Monthly Market Monitor
August 2021
Table of contents
In a Nutshell
Macro Radar Taking the pulse of economic activity
Our view on the markets
04
06 Satellite View Geopolitical heat map
Asset Allocation Notes from the Investment Committee
07 08
Theme in Fokus
ESG: Sustainability corner
The sorrows of currency forecasting
The “greenium” on green bonds
The Back Page Asset classes & agenda
10
11
12
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2021
3
In a Nutshell
Our view on the markets
Vaccination campaigns showing success The Delta wave is already starting to ebb in the virus variant’s hotspots. This demonstrates that the vaccines help and that the correlation between infection counts and cases of serious medical complications is rapidly decreasing. Against this backdrop, the latest coronavirus wave is unlikely to put a sizable dent in economic growth, which looks poised to stay above average in the quarters ahead in Western industrialized nations. Tailwind for private equity Buoyant stock markets and the robust recovery in economic activity are driving a strong deal flow and a (very) good performance in the private equity industry. In light of the high return figures, private equity funds are raking in a suspected record-breaking amount of investor money at the moment. The current private equity boom should at least set yellow alarm lights flashing because this segment of the market looks destined to cool down to a certain degree in the quarters ahead. War in cyberspace Cyberspace is the only unregulated area left where countries like China and Russia, but also Iran and North Korea, can inflict serious harm on Western nations. In
a recent interview, even US Federal Reserve Chairman Jerome Powell called a digital war a grave risk, greater than the risk of a new financial crisis. The set of problems posed by a potential cyberwar are becoming increasingly pertinent to businesses and thus the financial markets as well. The difficult art of currency forecasting Point forecasts – especially point forecasts for currencies – are popular in the financial world, but the accuracy rate among currency analysts generally is not very high. So, it’s not for nothing that we hedge most of the currency risk in our investment strategies. The “greenium” on green bonds Green bonds are enjoying growing popularity among investors, who are even willing to pay a premium for them since demand exceeds the supply of green bonds. This creates opportunities for investors and businesses alike: investors get a better return coupled with a clean conscience, and businesses get cheaper refinancing conditions.
Chart of the Month At the pinnacle | Growth is headed downhill from now on Consensus growth forecasts for Q2 2021 to Q1 2022
Sources: Bloomberg, Kaiser Partner Privatbank
4
Monthly Market Monitor - August 2021 | Kaiser Partner Privatbank AG
Just like the second quarter of coronavirus-wracked 2020 marked the nadir in economic growth momentum, the second quarter of this year marked the apex. Economic activity between April and June in the Eurozone, for instance, soared 13.7% year-on-year. Although growth is now likely to decelerate progressively in each successive quarter going forward, growth in Europe and the USA will nonetheless stay higher than average for some time yet. This positive outlook, however, doesn’t apply to the entire world. Since poor vaccination progress in many countries leaves emerging economies far more affected by coronavirus variants and infection waves, the International Monetary Fund (IMF) recently reduced its GDP growth forecasts for them for 2021.
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2021
5
Macro Radar
Taking the pulse of economic activity
Thanks to well-advanced vaccination campaigns, the Delta wave is unlikely to appreciably impair growth prospects in Western industrialized nations. Economic growth looks set to stay relatively robust in the quarters ahead. Nevertheless, central banks are keeping their feet on the gas pedal for the time being.
