Monthly Market Monitor
August 2020
Table of contents Satellite View Geopolitical heat map
In a Nutshell
06
Our view on the markets
Macro Radar
04
Taking the pulse of economic activity
Investment Theme in Focus
Asset Allocation Notes from the Investment Committee
07
The Back Page
What comes after the earnings crash?
05
09
Asset classes & agenda
ESG - Sustainability Corner The investor initiative „Principles for Responsible Investment (PRI)�
11
10
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2020
3
In a Nutshell
Our view on the markets
No letup (yet) It is still too soon to sound the all-clear on the coronavirus pandemic. The number of new infections in the USA hit a new record high almost daily in July. South America as well has become a COVID-19 hotspot. Some countries in Europe, in the meantime, are already contending with a resurgence in coronavirus case counts. Despite regularly recurring reports of successful progress in developing a vaccine against the virus, the road to immunization is a long and bumpy one. COVID-19 will continue to torment humanity and economic actors until a clinically tested remedy is found. Deep coronavirus collapse GDP growth data for the second quarter turned out exceptionally weak, as expected. The plunge of 9.5% in the USA and the 12.1% nosedive in the Eurozone easily eclipsed the negative records set during the financial crisis of the late 2000s. Corporate earnings for the second quarter also underwent a severe coronavirus crash. The low point in economic growth and earnings is now behind us, but there is a lot of uncertainty about the dynamics of the coming recovery. No summer doldrums (on the political front) After protracted negotiations, the European Union member states, under the leadership of Germany and France, agreed to set up a EUR 750 billion
Chart of the month Highly concentrated | Technology stocks dominate the US equity market Weight of the five largest companies in the S&P 500 Index, in % 25%
20%
15%
10%
Sources: Bloomberg, Kaiser Partner Privatbank 4
Monthly Market Monitor - August 2020 | Kaiser Partner Privatbank AG
2020
2019
2018
2017
2016
2015
5%
reconstruction fund, sending a sign of the economic community’s solidarity in the midst of the crisis and laying the cornerstone for joint debt issuance in the future. In the USA, meanwhile, the election race is in full swing and is inducing Donald Trump to ignite the next stage of escalation against China. US dollar in the cellar On the currency market, the US dollar’s downward trend has further intensified in recent weeks. The greenback has depreciated by around 10% over the past four months. But it’s too soon to intone a swan song for the dollar. Technical market indicators, sentiment readings and market participants’ positioning point to at least a stabilization in the near term. The dollar’s slump has mainly been benefiting (precious) metals lately. But the air even for gold is now getting ever thinner at prices above USD 2,000 per ounce. US stocks near all-time high Equity markets have been drifting sideways lately in wide trading ranges. (US) technology stocks, however, remain an exception to the rule – they propelled the Nasdaq 100 Index to yet another new all-time high. The tech rally also gave a boost to the broader S&P 500 Index, which has climbed back close to its late-February high. The S&P 500 is unlikely to surpass that mark, though, on its first attempt.
Despite the coronavirus recession, the share prices of the five largest publicly traded US companies (Facebook, Amazon, Apple, Microsoft and Google (Alphabet)) have risen by more than a third year-to-date. The other 495 stocks in the S&P 500 Index are down slightly on aggregate for the same period. Consequently, the combined weight of the technology giants in the US blue-chip index has swelled in the meantime to over 24%. This means that the concentration of the US equity market is now even higher than it was during the tech bubble at the turn of the millennium. Since todays’ tech rally is solidly underpinned by high earnings growth and sound balance sheets, we don’t see comparable risks of a crash. However, the highly concentrated mixture increases vulnerability. In the event of a (lasting) rotation into cyclical stocks or a tightening of regulations, the US market risks underperforming for a prolonged period.
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2020
5
Macro Radar
Taking the pulse of economic activity
Historic plunge in growth… Gross domestic product (GDP) growth data for the second quarter turned out exceptionally weak, as expected. The hardly helpful annualized GDP data for the USA, which showed a dizzying 33% contraction, were what most made headlines, but the more meaningful year-on-year comparison figure was also deep in negative territory at –9.5% for the second quarter. Yet compared to Europe (Eurozone GDP: –12.1%), the United States looked a bit more stable in retrospect.
