monthly Market Monitor - November 2020
5
Macro Radar
Taking the pulse of economic activity
China’s economy has returned to the pre-crisis level The world’s second-largest national economy expanded by 4.9% year-on-year in the third quarter, according to official data. That was less than analysts were projecting (+5.5%), but was enough to more than offset last spring’s contraction. Economic activity in China thus increased by 0.7% for the first nine months of this year, according to government statistics. The Middle Kingdom may turn out to be the only the major national economy to end 2020 with a positive annual GDP growth rate. This is one of the few glimmers of light at the moment for the export-oriented countries of Europe.
Economic growth outlooks around the world are mixed at the moment. The prospects are brighter or gloomier depending on where COVID-19 is spreading most rampantly. China is the current leader in economic growth while Europe is lagging behind.
US fiscal stimulus package still pending A new coronavirus relief bill is still languishing in the United States. The Democrats and Republicans spent the entire month of October haggling over a new fiscal Coronavirus-proof (thus far) | The manufacturing sector remains stable Ifo business climate index 110
stimulus package, to no avail thus far. It is certainly questionable whether an agreement will be reached after Election Day since both sides may have now, more than ever, lost any incentive to strike a deal. But a new relief package won’t be all that long in coming. We expect to see another multitrillion-dollar fiscal injection into the US economy at the start of next year at the latest. Manufacturing sector still looking robust (for now) Europe is currently the epicenter of the second wave of coronavirus infections, which has hit contact-intensive industries particularly hard. At the end of an already catastrophic year, Christmas business now also threatens to turn into a disaster for many service industries. It appears as though consumers will be sidelined as an economic growth driver in the fourth quarter. However, the manufacturing sector continues to look comparatively robust. Germany’s Ifo business climate index dipped slightly in October for the first time in six months, but remains at a relatively high level. This split in the economy is unlikely to end until a sufficient quantity of doses of a vaccine against COVID-19 becomes available.
100
A Christmas gift from the ECB The European Central Bank’s October policy meeting yielded comparatively little news content. The ECB Governing Council was in unanimous agreement that economic activity in the Eurozone is in poor shape and inflation is (much) too low. But it apparently was too soon to take action. ECB President Christine Lagarde will likely seek to sound out a compromise behind the scenes in the weeks ahead. We expect the ECB to unveil its Christmas present in December.
90
80
Ifo-Index
Expectations
2020
2018
2016
2014
2012
2010
70
Situation
Sources: Bloomberg, Kaiser Partner Privatbank
Consensus estimates
Kaiser Partner Privatbank interest rates view 2019
2020
2021
GDP growth (in %)
3M
12M
Switzerland
0.8
-5.0
3.9
Switzerland
-0.75
→
→
Eurozone
1.2
-7.8
5.4
Eurozone
-0.50
→
→
UK
1.3
-10.0
5.8
UK
0.10
→
→
US
2.3
-4.0
3.8
US
0.25
→
→
China
6.1
2.0
8.0
China
2.95
→
→
Inflation (in %)
10-year yields (in %)
Switzerland
0.4
-0.7
0.1
Switzerland
-0.52
→
→
Eurozone
1.2
0.3
1.0
Eurozone
-0.64
→
→ →
UK
1.8
0.9
1.5
UK
0.24
→
US
1.8
1.2
1.9
US
0.77
→
→
China
2.9
2.8
2.2
China
3.20
→
→
Sources: Bloomberg, Kaiser Partner Privatbank 6
Last Key interest rates (in %)
Monthly Market Monitor - November 2020 | Kaiser Partner Privatbank AG
Sources: Kaiser Partner Privatbank
Satellite View Geopolitical heat map
Polarization in the USA The name of the new (or new-old) president of the United States is not yet known as this publication goes to press. But it is already clear that the 2020 US presidential election was once again a very close call, with a handful of votes ultimately tipping the balance. The USA is more divided than ever, and the ravages of the pandemic are likely to further widen the country’s political and social rifts. The persistent state of agitation afflicting the world’s largest national economy is also not necessarily a good sign for the rest of the world. USA vs. China The conflict between the United States and China is simmering on a number of different burners. The trade quarrel has calmed down a bit lately, but it’s already foreseeable today that China will not be able to keep its import volume promises to the USA, so
this issue likely will soon be back on the agenda. The Americans, meanwhile, are constantly ratcheting up the pressure on Chinese companies. And the rattling of sabers continues in the South China Sea. Brexit countdown Time is slowly but surely running out – there are now just eight weeks left until the end of the transition period. In order to get a post-Brexit treaty ratified before the end of this year, the necessary compromises would have to be reached very soon. History shows, though, that in the realm of politics, solutions can almost always be found if both sides are willing. So, it appears possible that another transitional arrangement will be worked out to stall for time. But one can’t count for sure on that happening. A hard Brexit therefore remains more than just a residual risk to the very last second.