Vaccinations help inflation (and inflation expectations) to get out of control. The Delta wave appears to be ebbing – at least it is in On the other hand, he explained that the condition of Europe. While COVID-19 case counts (and, with a time the US economy is approaching, but has not yet reached, lag, the number of hospitalizations) are falling sharply in a tapering-worthy state. We deduce from his comments Delta-variant hotspots (the UK and the Netherlands), the an elevated probability that that the Fed will scale back situation has also been stabilizing lately in Spain, Portu- its bond purchases in the fourth quarter, although we gal and Ireland. So, the good news is that the vaccines think that earlier tapering would be opportune in view of help and the correlation between infection counts and the overheated US real estate market (see chart below). cases of serious medical complications is rapidly decreasing. Against this backdrop, the latest coronavirus …but the EZB is nowhere near doing so wave is unlikely to put a sizable dent in economic growth. Tapering expectations can now also be formulated for the Eurozone in the wake of the European Central Still more stimulus (and debt) Bank’s presentation of its new monetary policy strategy Even though economic activity in Western industrialized in July. In short, the ECB looks set to trail far behind the countries is close to its apex at the moment in terms of Fed for a long time to come. Given its new symmetrical growth rates, the outlook for the coming quarters re- 2% inflation target, a temporary expansion of securities mains better than average. While a massive infrastruc- purchases by the ECB could even come up for discussion ture spending package is in the works in the USA, fiscal in the years ahead if economic growth and/or inflation stimulus of the economy will remain forcefully support- data so warrant. ive in Europe as well. The first disbursements of money from the European recovery fund are likely be released Consensus estimates 2020 2021 2022 when policymakers return from their summer recess. GDP growth (in %) Moreover, it’s already looking as though countries parSwitzerland -3.2 3.5 2.8 ticularly in southern Europe intend to continue to inEurozone -6.8 4.6 4.3 dulge themselves in running up high budget deficits in UK -9.9 6.8 5.5 the years ahead. USA -3.5 6.5 4.2 The Fed is thinking about tapering… US Federal Reserve Chairman Jerome Powell once again walked a rhetorical tightrope with his statements after the central bank’s policy meeting in late July. On one hand, he tried to make it clear that the Fed will not allow
A seller’s market | No more bargains left Fannie Mae National Housing Survey
China
2.3
8.5
5.6
Inflation (in %) Switzerland
-0.7
0.4
0.5
Eurozone
0.3
1.9
1.4
UK
0.9
1.8
2.1
USA
1.3
3.8
2.7
China
2.5
1.5
2.3
Kaiser Partner Privatbank interest rates view Last
3M
12M
Key interest rates (in %) Switzerland
-0.75
→
↗
Eurozone
-0.50
→
↗
UK
0.10
→
↗
USA
0.25
→
↗
China
2.95
→
→
Switzerland
-0.39
→
→
Eurozone
-0.48
→
→
UK
0.53
→
→
USA
1.16
→
→
China
2.83
→
→
10-year yields (in %)
Sources: Bloomberg, Kaiser Partner Privatbank 6
Monthly Market Monitor - August 2021 | Kaiser Partner Privatbank AG
Sources: Bloomberg, Kaiser Partner Privatbank
Satellite View Geopolitical heat map
USA vs. China After a lengthy lapse in face-to-face communication between the USA and China, high-level diplomats from both countries convened once more in late July for a meeting in Tianjin (near Beijing). The talks, however, yielded next to no results and merely served to underscore the status quo in the increasingly hardening rivalry between Beijing and Washington. China wants other countries to butt out of its domestic and foreign policy affairs (keyword: South China Sea) while the Americans (acting as a proxy for a large part of the rest of the world) are decrying China’s conduct. The only positive outcome of the latest senior-level meeting was the resolution that both sides would like to stay in dialogue. Against this backdrop, US punitive tariffs are unlikely to be eased for the time being.
A green(er) German government The Green Party has lost further support in recent polls ahead of Germany’s Bundestag elections on September 26, but we still see a very high probability that the Greens will co-govern in the next legislative period. The extent to which they will be able to push through their agenda will depend on the makeup of the coalition in which the Greens co-govern. On the foreign policy front, the Greens advocate taking a clearer and tougher stance toward Russia and China. With regard to Europe, meanwhile, the current trend toward a more free-spending fiscal policy would continue under a governing coalition involving the Greens. This would likely tend to benefit the euro. Aside from that, we don’t expect the elections in Germany to have notable implications for the financial markets.
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.
War in cyberspace Another risk that we are now adding to our heat map – a potential cyberwar – is closely connected to the rivalry between the two great powers. A cyberwar, in the meantime, can already be viewed as a “gray rhino event” (a threat that is highly probable and highly impactful). Cyberspace is the only unregulated area left where countries like China and Russia, but also Iran and North Korea, can inflict serious harm on Western nations. In an interview in April, US Federal Reserve Chairman Jerome Powell even called a digital war a greater risk than a new financial crisis. The set of problems posed by a potential cyberwar are also becoming increasingly pertinent to businesses and thus the financial markets as well. One in twenty corporations these days highlight cyber risks during the reporting season (compared to just one in fifty in 2013).
