Monthly Market Monitor
May 2021
Table of contents
In a Nutshell
Macro Radar
Our view on the markets
Taking the pulse of economic activity
04
06
Satellite View Geopolitical heat map
Asset Allocation
07
Notes from the Investment Committee
08
Theme in Focus A question of valuation
ESG: Sustainability corner On the difficult balancing act of turning “green”
The Back Page
10
11
Asset classes & agenda
12 Kaiser Partner Privatbank AG | Monthly Market Monitor - May 2021
3
In a Nutshell
Our view on the markets
(Major) central banks remain accommodative The US Federal Reserve didn’t divulge any hints in April about putting an end to cheap money, and it continues to buy billions worth of securities each month. The same goes for the European Central Bank, which likewise is sticking to the status quo. The exception to the rule is the Bank of Canada, which announced a mild reduction in its bond purchases in April. Norges Bank in Norway and the Bank of England also look set to move closer to returning their monetary policies to normal over the course of this year. Unabated commodity rally Raw-material prices are in a dynamic uptrend and have advanced more than 15% on aggregate year-to-date as measured by the Bloomberg Commodity Index. Tight supply/demand conditions for many raw materials are the cause behind the broad-based bull market in commodities. Despite the constructive near-term outlook for this asset class, we are eschewing direct investments in agricultural commodities and industrial metals and primarily view commodities as economic and inflation indicators.
Chart of the Month Sell in May…?| The harvest on the equity market is (normally) reaped in autumn MSCI World Index monthly returns (median since 1970)
Sources: Bloomberg, Kaiser Partner Privatbank
4
Monthly Market Monitor - May 2021 | Kaiser Partner Privatbank AG
A green(er) German government Surveys ahead of Germany’s Bundestag elections on September 26 show the Green Party riding a current of high-altitude air with poll numbers above 20% at the moment. The probability of the Greens co-governing in the next legislative period is greater than 80% right now. The currently prevailing trend in Europe toward a very free-spending fiscal policy would likely continue under a governing coalition involving the Greens. A question of valuation Equity bears lately have been fond of calling attention to record-high valuation ratios. No wonder, since the price arrow for stocks has continuously been pointing upward year-to-date. By a number of different valuation metrics, equity markets at the moment are indeed richly valued as seldom (or never) before. But valuation metrics have never been a reliable timing tool. On the difficult balancing act of turning “green” There are companies that are already operating sustainably today and others that have yet to turn “green.” The big oil and gas groups definitely belong to the latter variety. But the road to an environmentally friendlier future poses a particularly tough challenge for them.
«Sell in May and go away…» – this rule, which says you should sell your stocks in the spring and shouldn’t return to the equity market until autumn, is arguably one of the oldest maxims on Wall Street. A statistical analysis of this proverb definitely confirms its validity: in the past, stock returns in the winter half-year (November through April) have been consistently much higher than in the summer half-year (May through October). The median winter half-year return since 1970, as measured by the MSCI World Index, has exceeded 8%, whereas the summer half-year return has amounted to only around 2%. But this doesn’t mean that it actually pays to bury your head in the sand and your money under your mattress in the summer. Because the statistics also show that you have to buy your way back in at higher prices on average when you return to the trading floor at the start of November.
Kaiser Partner Privatbank AG | Monthly Market Monitor - May 2021
5
Macro Radar
Taking the pulse of economic activity
Some leading economic indicators have climbed to extremely high (optimistic) levels in recent weeks and are signaling an ongoing economic boom in the USA and an impending one in Europe. This is major reason why inflation has become a hot topic again lately.