After plummeting in the second quarter, economic growth looks set to recover slowly in the second half of this year. However, the gradual convalescence from the coronavirus crisis is a marathon and not a sprint. The risk of relapses remains elevated.
…particularly in southern Europe Italy (–12.4%) and Spain (–18.5%!) were walloped much harder than other Eurozone counties by the coronavirus shock. The economic output of Italy, the longstanding “sick man of Europe”, was knocked back The coronavirus collapse | Nosedive in growth in Q2 Gross domestic product, indexed 180
140
120
100
2000
2016
2012
2008
2004
2000
1996
80
Italy
Only a gradual recovery The economic activity indicators for the second half of this year are clearly signaling a revival. But there is still a lot of uncertainty about the speed of the recovery, so (consensus) forecasts for economic growth still need to be taken with a grain of salt. The recent sharp pullback in consumer confidence is a reflection of the constant back-and-forth on pandemic restrictions. Consumer demand, however, would be a vitally needed support for a comeback in economic activity, particularly in the USA. A lot there depends on a further stimulus package (or an extension of unemployment benefits), which is currently being debated furiously. Central banks in observation mode Headline inflation has edged upward lately in both Europe and the USA, but it is more a “technical” uptick because it was caused solely by an increase in energy prices. The more meaningful core inflation readings remain very low on both sides of the Atlantic. This gives central banks leeway to keep the monetary floodgates wide open well into the future. But in the wake of the flurry of activism in the first half of this year, the motto at central banks for the moment is “wait and see”.
160
Germany
to its mid-1990s level. Italy’s public debt load this year looks set to swell to above 160% of the country’s annual GDP. But southern Europe will now be getting some help from its neighboring countries. After protracted negotiations, the European Union member states agreed to establish a EUR 750 billion reconstruction fund. Its biggest beneficiaries are Italy and Spain.
USA
Sources: Bloomberg, Kaiser Partner Privatbank
Consensus estimates
Kaiser Partner Privatbank interest rates view 2019
2020
2021
GDP growth (in %)
3M
12M
Switzerland
0.8
-5.9
4.4
Switzerland
-0.75
→
→
Eurozone
1.2
-8.2
5.5
Eurozone
-0.50
→
→
UK
1.3
-9.0
6.0
UK
0.10
→
→
US
2.3
-5.5
3.9
US
0.25
→
→
China
6.1
2.0
7.9
China
2.95
→
→
Inflation (in %)
10-year yields (in %)
Switzerland
0.4
-0.7
0.1
Switzerland
-0.47
→
→
Eurozone
1.2
0.4
1.1
Eurozone
-0.50
→
→
UK
1.8
0.8
1.4
UK
0.14
→
→
US
1.8
0.9
1.7
US
0.55
→
→
China
2.9
2.7
2.2
China
2.98
→
→
Sources: Bloomberg, Kaiser Partner Privatbank 6
Last Key interest rates (in %)
Monthly Market Monitor - August 2020 | Kaiser Partner Privatbank AG
Sources: Kaiser Partner Privatbank
Satellite View Geopolitical heat map
US presidential election race The race for the presidency of the world’s largest national economy enters the home stretch in the months ahead. Donald Trump’s abysmal performance during the recent crises has given the Democratic Party the upper hand at present. If it takes back the White House and secures a majority in Congress, a hike in taxes and tighter regulations for some industries would probably be a sure thing. This would signify a stiff headwind for equity markets. USA vs. China The quarrel between the world’s two largest national economies has escalated further in recent weeks. After the US government ordered the closure of the Chinese consulate in Houston in late July, China revoked the operating license for the US consulate general in Chengdu. And now the Chinese apps TikTok and
WeChat have just become the bones of contention in the conflict. Donald Trump issued an executive order barring US companies from doing further business with ByteDance and Tencent. The conflict threatens to continue to escalate ahead of the upcoming US elections. Brexit deadlock Despite some progress made in the stepped-up negotiations between the European Union and the UK, many key issues remain largely unresolved. The UK appears to be heading for either a rather unambitious deal or, somewhat likelier, a set of temporary transitional measures to cushion the country’s hard exit from the EU’s internal market and the EU customs union at the end of 2020. While the choice between these options has great import for the island nation, the economic repercussions for the EU will remain moderate in either case.