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2021
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Asset Allocation
Notes from the Investment Committee
Companies have presented good to excellent revenue and earning numbers across the board during the ongoing reporting season. The traffic light is still green for now in others ways as well for the stock market. There are warning signs only on the margins at the moment.
Asset Allocation Monitor -
+
-
Cash
Equities
Fixed Income
Global
Sovereign bonds
Switzerland
Corporate bonds
Europe
Microfinance
UK
Inflation-linked bonds
USA
High-yield bonds
Emerging markets
Emerging-market bonds
Alternative Assets
Insurance-linked bonds
Gold
Convertible bonds
Real estate
Duration
Hedge funds
Currencies
Structured products
US dollar
Private equity
+
Swiss franc Euro British pound
Equities: Possibly record-breaking numbers ing sign (yet). The slump in Chinese stocks both on • At the halfway point of the Q2 2021 reporting seathe local market in China and for shares of Chinese son in the USA and Europe, the results thus far allow companies listed in the USA has likewise remained a very pleasing initial interim conclusion to be drawn. a phenomenon of limited import thus far and may Subsiding COVID-19 impacts, accelerated economic already be closer to its end than its beginning after growth momentum and beneficial base effects have the 50% drawdown over the last six months. enabled companies to report astoundingly strong numbers for the most part. Q2 earnings are up 88% Scorecard year-on-year for the companies in the S&P 500 in+ dex and are up 65% YoY for the companies in the Macro Euro Stoxx 50 index. Moreover, a record number of Monetary/fiscal policy companies have surpassed analysts’ already high Corporate earnings profit expectations by an average of 18% in the USA Valuation and 13% in Europe. What’s more, many corporate Trend chief executives have communicated a continued Investor sentiment bullish outlook, particularly on the left side of the Atlantic, where 78% of the companies that have re- Fixed income: Caught on the wrong foot ported thus far have raised their guidance. • US long-term bond yields continued to move lower • These positive fundamentals continue to firmly in July. The yield on 10-year US Treasury notes has undergird the equity bull market and relativize the recently dipped all the way to below 1.2%. This drop historically high valuations somewhat. Most of the seems astonishing in light of the intermittent alarm other factors on our scorecard – economic activover high inflation figures, but it’s not so surprising ity, monetary and fiscal policy, and the analysis of if the positioning of market participants is factored trends – also paint a constructive picture for stocks. into the analysis. They were predominantly posiWeak spots are discernible “only” in the details. US tioned short in recent months and were betting equity market breadth, for instance, is (extremely) on further declines in bond prices (and on further narrow in historical terms. Only a few large caps are increases in yields). As so often happens, the constill driving the rally at the moment while small caps sensus bet didn’t pan out in this case. Another exhave been treading sideways for months now. But planation on top of this is the anticipatory nature this observation isn’t anything more than a warnof the market: the high inflation rates in the second 8
Monthly Market Monitor - August 2021 | Kaiser Partner Privatbank AG
less promise a higher return than likewise richly valquarter were foreseeable and ultimately already ued public equity markets do over the longer term. old hat when they arrived. The market has already looked beyond the inflation hump. But in the wake of the consolidation that has taken place, we now Currencies: The Swiss franc remains strong see renewed potential for a mild uptick in long-term • EUR/USD: Currency traders in recent weeks have come to the realization that the European Central market interest rates in the medium term. Bank is indeed altogether a great deal more dovish • Government bonds and investment-grade corpothan its counterpart across the Atlantic after all. Berate debt securities continue to be more an intercause whereas an initial rate hike in the Eurozone est-free risk than a solid asset in the second half of is unlikely to occur before 2024 under the ECB’s this year, in our view, and should therefore be unnew