Biden’s first 100 days in the White House US President Joe Biden has set a stunning pace during his first months in office. While his USD 2.3 trillion infrastructure bill is still being negotiated in Congress, President Biden upped the ante once more at the end of April. His American Families Plan aims to spend up to USD 1.8 trillion on improving the social safety net in the USA. The program would particularly benefit the (lower) middle class. The costs of the billions-from-heaven windfall are to be financed through a hike in income and capital gains taxes, which is unlikely to sit well with Republicans and Wall Street. Vaccination campaigns picking up speed The US economy is already booming at an annualized growth rate of +6.4%, largely as a result of the rapid vaccination campaign there. The pace of vaccination drives in Europe is now accelerating as well, which should soon lead to progressive steps to reopen the economy. This should then definitively unleash pent-up consumer demand in the summer. The EU economic sentiment indicator jumped by 9.4 points in April (the consensus expectation called for an increase of 1.1 points), presaging an impending mini-boom in Europe as well. The Fed unwaveringly is staying the course US Federal Reserve Chairman Jerome Powell didn’t divulge any hints about exiting the ultra-accommodative monetary policy at the Fed’s last press conference. He said it was still too soon to start tapering off the central bank’s monthly bond purchases. Mounting indications of rising inflation were deemed temporary by the Fed chief. A wage-price spiral doesn’t loom, he said, as long
As good as it gets | US purchasing managers haven’t been this optimistic since 1983 ISM manufacturing purchasing managers’ index
as the employment market hasn’t truly recuperated. Recent comments from European Central Bank President Christine Lagarde likewise remained on the dovish side. An end to the global glut of money is not in sight for the time being. Inflation – only temporary? Even though central bankers overwhelmingly do not see any risk of inflation at the moment, it is likely to provide fodder for conversation in the months ahead. Anecdotes about restaurant chains in the USA desperately searching for workers (who prefer to stay home thanks to generous government support measures) aren’t isolated incidents. Stressed global supply chains, (sharply) rising commodity prices and base effects look set to put a “2” in front of the decimal point on inflation readings in the USA and the Eurozone in the second half of this year. Next year will reveal how lasting the pickup in inflation is. Consensus estimates 2020
2021
2022
Switzerland
-3.2
3.3
2.8
Eurozone
-6.8
4.1
4.1
UK
-9.9
5.5
5.5
USA
-3.5
6.3
4.0
2.3
8.5
5.5
-0.7
0.3
0.4
0.3
1.6
1.3
UK
0.9
1.5
1.9
USA
1.3
2.6
2.2
China
2.5
1.5
2.3
GDP growth (in %)
China Inflation (in %) Switzerland Eurozone
Kaiser Partner Privatbank interest rates view Last
3M
12M
Switzerland
-0.75
→
→
Eurozone
-0.50
→
→
UK
0.10
→
→
USA
0.25
→
→
China
2.95
→
→
Switzerland
-0.18
→
→
Eurozone
-0.17
→
→
UK
0.84
→
→
USA
1.63
→
→
China
3.16
→
→
Key interest rates (in %)
10-year yields (in %)
Sources: Bloomberg, Kaiser Partner Privatbank 6
Monthly Market Monitor - May 2021 | Kaiser Partner Privatbank AG
Quellen: Bloomberg, Kaiser Partner Privatbank
Satellite View Geopolitical heat map
A green(er) German government Surveys ahead of Germany’s Bundestag elections on September 26 show the Green Party riding a current of high-altitude air with poll numbers above 20% at the moment. The probability of the Greens co-governing in the next legislative period is greater than 80% right now. 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. USA vs. China The (economic) quarrel between the two great powers will be one of the defining geopolitical issues of the 2020s, in our view, and will include saber-rattling in the South China Sea and the risk of a local conflagration. Options for potential cooperation between the two
countries appear limited to just a few areas such as public health and climate change. With regard to the latter, the USA raised the stakes at the virtual climate summit chaired by Joe Biden in April. The USA’s new target is to reduce CO2 emissions by 50%–52% by the year 2030, which almost doubles the country’s previous commitment. China, in contrast, held back on making new declarations and doesn’t want to seriously start exiting coal until after 2025.
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.
The Iran challenge Reviving the nuclear treaty with Iran ranks among the most important foreign policy matters for the new US president. One significant reason why is so that the Biden administration can redirect resources and attention farther eastward (toward China and vicinity) as quickly as possible. A time window for striking a deal that would allow both sides to save face is open until August, when lame-duck Iranian President Hassan Rouhani’s term in office expires. After that time window closes, much longer negotiations would be needed because the upcoming elections in Iran will probably strengthen the conservative camp, which takes a very hard-line stance on the nuclear issue.
Kaiser Partner Privatbank AG | Monthly Market Monitor - May 2021
7
Asset Allocation
Notes from the Investment Committee
Surging corporate earnings, booming economic activity and passive central banks have created the best of all worlds for stockholders. Equity markets accordingly are bounding from one all-time high to the next. But a need for some consolidation continues to exist, and seasonality could soon bring it about.