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 - August 2020
7
Asset Allocation
Notes from the Investment Committee
Equity markets have been drifting sideways this summer in wide trading ranges. For the near term, the risks of a setback appear to outweigh the odds of a sustained breakout on the upside. Meanwhile, currencies and (precious) metals are exhibiting major trendlines, but the probability of a consolidation is now increasing there as well.
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: Narrow market breadth Scorecard • Equity markets have been drifting sideways in + recent weeks in wide trading ranges in the current Macro absence of impetus for a sustained breakout upward Monetary/fiscal policy or downward. Below the surface, however, the Earnings seemingly stable market is showing some signs of Valuation fatigue. In the USA in particular, the share-price Trend upturn since the March low is being propelled by Sentiment ever fewer stocks, which increases susceptibility to a correction. Meanwhile, sentiment analysis isn’t sending a clear picture right now. Put/call ratio data autumn, not least in light of political risks (read: US from options exchanges indicate that investors are elections), the longer-term outlook for stocks remains betting one-sidedly on a further rise in stock prices, constructive. Central banks’ ultra-accommodative but surveys of fund managers and private investors monetary policies for the indefinite future provide a reveal much less euphoria. direct tailwind for equity markets and, at the same • Economic activity and corporate earnings are the two time, indirectly create an absence of alternatives by factors likely to point the way forward for the equity keeping bond yields low. markets. We currently see more potential than not for disappointments here. With regard to economic Fixed income: US real interest rates at all-time low activity, the recent V-shaped rebound in leading • The US Federal Reserve is the predominant player on indicator readings (purchasing managers’ indices, for the US bond market at the moment. Over the first example) is unlikely to continue on this trajectory. six months of this year alone, the Fed bought up alConsumer confidence has already pulled back most USD 1.9 trillion worth of US Treasury securities. lately in the face of coronavirus-driven uncertainty. Its buying spree was not without consequences. Like Expectations (or hopes?) of a rapid recovery in in earlier phases of quantitative easing, inflation excorporate earnings are still running high, judging by pectations (breakeven inflation rates) have risen siganalysts’ estimates. Those estimates are soon likely to nificantly. Real interest rates, in contrast, have fallen be revised downward. sharply, driving the yield on 10-year US inflation-in• Even though the near-term outlook is pointing to dexed Treasury notes to a new all-time low below -1%. a consolidation and we expect to see a volatile Meanwhile, the nominal 10-year US Treasury yield 8
Monthly Market Monitor - August 2020 | Kaiser Partner Privatbank AG
We continue to consider this asset class an important has barely been moving anymore and has been stuck portfolio component, but are being mindful to analyze these days at around the 0.5% mark. and select hedge funds with especially close scrutiny. • Central banks look set to remain dominant for quite some time to come. Central bankers in the USA are currently discussing ways to keep market interest rates Currencies: US dollar in the cellar as low as possible in the future. Using forward guidance • EUR/USD: The EUR/USD exchange rate climbed almost 5% in July alone. The EU member states’ agreement to to steer market expectations, adopting an inflationset up a EUR 750 billion coronavirus recovery fund is averaging target or intervening more directly by one reason for the euro’s strength, but that’s just one managing the yield curve are just some of the possible side of the coin. The bigger reason is the US dollar’s options. The Fed looks poised to further elaborate and pronounced weakness, which is observable also disclose its interest-rate strategy in the months ahead. against other currencies. Voices anticipating a further Against this backdrop, we do not see US long-term unchecked depreciation of the greenback in the near market interest rates rising above the 1% level until term in light of the Fed’s whirring banknote printing mid-2021 even in a bullish economic scenario. press have preponderated lately. But we think it’s too • The central-bank activity also has consequences for soon to intone a swan song for the US dollar because, investors: it has made bonds even less attractive for one thing, the euro is closing in on a years-long than before. One needs a magnifying glass these downtrend line at the 1.20 mark. Moreover, bets on days to spot opportunities in the fixed-income sector. the futures market on further climbing prices are