Geopolitical developments do not stop at the gates of the financial markets. On the contrary, they have become an increasingly important influencing variable in recent years. Our Satellite View takes a look at the major hotspots at the moment.
Kaiser Partner Privatbank AG | Monthly Market Monitor - November 2020
7
Asset Allocation
Notes from the Investment Committee
Stock exchanges were given a good rattling again in October, causing nearterm technical indicators to drop into oversold territory. This portends a certain degree of rally potential in the weeks ahead once the US election fog clears.
Asset allocation monitor -
+
-
Cash
Equities
Fixed Income
Global
Sovereign bonds
Switzerland
Corporate bonds
Europe
Microfinance
UK
Inflation-linked bonds
US
High-yield bonds
Emerging Markets
Emerging markets bonds
Alternative assets
Insurance-linked bonds
Commodities
Convertible bonds
Gold
Duration
Real estate
Currencies
Hedge funds
US dollar
Structured products
Swiss franc
Private equity
+
Euro British pound
Equities: Upside and downside surprises Scorecard • The corporate reporting season has thus far fol+ lowed a familiar pattern: the majority of companies Macro beat analysts’ projections, but those estimates had Monetary/fiscal policy previously been revised sharply downward so that Earnings the bar was no longer set so high. The number of Valuation upside earnings surprises among the companies in Trend the S&P 500 index has been around the upper end Sentiment of the historical range. But the prospects for the future are more important than yesterday’s data, and there have recently been a few negative surprises decent investment alternatives, even the relatively regarding earnings outlooks. Germany-based softhigh equity valuations are unlikely to dissuade many ware supplier SAP, for example, lowered its nearinvestors from buying stocks. However, uncertainty and medium-term guidance and was swiftly punmust first be removed to unlock the existing upside ished with a 20% selloff on the stock market. potential. Hopefully the US election fog will clear soon. • The technical-analysis picture on the equity markets dimmed a bit in October. While European markets Fixed income: Second wave weighing on yields dropped out of their summer trading ranges, a sec- • Lockdowns in Germany, France and many other ond correction wave set in on US stock exchanges. European countries – the second wave of the panBut the picture gets put into somewhat better demic has been hammering Europe in recent weeks, perspective when the viewing angle is widened a and not without consequences for the fixed-income bit, for here we see that the uptrend channels in market. There, the yield on 10-year German governplace since late March remain intact. Another posiment bonds has fallen to –0.6%. This reflects, on tive sign is that the latest consolidation has caused one hand, the subdued economic growth prospects momentum indicators to cool down further and to for the months ahead. On the other hand, this also already slip into oversold territory in some cases. So means that market participants are already pricing in the prospect of a pleasing end to the year is in place. further stimulus measures by the European Central • The longer-term drivers for stocks are also still pointBank (ECB). The governments of southern Europe ing upward, led by central banks’ continued ultraare clear beneficiaries of the low market interest expansive monetary policies. In the face of a lack of rates. Thanks to record-low financing costs, the bud8
Monthly Market Monitor - November 2020 | Kaiser Partner Privatbank AG