Asset Allocation Monitor -
+
-
Cash
Equities
Fixed Income
Global
Sovereign bonds
Switzerland
Corporate bonds
Europe
Microfinance Inflation-linked bonds
+
UK 04/2021
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: Impressive earnings reporting season Scorecard • The Q1 2021 earnings reporting season currently + underway hasn’t disappointed market participants Macro 04/2021 thus far. Despite already high expectations, a record Monetary/fiscal policy number of companies have beaten analysts’ esti- Corporate earnings mates, some by a very wide margin. The percentage Valuation of upside earnings surprises stands at approximately Trend 04/2021 25% in the USA and at a respectable almost 20% in Investor sentiment Europe. Double-digit profit growth rates are expected also in the quarters ahead. This should conwide-open monetary floodgates. There is a need for tribute to mitigating the (US) equity market’s lofty some consolidation in the wake of the recent torvaluation at least a bit over the course of this year. rid rally, and the best stock-market months are now • Speaking of valuations, the stellar results reported behind us from a seasonal perspective. across the board by Apple, Amazon, Alphabet, Facebook and Microsoft reveal that the US technology Fixed income: US Treasury bonds slowly becoming giants have been the true winners of the pandemic interesting again and still possess considerable growth potential • In April, the yield on 10-year US Treasury notes interdespite their size. Comparisons with the Internet rupted its uptrend in place since summer 2020 for bubble at the turn of the millennium are thus hardly the time being. But nothing more than an overdue appropriate at least with regard to these “big five” consolidation has come out of that thus far – the 10(and thus implicitly are also hardly applicable to the year Treasury yield has since been drifting sideways overall market). Some share-price excesses were above the 1.5% level. US government debt securities visible in the first quarter among SPACs, for instance, have become increasingly interesting again for forand in purportedly disruptive companies like the eign investors in recent months. Currency-hedged ones assembled in the headline-grabbing ARK ETF, investments in 10-year US Treasurys, for instance, but some air has already escaped from these obviare delivering a respectable yield between 2.5% and ous stock-price bubbles in the meantime. 3% on the bottom line for European and Japanese in• The pace of further share-price advances looks vestors. They thus offer the best risk/reward tradeoff set to decelerate a bit in the near future in spite worldwide within the overall unattractive developedof booming economic activity, rising earnings and market government bond segment. The situation 8
Monthly Market Monitor - May 2021 | Kaiser Partner Privatbank AG
is different for sovereign debt securities in Europe, its function as a store of value and its correlation where the benchmark yield on 10-year German properties. Moreover, the tactical prospects for the Bunds recently hit a new year-to-date high above the yellow precious metal have recently brightened –0.2% mark and yields look set to climb higher (with again. The double-bottom pattern at the USD 1,680 attendant further bond-price drawdowns) in view of level on gold’s price chart could lay the foundation Europe’s pent-up economic growth potential. for price advances in the second half of this year. • US Treasury inflation-protected securities (TIPS), in contrast, have lost some of their allure lately. Now Currencies: Trading ranges predominate that the 10-year breakeven inflation rate has recent- • EUR/USD: Easy come, easy go – this proverb at least ly climbed above 2.4% – the highest level since 2013 applies to the US dollar and its price performance over – and is now well above the US Federal Reserve’s inthe last two months because all of the greenback’s flation target, further upside potential appears congains in March were given back in April. Attempts strained. But TIPS still remain preferable to nominal at explanations for the recent exchange-rate perforbonds in view of their inflation-protection properties. mance range from accelerating vaccination momentum in Europe to a very dovish US Federal Reserve, Alternative assets: Unabated commodity rally which doesn’t want to make even the faintest hints • After taking a short breather in March, commodity about ending its ultra-accommodative monetary prices resumed their dynamic uptrend in April. This policy. But instead of constantly seeking explanations, asset class, as measured by the Bloomberg Comthere’s an easier way to assess the situation: viewed modity Index, is up more than 15% year-to-date objectively, the EUR/USD exchange rate is stuck in a and is thus outperforming stocks, which are likewise rangebound state and won’t send the next price sigbooming. On top of a renewed tailwind coming from nal until it breaks out of its current trading range. a weak US dollar, the recent upward price impetus is • GBP/USD: The British pound as well is stuck in a threealso being caused by tight supply/demand balances month trading range against the US dollar. Positive for many commodities. Demand remains robust not pandemic developments should make the UK one of just in China; since the incipient boom in economic the fastest-growing industrialized economies in 2021. activity is a worldwide phenomenon, there is enorThe Bank of England may therefore start hinting at remous demand for raw materials in the USA and Euturning its monetary policy to normal comparatively rope as well, and it is spread across many industries. soon. This gives reason to expect that sterling will Meanwhile, for more and more commodities, the continue to hold steady in the near future. tight supply situation is pushing up prices for near- • EUR/CHF: The EUR/CHF exchange rate has consoliterm delivery, putting futures curves in backwarddated in recent weeks in a trading range between ation. This is additionally boosting the performance 1.095 and 1.115, where it has traced out a potential of investments in commodities. flag pattern. From a classical technical analysis per• Despite the constructive near-term outlook for this spective, this is a trend continuation pattern that asset class, we are eschewing direct investments gives reason to expect the euro to appreciate further in agricultural commodities and industrial metals in the summer. A further reopening of national econand primarily view commodities as economic and omies through an easing of COVID-19 restrictions and inflation indicators. Gold, in contrast, remains an a resulting increase in market interest rates in the Euintegral part of our investment strategy in view of rozone could trigger such an upmove. Copper is sometimes also called “Dr. Copper” in the financial world. The price of the red industrial metal is particularly sensitive to changes in economic activity and is thus considered a leading indicator for the world economy. At the other end of the spectrum is gold, which is usually in heavy demand when markets are in a slump. The ratio between the price of defensive gold and the price of cyclical copper is therefore also a gauge of investor sentiment on the financial markets. The gold/copper ratio recently moved two standard deviations away from its two-year average. This is a reflection of the copper rally over the past year, which has been largely warranted by the fundamentals (significant quantities of the metal are need for the green energy and mobility transition), but also expresses a frothy level of bullishness, which elevates risk assets’ vulnerability to a correction in the months ahead.