strategy, the US Federal Reserve could move derweighted as much as possible. We continue to to tighten the interest screw much sooner than that. favor interest-bearing alternatives such as microfiThe EUR/USD exchange rate has recently been renance and insurance-linked bonds. We also see opflecting this expectation by inching closer toward portunities in the rapidly growing private debt secthe lower end of its established trading range in tor, an asset class where a higher return can often place since the start of this year. There’s no tactical be earned in exchange for exposure to the same or need to take action, though, as long as this trading even less risk compared to that in the conventional range remains intact. fixed-income space. • GBP/USD: At the Bank of England, like at the Fed, talk about exiting monetary policy accommodation Alternative assets: Private equity riding a tailwind is gaining intensity. In light of the United Kingdom’s • Private equity managers are living in the best of history of having a somewhat higher inflation rate all worlds at the moment. Booming stock markets than the USA more often than not and given the and a vibrant post-pandemic recovery in economic UK’s dynamic economic recovery this year, some activity are opening good exit opportunities out of analysts expect to see an initial interest-rate hike by company shareholdings and are driving a strong the BoE by as early as the end of 2022. This rate-hike deal flow and, last but not least, a (very) good perspeculation, coupled with the British pound’s still formance. Sector leader Blackstone’s private equity relatively cheap valuation, should tend to continue portfolio, for instance, gained 13.8% in the second to support sterling in the months ahead. quarter alone. The performance across all divisions actually even marked the best quarter in Black- • EUR/CHF: The ECB’s adjusted monetary policy has not left the Swiss franc unaffected. Since the franc’s stone’s history. In light of these return figures, priinterest-rate differential versus the euro will stay vate equity funds are raking in a suspected recordvery narrow for years to come, there are no incenbreaking amount of investor money at the moment. tives for capital to flow out of Switzerland. At the The Carlyle Group even appears poised to set a new same time, inflation in Switzerland is likely to confundraising record this year with a targeted volume tinue to stay sustainably lower than in the Eurozone. of USD 27 billion. The current private equity boom The “fair” value of the EUR/CHF exchange rate should at least set yellow alarm lights flashing betherefore looks destined to dip further in the longer cause this segment of the market looks destined term, and any near-term euro upticks are bound to to cool down to a certain degree in the quarters remain only temporary episodes. ahead. However, private-market assets nonetheThere is hardly a principle more vital to a successful investment strategy than good diversification. In order for diversification to fulfill its objective of lowering volatility and enhancing the overall risk-adjusted return, the correlation between the different assets in a portfolio should be as low as possible. The correlation between stocks and bonds was consistently low over the last twenty years. Apart from some minor episodes, stocks and bonds actually even moved inversely to each other almost continuously so that bonds usually cushioned instances of falling equity markets. This phenomenon largely explains the success of the (simple) 60/40 portfolio prevalent in the USA. Recently, though, the correlation between stocks and bonds has turned positive. For how long remains to be seen, but this shift is another reason to underweight conventional bonds and to overweight interest-bearing alternatives.
Chart in the Spotlight Also only temporary? | Stocks and bonds increasingly in synchronism lately Rolling 60-day correlation between US stocks (S&P 500) and US bonds (7- to 10-year term to maturity)
Sources: Bloomberg, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2021
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Theme in Focus
The sorrows of currency forecasting
Point forecasts – especially point forecasts for currencies – are popular in the financial world, but the accuracy rate among currency analysts generally is not very high. So, it’s not for nothing that we hedge most of the currency risk in our investment strategies.