modity Index is down around 10% year-to-date, mainget situation in Italy, for instance, hasn’t worsened in ly due to crude-oil price weakness and negative roll the face of the country’s mounting public debt load. costs that are depressing the performance of many This was reason enough for credit rating agency S&P commodity futures contracts. Against this backdrop, to raise the country’s rating outlook to “stable”. we are staying underweight in commodities. • Large-scale bond buying is no longer a monetarypolicy tool reserved exclusively for the major central banks. Even the small ones have been getting Currencies: Lots of sideways movement involved in the bond market in the meantime. But • EUR/USD: The pros and cons for the euro and the US dollar are more or less balancing each other out at the they are comparatively big players wherever they moment. Economic growth is weak and money policy have done so. The Bank of Canada and the Reserve is ultra-accommodative on both sides of the Atlantic, Bank of New Zealand, for example, are on pace to and one can see that in the EUR/USD exchange rate, hold approximately 50% of the total bonds outwhich has been drifting rangebound between 1.16 standing in their respective home markets on their and 1.20 since August. A breakout from that trading balance sheets in one to two years’ time and will range is likely to provide the next trend signal, but imthus occupy a dominant market position, which is petus for a breakout has been lacking thus far. reason enough for them to then discontinue their versions of quantitative easing. The limits for the • GBP/USD: Although the Brexit theme has long since ceased to play a major role on the equity markets, it ECB and the US Federal Reserve lie farther off in the remains the prime driver of risk to the British pound. distance. Bond purchases (and attendant downward At its current exchange-rate level of around 1.30 pressure on yields) are bound to remain part of their against the US dollar, the British currency is hovering program for a long time to come yet. in the middle of its trading range seen over the last three months. This means that the currency market Alternative assets: Lethargy on the gold market is likely pricing in a so-so Brexit scenario at the mo• The price of gold floated back and forth in a relament, which would give sterling upside potential in tively narrow sideways trading range in October and the event of a comprehensive last-minute deal. But didn’t benefit from the turbulence on the equity the pound would have a long way to fall in the event market. Stagnant real interest rates have recently of a hard Brexit. caused the yellow precious metal to lose its tailwind. Investors, however, care little about this technical • EUR/CHF: The Swiss franc gained around 1% against the euro over the past month. In the bigger picture, point of view and continue to stand on the buyers’ though, the EUR/CHF cross is trading within a sideside, as evidenced by the persistently high net inways channel. The ECB’s increasingly accommodative flows into gold ETFs. Gold remains a key diversifying monetary policy has pushed the yield on 10-year Gerelement in portfolios also for us. man government bonds below the yield on compara• Although the gold price has performed very pleasble Swiss Confederation bonds. So, in addition to havingly year-to-date, broadly diversified exposure to ing better underlying fundamentals, the franc is now the commodities complex has once again not been also more attractive than the euro from the perspeca good investment this year even though industrial tive of interest-rate differentials. The Swiss currency metals like copper are up year-to-date alongside the looks destined to stay strong in light of this. precious metals gold and silver. The Bloomberg Com-
Chart in the Spotlight
40
80
20
40
0
0
VIX Index
MOVE Index
MOVE Index
120
2020
60
2019
160
2018
80
2017
VIX Index
Is the lethargy over? | Interest rates have started to move a bit again MOVE index
The VIX index, also known as the “fear barometer”, has become well-known to investors by now. It measures investor nervousness on the US equity market and generally rises when stock prices fall (and vice versa). The MOVE index, the “fear barometer” for the (US) bond market, is less well-known. This index typically climbs when market participants’ concerns about rising interest rates intensify. As a result of the US Federal Reserve’s announcement that it would keep its policy interest rate close to 0% for years, yields on US bonds barely budged throughout the summer. But some movement has returned to the interest-rate market in recent weeks. Hopes of another economic stimulus package drove the yield on 10-year US Treasury notes to above 0.8%. We still see some upside leeway, but do not anticipate a sustained upward trend in market interest rates.