Chart in the Spotlight Overstretched | The gold/copper ratio gives reason to expect a correction Gold/copper ratio (distance from two-year average)
Sources: Bloomberg, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - May 2021
9
Theme in Focus A question of valuation
Since the price arrow for stocks has continuously been pointing upward year-to-date, equity valuations have climbed higher lately. By a number of valuation metrics such as the Warren Buffett Indicator, equity markets at the moment are in fact richly valued as seldom before. So, is it time to sell?
The Buffett Indicator is in the red zone… Equity markets in recent months have been notching one new all-time high after another. This naturally has further raised market valuations and has increasingly been fraying tempers lately, at least among the notorious pessimists. One indicator particularly sticks out here: the Buffett Indicator, which has surged to an alltime high level. Named after legendary investor Warren Buffett, the eponymous indicator depicts the ratio between the market capitalization of the US equity market and the USA’s annual economic output. At the turn of the millennium, the Buffett Indicator flagged the apex of the Internet and high-tech bubble with a peak ratio reading of around 150%. Today, the market capitalization-to-gross domestic product ratio in the USA stands well above 200%. So, does this mean that the next bubble is on verge of bursting, as many an equity bear wants to make us believe?
over 1,400% for Hong Kong. This means that there are no universally applicable or “international” indicator levels for categorizing markets as being cheaply, fairly or expensively valued. What the Buffett Indicator also fails to take into account is the surrounding macroeconomic climate, particularly the interest-rate level. At the turn of the millennium, 10-year US Treasury notes yielded around 6% and were thus a serious alternative to shares of blatantly overvalued dot-com companies. Today, in contrast, the benchmark 10-year Treasury yield still stands below 2% despite having risen significantly over the last half-year. Bonds thus continue to be unattractive relative to stocks.
Valuation metrics are a poor timing tool Even Warren Buffett has since acknowledged the shortcomings of the indicator that bears his name. He, in any case, has toned down his assertions from 20 years ago, and he, too, no longer likes to endorse any single valu…and has its shortcomings ation metric as being all-encompassing or consistent Only time will tell… But, at any rate, it’s questionable over time. In fact, nary a word about today’s conspicuwhether a high Buffet Indicator reading alone is a suf- ously high market valuations was mentioned in the latficient condition for a correction. This indicator, in any est letter to the shareholders of his investment vehicle case, has considerable shortcomings on closer exami- Berkshire Hathaway. But other valuation metrics such nation. They start with the indicator’s absolute value. as the price-to-sales ratio, which likewise is at an allThe fact that it fluctuated around the 100% mark in time high in the USA, also aren’t beyond all doubt. The the USA for 70 years, which makes that look like a “key” price-to-sales ratio, for example, doesn’t reflect the fact level from a purely numerical aesthetics perspective, that companies have continually expanded their profit may ultimately be entirely due to coincidence. Buffet margins in recent years and thus pocket significantly Indicator readings in other countries, at any rate, range more earnings per unit of sales these days. The wellfrom 30% for Italy and 66% for Germany to as high as known price-to-earnings (P/E) ratio remains the most sensible of the many valuation metrics out there. At a The sky is the limit (?) | Hot, hotter, Buffett Indicator current level of around 26x, it too is close to where it Ratio of US equity market capitalization to US gross domestic product was during the aforementioned 2000/2001 bubble period. However, there is a legitimate hope that the P/E ratio will moderate at least a bit over the course of this year if companies continue to trounce analysts’ profit estimates to the same extent as they have in the Q1 2021 earnings reporting season. But in any event, one can hardly make an accurate prediction about the equity markets’ upside potential for the next 12 months on the basis of the P/E ratio. The P/E ratio gains predictive power on a five-year or, even better, a ten-year forecast horizon. On that timeline, a high present valuation implies lower returns in the future. From this perspective, stockholders arguably have to content themselves with lower returns over the next decade. But this doesn’t mean that stocks don’t have further upside potential Sources: Bloomberg, Kaiser Partner Privatbank over the next 12 to 18 months. Discover more on our blog