A zero-sum game The first half of 2021 is already over. Analysts who issued point forecasts for equity markets, interest rates or commodity prices at the start of this year can thus take initial stock of their predictions and check how on track they are. The situation is comfortable, as it so often is, for equity strategists: the consensus forecast for the S&P 500 index, which projected a year-end level of 4,035 points, was already far exceeded by mid-year. Whoever predicted an increase in share prices back in January was right on the money – it’s fortunate that prices on stock markets rise most of the time. This tendency is no accident, for after all, publicly traded companies on aggregate boost revenue and earnings, and thus create value, over the long run. Making interest-rate forecasts is a tougher undertaking, as this year has proven. The majority of prognosticators projected that long-term market interest rates would rise in 2021, which hasn’t happened, at least not to date. On a long-term horizon, though, returns on fixedincome investments are also pretty well predictable because the yield on a bond at maturity explains more than 90% of the ultimately realized return. The situation regarding currencies is an entirely different matter because here there is no equity appreciation, no dividends and no interest coupons. There are also no risk premiums because while the euro is a risky investment for Americans, so is the US dollar for Europeans. One person’s gain is another’s loss. On the bottom line, currency trading is a zero-sum game. It’s not for nothing
Not an easy job | Currency analysts are not enviable Consensus forecasts (at start of year) and actual EUR/USD exchange rate
that forex trading and currency forecasting are also often referred to as the “ultimate speculative discipline.” No free lunch In reality, though, there is an array of well-known systematic risk factors on the currency markets as well. There, for instance, is the principle of purchasing power parity (PPP), on the basis of which a “fair” value can be computed for every currency pair. The PPP principle states that identical goods in two different currency areas should cost the same and that the currency with higher inflation must therefore depreciate (in the long run). Also known are the carry trade, which exploits interest-rate differentials between different currencies, and price-based momentum strategies that bet on a sustained continuation of an existing trend. But for quite some time now, nothing can be gained any longer with these insights, or factors – and they accordingly are ill-suited for formulating currency price forecasts. In fact, studies¹ show that factor strategies lose much of their profit potential once they’ve been discovered and publicized, arguably because (too) many market participants want to take advantage of them. Acting on alleged mispricing signals based on the aforementioned models hasn’t been able to generate alpha any longer for more than a decade now. Whether by happenstance or not, this coincides more or less precisely with the period that has been shaped by record-low benchmark interest rates and constant monetary policy innovation. So, does this mean that it is central banks that have made it much more difficult, if not impossible, to earn systematic profits on currency markets? Conspiracy theorists should pause and take a deep breath here because in another study, Chernov et al.² came to the conclusion that the three factors “valuation”, “carry” and “momentum” explain only around 10% to 20% of the price performance of the world’s ten most important currencies since 1980. The quintessence of the study findings is that a successful currency analyst needs one thing above all: luck. Luck, though, is not a sound foundation for a well-founded, sustainable investment strategy. Therefore, as a rule, we almost completely hedge all currency risk in our wealth management solutions. ¹ Söhnke M. Bartram et al. (2021), “Currency Anomalies” ² Mikhail Chernov et al. (2021), “Pricing Currency Risk”
Sources: Bloomberg, Kaiser Partner Privatbank 10
Monthly Market Monitor - August 2021 | Kaiser Partner Privatbank AG
ESG: Sustainability corner The “greenium” on green bonds
More and more green bonds The sustainability investing trend continues unabated. This is also reflected on the market for green bonds. In the first half of 2021 alone, worldwide issuance of green bonds amounted to a total volume of USD 274 billion, marking a 2.7 times increase year-on-year. Just what constitutes a green bond is defined first and foremost by the Green Bond Principles developed by the International Capital Market Association (ICMA). Under those principles, bond proceeds should be utilized exclusively to fully or partially (re)finance green projects such as those aimed at promoting electromobility, reducing energy consumption or building wind power plants. This earmarking of bond proceeds for a specific environmental protection purpose is what makes green bonds “green.” Apart from that, green bonds do not differ from conventional bonds (from the same issuer) in terms of their structure and risk. One would think that identical bond features would also mean no difference in yield, but that’s actually not the case.
risk is the same? The most plausible explanation is supply and demand. More and more (institutional) investors would like to green their portfolios. Moreover, “boring” conventional bond funds are getting jazzed up with the sustainability label, creating additional demand. Even central banks like the ECB, for instance, are giving serious thought to conducting their securities purchases “more sustainably.” The supply of green bonds has not been able to keep up with this demand (yet).
Green bonds are enjoying growing popularity among investors, who are even willing to pay a premium for them since demand exceeds the supply of green bonds. Do a clean conscience for investors and cheaper refinancing costs for businesses add up to a win-win situation?