Sources: Bloomberg, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - November 2020
9
Theme in Focus
When will the great rotation take place?
The stock performance differences between regions and sectors have been particularly big this year, and the gap between growth and value stocks has widened further. Has the time (finally) come for a major trend reversal?
Huge discrepancies Individual sectors, countries and regions perform disparately on the equity markets, and there’s nothing unusual about that per se. But the performance discrepancies this year have been particularly wide. US stocks on aggregate are up slightly year-to-date while European stocks are down more than 10%. China, with a more than 15% advance year-to-date, is one of the top performers among emerging-market countries, whose aggregate stock performance is deep in red territory. The performance differences between business sectors are even more glaring. The US tech sector, for example, is out in front by more than 20 percentage points while share prices in the energy sector have plunged almost 50% on aggregate. But arguably the most striking difference is the one between “growth” stocks and inexpensive “value” stocks. The MSCI Growth Index has outperformed the MSCI Value Index by more than 30 percentage points year-to-date. This lead is much larger than the outperformance in the year 1999, shortly before the tech bubble burst, when the difference was only around half as big.
Time for a comeback? Those numbers strikingly illustrate that the “growth trade” has been on very long run. Many investors have positioned themselves accordingly in the meantime and have increased the weighting of the technology sector in their portfolios, which has been the right strategy thus far. Now that the “value trade” has been delivering belowaverage returns for years, some value investors have lost patience and thrown in the towel. The technical market Performance polarization | IT leads, energy trails Performance of S&P 500 index sectors IT Discretionary Telecoms Materials Healthcare Staples Utilities Industrials Real Estate Financials Energy -50%
-40%
-30%
-20%
-10%
0
10%
Sources: Bloomberg, Kaiser Partner Privatbank 10
Monthly Market Monitor - November 2020 | Kaiser Partner Privatbank AG
20%
30%
indicators and investor positioning suggest that the time would be riper than ever for a rotation into stocks with inexpensive valuations. Such a rotation would then also have impacts on regions and sectors. Certain catalysts, however, are needed to spark a rotation, and something certainly could happen on this front in the months ahead. Necessary catalysts Rising bond yields are one potential (and arguably the most important) trigger for a sustained great rotation because many cyclical (and inexpensively valued) sectors, such as the banking and automotive industries, exhibit a positive correlation with the yield landscape. Weak economic growth and extreme monetary policy accommodation by central banks have so far prevented long-term market interest rates from rising. Now that central bankers are slowly but surely reaching the limits of their possibilities, further downside potential for yields is constrained and the odds of a gradual upward trend in market interest rates have improved. That’s because monetary policy is increasingly being assisted at the moment by expansive fiscal policies on the part of governments, which tend to exert a reflationary effect and should cause yields to rise (in theory). An end to the pandemic, or at least the prospect of that, is another prerequisite for a stock rotation. An end to the pandemic is likely to be accompanied by a vigorous burst of economic growth that would benefit value stocks. And last but not least, there needs to be an end to the (political) uncertainty that has emanated in recent weeks mainly from the US presidential and congressional elections. A resounding victory by the Democrats would ultimately also be a scenario that would likely benefit value stocks because it arguably would result in less uncertainty on trade issues, more fiscal stimulus, a weaker US dollar and an overall reflationary environment. A blueprint for the rotation described above and for the climate needed to make it happen is provided by the episode in 2016/2017, when a sharp slump in economic activity (and an underperformance by value stocks) was followed by a turnaround that lifted economic indicators, bond yields and stocks with cheap valuations. A similar development is conceivable in the first half of 2021. There is one fly in the ointment, though, for value fans: we believe that the scenario depicted above will be limited to one episode. Over the longer term, we continue to see greater upside potential for growth stocks.