near Microfinance assets and insurance-linked bonds a record-high volume right now. look comparatively attractive, in our judgment. • GBP/USD: The British pound has also been exhibiting strength against the US dollar lately. This demonstrates Alternative assets: Rally in commodities that the greenback’s slump doesn’t owe solely to the • Prices for raw materials, with the exception of pandemic since the UK, too, has been afflicted worse agricultural commodities, are in a broad upturn driven than average by the coronavirus. But like our view on in good part by the weak US dollar, which has lost the euro, we now see constrained near-term upside around 10% of its value since mid-March, as measured potential for sterling as well. A potential no-deal by the US Dollar Index (DXY). However, the (economic) outcome with the EU continues to hang like a sword optimism that can be read from the rising price of of Damocles over the pound and is soon likely to move copper, for example, is rather hard to reconcile with back into the spotlight. actual economic reality. The rally in precious metals is the one best underpinned by the fundamentals. Here • EUR/CHF: The EUR/CHF cross edged downward during the past month. This was a disappointment to too, though, the air is gradually getting thin, so at least euro bulls against the backdrop of the EU agreement a pause in the uptrend appears likely in the near future. reached on the coronavirus recovery program. De• The strong trends in commodities and currencies have spite the good news of late, we hardly see any argualso recently benefited trend-following hedge funds ments for a weak franc. Since the interest-rate differ(CTAs). Looking back over the last several years, though, ential versus the euro has shrunk to just a few basis the CTA strategy has often disappointed. Predominantpoints, Switzerland’s large current account surplus will ly poor performance has caused hedge funds to regremain the dominant driver for the currency pair. ister constant net capital outflows in recent quarters.
Chart in the Spotlight
20
60
10
40
0
20
Silver, in US Dollars
Sources: Bloomberg, Kaiser Partner Privatbank
Gold/Silver-ratio
Gold/Silver-ratio
80
2020
30
2018
100
2016
40
2014
120
2012
50
2010
Silver, in US-Dollars
Soaring silver | Rally reaches euphoric stage Silver price in USD and gold/silver ratio
Silver normally stands in the shadow of its big brother gold, but that hasn’t been the case in recent weeks. The white precious metal registered a near-exponential price gain in July to a level more than double that of its year-to-date low hit in mid-March. The drivers of the silver rally are the same ones that have been propelling the gold rally: the recent further drop in real interest rates and unabated investor interest. Since silver is also an industrial metal used, for example, in photovoltaic systems, this adds a further component that fuels price speculation because many governments have pledged to spend the COVID-19 stimulus billions on a “green” economic recovery. In the wake of the rally in recent weeks, silver is no longer particularly cheap relative to gold. The technical resistance on the silver price chart at the USD 26-per-ounce level could soon prove to be a tough hurdle to clear. Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2020
9
Investment Theme in Focus What comes after the earnings crash?
The majority of companies thus far in the secondquarter reporting season have beaten analysts’ drastically lowered forecasts. Estimates for the second half of this year, however, are still quite ambitious. They still need to be revised downward.
The coronavirus crisis has left scars The Q2 2020 reporting season winds to a close in the days ahead. Over 90% of companies have already disclosed their financial figures for the period, enabling us to draw some initial conclusions. Conclusion 1: The data recently presented to investors was deep in the red, revealing the severest earnings contraction since during the financial crisis of the late 2000s. Conclusion 2: The earnings outcome was much better than expected. At the start of the earnings season, analysts were projecting an aggregate profit contraction by 40% in the USA and an aggregate earnings nosedive by 60% in Europe. Earnings turned out not that bad, though, in the end (see table). And we saw a repeat of a familiar pattern: analysts were once more overly pessimistic. In recent years it has become standard that profit estimates continually get revised downward during the weeks preceding earnings disclosures and that companies then regularly beat the lowered bar when they release their financial figures. This time, however, the degree of forecasting uncertainty was far higher than usual due to the coronavirus pandemic. That’s why upside earnings surprises in the range of around 20 percentage points above consensus estimates far exceeded the usual 3- to 5-percentage-point surprises this time.