A “win-win”? This, however, is bound to change in the medium to long term because governments and companies are increasingly coming to the realization that they can save substantial interest expenses by issuing green bonds. This looks destined to increase the supply of green bonds, also because it usually pays for governments and companies to issue them even when the costs of meeting more demanding disclosure and transparency requirements are factored into the equation. Issuers get a green sheen to boot in any case, but investors “Greenium” – a sustainability premium must be vigilant and must carefully read issue prospecIn reality, most green bonds come at a lower yield tuses to spot and avoid potential greenwashing, which (and a higher price) than comparable conventional is still easy to encounter given the heretofore vagueish bonds. This phenomenon, which was empirically veri- criteria used to define what constitutes green bonds. fied last year in a study by the Climate Bond Initiative, But once this due diligence duty is fulfilled, investors has since acquired a widely used name: “greenium.” can put a clean conscience in their portfolios. What’s Given the many variables involved in comparing dif- more, as long as the demand for green bonds exceeds ferent bonds (issuer, term to maturity, coupon, cur- the supply of them, they look set to continue outperrency, sector), it was long a fairly complex undertaking forming conventional bonds in the future. to isolate and demonstrate the “greenium.” But that changed in September 2020 when the Federal RepubThe “greenium” | Less yield in exchange for a clean conscience lic of Germany unveiled its twin concept and brought Yield differential between green and conventional German government bonds (maturing in August 2030) both a 10-year green bond and a 10-year conventional bond onto the market simultaneously. The yield differential between the green bond and the “normal” German debt security has since widened from one basis point to seven at last look, which means that from an investor’s perspective, the green bond has significantly outperformed. Germany can thus finance itself markedly less expensively going the green route than it can in the conventional way. The same goes for Italy, France and numerous companies. But why are investors paying a premium even though the (credit)
Sources: Bloomberg, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2021
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The Back Page Asset classes & agenda
Performance as of 31 July 2021 Asset class
YTD
1 Month
1 Year
3 Years
Cash CHF
-0.1%
-0.7%
-2.0%
EUR
0.0%
-0.5%
-1.3%
USD
0.0%
0.2%
4.3% 10.2%
Fixed Income Sovereign bonds
1.4%
-1.1%
Corporate bonds
1.2%
2.6%
21.1%
Microfinance
0.2%
3.1%
10.3%
Inflation-linked bonds
3.8%
5.2%
23.5%
High-yield bonds
0.2%
8.7%
20.2%
Emerging-market bonds
0.4%
3.8%
19.8%
Insurance-linked bonds
0.3%
5.2%
12.0%
Convertible bonds Equities
-1.0%
29.5%
57.9% 48.8%
Global
1.7%
34.7%
Switzerland
1.3%
23.0%
40.1%
Europe
1.3%
33.8%
22.9%
UK
0.3%
23.3%
-0.1%
US
2.3%
37.1%
65.6%
Emerging markets
-7.0%
18.4%
17.5%
Commodities
1.8%
40.2%
12.7%
Gold
2.5%
-8.2%
48.2%
0.9%
19.3%
37.5%
-0.4%
10.1%
13.0%
Alternative assets
Real estate Switzerland Hedge funds Currencies EUR/USD
0.1%
0.8%
1.5%
EUR/CHF
-2.0%
-0.1%
-7.2%
GBP/USD
0.5%
6.3%
5.9%
On our Agenda August 15: Liechtenstein’s national holiday Eleven municipalities, one country – and this time different than usual: instead of throwing a big party in Vaduz, this year the people of Liechtenstein will celebrate their national holiday on 27 festival grounds spread throughout the country’s municipalities. And in the evening, bonfires will illuminate all of the principality’s alpine peaks. September 3: US labor market data Although the US economy is cruising in high gear at the moment, almost 7 million more Americans than before the pandemic are still jobless. Unemployment data look set to stay volatile in the months ahead, but the job market appears likely to progressively recover. September 5: Day of brotherly love Each year on the anniversary of the passing away of Mother Teresa, the International Day of Charity aims to contribute to sensitizing and mobilizing people, non-governmental organizations and stakeholders around the world to help others through volunteer and philanthropic activities.
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Monthly Market Monitor - August 2021 | Kaiser Partner Privatbank AG
Kaiser Partner Privatbank AG | Monthly Market Monitor - August 2021
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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.
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Monthly Market Monitor - August 2021 | Kaiser Partner Privatbank AG
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