ESG- Sustainability Corner ECB’s monetary policy to become “greener”
Skewed toward polluting companies It is rare to see Greenpeace address the general public with information on monetary policy. No wonder, then, that the latest study by the environmental organization, published in cooperation with the New Economics Foundation and three British universities, captured some attention. The study claims that the bond purchases conducted by the European Central Bank (ECB) disproportionately support large corporations often engaged in climate-harming business practices. The study states that over 60% of the corporate bonds purchased by the ECB thus far stem from carbon-intensive sectors, which greatly exceeds the share of the total Eurozone corporate bond market accounted for by those industries. This disparity grows even more out of proportion when it is compared against those industries’ percentage contribution to employment (17.8%) and gross value added (29.1%) in the Eurozone, the study says. The picture looks similar for bonds from companies operating in industries involved in fossil-fuel extraction, for bonds from energy-intensive companies and for bonds from carbon-intensive transportation companies, according to the study. The researchers attribute this disparity to biased incentives in the criteria that the ECB applies to its bond purchases (credit rating, expiration date, issue volume and term to maturity). Those criteria, according to the study, particularly favor large corporations because climate-friendly companies are often smaller-scale enterprises that are not yet that well established. ECB President Christine Lagarde is likely to view Greenpeace’s criticism of the ECB’s current bond-buying practices as an endorsement of stepping up the central bank’s climate-protection efforts, which she has declared to be an important issue that she intends to pursue during her term in office. She has been fighting against a stiff headwind so far, however. Although all of the members of the ECB Governing Council consider climate protection a vital issue, they hold differing views about whether monetary policy and bond purchases in particular should pursue green objectives or should solely be concerned with the goal of maintaining price stability. The ECB to date has gotten by with subsidiary arguments about how buying “green” bonds is compatible with fulfilling the central bank’s price-stability mandate, asserting that (1) climate change may one day severely affect economic activity to such an extent that it endangers price stability, making climate policy a natural part of monetary policy, and that (2) the free market has failed dismally on the issue of
the environment and there are externalities in play, so intervention is needed to avert excessive risks. Proposed modifications for a “greener” monetary policy The fairly abstract wording of those arguments already suggests that plenty of action still needs to be taken to make monetary policy a bit greener not just behind the scenes, but as an officially acknowledged mission. The study presented by Greenpeace proposes two ways in which the central bank could supplement or amend the rules governing its bond purchases. Under the first option, the ECB would basically stick with its current bond selection criteria, but would exclude bonds issued by companies with a bad climate footprint in favor of bonds issued by more ecological companies. Under the second option, the central bank would fundamentally alter its criteria by adding a climate risk assessment score to rating agencies’ credit ratings and by relaxing the strict investment-grade criterion that rules out junk bonds. This would make climate-friendly companies even with low credit ratings eligible for the ECB program while bonds from climate-harming companies would be barred from being bought despite their investment-grade status. The authors of the study say that if the ECB excludes companies operating in the fossil fuel industry and rules out bonds from highly carbon-intensive companies, it would still have a pool of more than 1,800 corporate bond issues outstanding with an aggregate value of over EUR 1 trillion to choose from for its purchases. Those are big numbers that should give Christine Lagarde some backing in the debate about making the ECB greener.
If Christine Lagarde has her way, Eurozone monetary policy is to become “greener” in the future. A “greening” of the central bank’s monetary policy operations is currently being debated behind the scenes. The ECB’s president recently received backing (and lots of supporting numerical data) from Greenpeace.