Numerous upside surprises… | … …due to the “coronavirus fog”
Q2 2020 corporate earnings S&P 500 (USA)
Stoxx 600 (Europe)
Topix (Japan)
Percentage of Q2 figures already reported
83%
74%
57%
Percentage of upside earnings surprises
84%
62%
58%
Earnings growth (year-on-year change)
-33%
-26%
-23%
Sources: South China Morning Bloomberg, Kaiser Partner Privatbank
10
Monthly Market Monitor - August 2020 | Kaiser Partner Privatbank AG
Formulating an outlook for H2 2020 isn’t easy Once a reporting season is over, the next one is already on its way. When the current flood of data has receded, market participants are soon likely to turn their sights to the second half of this year. (Pinpoint) forecasts for economic growth and earnings are once again difficult to make here. It is evident, though, that the bars for beating profit expectations in the third and fourth quarters are still quite high. For companies in the USA, for example, quarter-on-quarter earnings are projected to climb 36% in Q3 and 15% in Q4. This makes the earnings curve look like a “V”, but that’s arguably only realistic if economic activity likewise follows a V-shaped trajectory. The likelihood of that happening, however, at least seems questionable because economic activity would have to increase by almost the exact same magnitude, and there are no signs of that occurring at the moment. Under such an optimistic scenario, purchasing managers’ indices would soon have to rise sustainably toward the 52- to 54-point level, and that, too, is not in sight at present. This means that the very bullish corporate earnings forecasts thus far for H2 2020 look set to (have to) be revised downward soon. No change in favorites (yet) Even though the second-half outlook for companies looks rather mediocre, there are at least likely to be some relative winners (and losers). Shares of defensive companies like those in the healthcare sector, which operate more or less independently of economic cycles, should continue to rank among the relative winners. Although these stocks have already performed very well to date, they possess further upside potential on the back of above-average earnings growth. Moreover, given the record-low long-term market interest rates, their valuations aren’t overstretched. The same goes for the IT giants in the USA and China. They recently have shown certain signs of overheating, pointing to a near-term consolidation, but the IT sector should continue to figure among the winners over the longer term.
ESG- Sustainability Corner The investor initiative „Principles for Responsible Investment (PRI)”
The six principles Institutional investors that join the PRI initiative see it as their duty to act in the best long-term interests of their beneficiaries. They are convinced that environmental, social and corporate governance (ESG) issues can affect the performance of investment portfolios to varying degrees across companies, sectors, regions, asset classes and over different time frames. In addition to these fiduciary aspects, these institutions also wish to better align investors with broader objectives of society. To assert their convictions and accomplish their goals, the signatories to the initiative pledge their commitment to the following six principles:
We will take a closer look at how Kaiser Partner Privatbank puts these six principles into action in real-world practice as a longstanding exponent of the PRI initiative in a future issue of the Monthly Market Monitor.
Public interest in investing sustainably has been growing unabatedly for years, driven in good part by the Principles for Responsible Investment (PRI) initiative. With its six principles for investing responsibly, the PRI initiative is dedicated to setting up an efficient, sustainable global financial system – with trendsetting success.
Continual upward trend | Growing investor community and mounting assets Assets under management and number of PRI signatories 100
2 500
80
2 000
60
1 500
40
1 000
20
500
0
Number of PRI signatories
The mission of the PRI initiative The PRI initiative, together with its international network of signatories, is devoted to the practical implementation of its six principles for responsible investment. The principles originate from the reasoning that the longterm creation of added value is only possible within an economically efficient, sustainably designed global financial system. Such a system will reward responsible long-term investments and will benefit our environment and society as a whole. The PRI initiative strives to achieve the establishment of a sustainable international financial system by providing support in introducing and implementing its principles. It seeks to promote good corporate governance, integrity and accountability, and to eliminate obstacles caused by prevailing methods, structures and regulations in the market that inhibit the development of a sustainable financial industry.
1. We will incorporate ESG issues into investment analysis and decision-making processes. 2. We will be active shareowners and will incorporate ESG issues into our investment policies and practices. 3. We will seek appropriate disclosure on ESG issues by the businesses and entities in which we invest. 4. We will promote acceptance and implementation of the principles within the investment industry. 5. We will work together to enhance our effectiveness in implementing the principles. 6. We will each report on our activities and progress toward implementing the principles.
Assets (in billions USD),
Fifteen years of sustainable investment In spring 2005, Kofi Annan, the secretary-general of the United Nations at that time, invited a group of worldleading institutional investors to develop principles for “investing responsibly”. With the support of experts from society, the financial industry and international organizations, they drew up the Principles for Responsible Investment (PRI) initiative, which was ceremoniously unveiled in April 2006 on the floor of the New York Stock Exchange. Three years later, Kaiser Partner Privatbank was the first institution in Liechtenstein to join the initiative. Today, over 3,000 members from more than 50 countries managing a combined total of more than USD 100 trillion of investment capital have since signed onto the initiative.
0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Assets (in billions USD),
Number of PRI signatories
Sources: unpri.org, Kaiser Partner Privatbank
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2020
11
The Back Page Asset classes & agenda
Performance as of 31 July 2020 Asset class
year-to-date
Cash
1 month
1 year
3 years
0
Cash CHF
-0.3%
-0.1%
-0.7%
-2.1%
Cash EUR
-0.2%
0.0%
-0.4%
-1.1%
0.0%
1.4%
6.0%
0.8%
5.1%
11.9%
4.2%
10.1%
17.4%
0.1%
2.4%
10.2%
Cash USD
0.5%
Fixed Income
0
Sovereign bonds
5.1%
Corporate bonds
7.0%
Microfinance
0.6%
Inflation-linked bonds
8.5%
High-yield bonds
-0.6%
Emerging markets bonds
1.3%
Insurance-linked bonds
3.0% 11.9%
Convertible bonds Equities -4.0%
Switzerland -13.6%
Europe -21.5%
3.3%
USA -3.2%
Emerging markets -15.1%
Real estate Switerzland Hedge funds
8.4%
6.7%
17.4%
30.4%
3.4%
5.5%
24.6%
-0.1%
2.0%
19.2%
-1.4%
-7.0%
-2.2%
-4.5%
-20.7%
-12.0%
5.9%
12.5%
39.7%
8.4%
4.0%
1.2% -18.6%
39.8%
55.6%
0.1%
1.8%
4.6%
12.2%
0.3%
1.4%
3.7%
4.0%
5.0%
-1.3%
GBP/USD
14.9%
6.1%
-13.0%
-0.9%
CHF/USD
3.7%
1.2%
5.7%
0
Currencies EUR/USD
4.0%
10.9%
30.2%
Gold
21.4% 13.0%
0
Alternative assets Commodities
7.9% 2.9%
0 -2.1%
Global
UK
1.9% 4.8%
4.8%
6.3%
-0.5%
1.1%
-2.3%
-6.0%
5.5%
7.6%
-1.0%
On our Agenda August 15: Liechtenstein national holiday “Zemma im klina fiira” – Liechtenstein’s 2020 national holiday will take place in an alternative format. Instead of a public festival in Vaduz and a firework-illuminated Liechtenstein in the evening, small celebrations with family and friends will be the central elements of the festivities this year. August 27 & 28: Virtual central bankers’ symposium The traditional annual gathering of central bankers and economists in Jackson Hole, Wyoming, will not be held this year due to the coronavirus pandemic. The symposium will instead be conducted via public livestream under the slogan “Navigating the Decade Ahead: Implications for Monetary Policy”. September 1: Liechtenstein Finance Forum Around 600 high-caliber decision-makers, executives and finance experts will convene in Vaduz for a symposium on “The Future of Finance”. Fritz Kaiser, the chairman of Kaiser Partner and Kaiser Partner Privatbank, will be a guest speaker in the panel discussion.
12
Monthly Market Monitor - August 2020 | Kaiser Partner Privatbank AG
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 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 - August 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
DE200810
kaiserpartner.bank