Kaiser Partner Privatbank AG | Monthly Market Monitor - November 2020
11
The Back Page Asset classes & agenda
Performance as of 31 October 2020 Asset class
year-to-date
Cash
1 month
1 year
3 years
0
Cash CHF
-0.5%
-0.1%
-0.6%
-2.1%
Cash EUR
-0.3%
0.0%
-0.4%
-1.1%
0.0%
0.9%
5.7% 11.0%
Cash USD
0.6%
Fixed Income
0
Sovereign bonds
4.7%
Corporate bonds
5.8%
Microfinance
1.2%
Inflation-linked bonds
7.9%
High-yield bonds
-0.8%
Emerging markets bonds
-0.3%
Insurance-linked bonds
4.9%
Convertible bonds Equities
17.0%
Global
-2.1% -7.8%
Europe
-17.1% -25.5%
USA
-4.0%
Emerging markets
-1.0%
Alternative assets Commodities
-11.2% 23.8% 0.5%
Real estate Switzerland
1.4%
Hedge funds
15.4%
0.2%
1.8%
10.2%
0.1%
7.0%
19.1%
0.3%
1.6%
11.8%
0.0%
1.4%
10.7%
-0.3%
5.5%
15.0%
0.0%
22.2%
32.3% 18.6%
-3.1%
3.3%
-5.8%
-4.4%
11.5%
-5.6%
-13.9%
-11.8%
-5.1%
-22.2%
-18.5%
-2.6%
11.0%
34.5%
2.0%
5.9%
-1.4% -16.6%
1.4%
-9.3%
-0.4%
24.2%
47.8%
-1.8%
2.8%
18.5%
-0.2%
3.7%
3.6%
0
Currencies
3.9%
EUR/USD -1.6% -2.3%
GBP/USD
6.4%
0
Gold
CHF/USD
3.6%
0
Switzerland UK
-0.1% -0.1%
-0.6%
4.4%
0.0%
-1.1%
-2.9%
-8.1%
0.2%
0.0%
-2.5%
On our Agenda November 10 & 11: Plastic-Free World Virtual Summit Around 500 million plastic straws are used per day in the USA alone, enough to circle the earth twice if laid end-to-end. Plastics have become one of the biggest environmental problems of our age. At the conference, experts will discuss how to rid the world of plastic waste. November 25: US gross domestic product for Q3 2020 Economic growth data usually get revised multiple times. Nevertheless, the second estimate of US gross domestic product for Q3 2020 due out in late November should already provide relatively conclusive evidence about how well or poorly the economy is doing. November 25: Liechtenstein Investor Summit If the coronavirus doesn’t turn plans topsy-turvy, later this year the Liechtenstein financial center will be a rendezvous point for members of the business community. For the tenth time, the Investor Summit will connect investors and decision-makers with innovative startup and growth companies.
12
Monthly Market Monitor - November 2020 | Kaiser Partner Privatbank AG
Kaiser Partner Privatbank AG | Monthly Market Monitor - November 2020
13
This document constitutes neither a financial analysis nor an advertisement. It is intended solely for informational purposes. None of the information contained herein constitutes a solicitation or recommendation by Kaiser Partner Privatbank AG to purchase or sell a financial instrument or to take any other actions regarding any financial instruments. Furthermore, the information contained herein does not constitute investment advice. Any references in this document to past performance are no guarantee of a positive future performance. Kaiser Partner Privatbank AG assumes no liability for the completeness, correctness or currentness of the information contained herein or for any losses or damages arising from any actions taken on the basis of the information in this document. All contents of this document are protected by intellectual property law, particularly by copyright law. The reprinting or reproduction of all or any parts of this document in any way or form for public or commercial purposes is expressly prohibited unless prior written consent has been explicitly granted by Kaiser Partner Privatbank AG. 14
Monthly Market Monitor - November 2020 | Kaiser Partner Privatbank AG
Publisher:
Kaiser Partner Privatbank AG Herrengasse 23, Postfach 725 FL-9490 Vaduz, Liechtenstein HR-Nr. FL-0001.018.213-7 T: +423 237 80 00, F: +423 237 80 01 E: bank@kaiserpartner.com
Editorial Team: Oliver Hackel, Senior Investment Strategist Roman Pfranger, Head Private Banking & Investment Solutions Cornelia Kopf, Marketing Specialist, 21iLAB AG Design & Print:
21iLAB AG, Vaduz, Liechtenstein
DE201109
kaiserpartner.bank