10
Monthly Market Monitor - May 2021 | Kaiser Partner Privatbank AG
ESG: Sustainability corner
On the difficult balancing act of turning “green”
Oil multinationals under pressure Any CEO of a large oil and gas company needs nerves of steel these days because sitting in the boss’s chair puts a CEO in the hot seat. For one thing, the pandemic wrecked oil multinationals’ income statements last year: the five largest publicly traded (Western) petroleum groups – Royal Dutch Shell, BP, Exxon Mobil, Total and Chevron – alone registered combined losses of almost USD 60 billion in 2020. Moreover, pressure from investors is steadily mounting. They are increasingly calling for climate risks to be taken fully into account in corporate strategies and for CO₂ footprints to be drastically reduced, preferably sooner rather than later. Aviva, one of the biggest British asset managers, even threatened at the start of this year to use its “ultimate sanction” of fully divesting its shareholdings and placed 30 companies in the systemically critical oil, gas, mining and utilities sectors on its watchlist. The oil multinationals issued a response, at least on paper or in investor presentations. Recent months, for example, saw Royal Dutch Shell, BP and Total put forth announcements that they would cut their greenhouse gas emissions to net zero by 2050. No “green” dividends (yet) But getting the world’s largest oil and gas groups in shape for the unquestionably necessary energy transition is akin to braking an oil supertanker to a standstill on the high sea – it takes quite some time. Because even if “green” momentum is currently swelling in policymaking circles (and among the investor community), the reengineering of oil multinationals’ capital-intensive business models cannot keep pace with it. For, after all, money for investments in businesses with a more promising future – be it renewable energy or the storage and distribution of electricity – first has to be earned. And this is where those companies’ traditional business, which is mainly the production and trading of petroleum and natural gas, continues to generate the necessary cash flow. Provided that the price of crude oil holds fairly steady, this core business remains very profitable and forms the basis for billions in dividend payouts. The oil and gas industry was long known for its rich dividend payouts, and shares of oil multinationals were accordingly well-liked by investors and still are in part to this day. In order to please all stakeholders, these big corporations have to dare to attempt a balancing
act. Some of them are more courageous than others in this endeavor. What’s not surprising, in any case, is that some industry giants like Royal Dutch Shell continue to allocate around 60% of their investment budget to their traditional oil and gas exploration and production business. Divestments are not a solution Sustainable investing has numerous facets to it. Strictly ruling out investments in “brown” companies is the most radical option. But divestments, particularly in the oil and gas industry, won’t solve underlying environmental problems because while Western oil multinationals are under acute observation by the public eye, their counterparts in Russia, China and the Middle East aren’t. If BP and cohorts were to exit their current core business overnight, other oil and gas companies could step in to fill the resulting vacuum, which wouldn’t help our environment. And let’s not forget that petroleum products don’t just fuel transportation, but have countless other uses and are not easy to substitute everywhere. We therefore believe that other ESG strategies are preferable to blanket exclusions. One possibility is to favor bestin-class companies that are pursuing the most compelling transformation strategies. Actively executing shareholder voting rights and engaging directly with the management of companies (active ownership) also rank among the better alternative courses of action to take.
There are companies that are already operating sustainably today and others that have yet to turn “green.” The big oil and gas groups definitely belong to the latter variety. But the road to an environmentally friendlier future poses a particularly tough challenge for them.
A lost decade | Shareholders of oil multinationals need a great deal of patience Stoxx Europe 600 index vs. Stoxx Europe 600 Oil & Gas subindex
Sources: Bloomberg, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - May 2021
11
The Back Page Asset classes & agenda
Performance as of 30 April 2021 Asset class
YTD
1 month
1 year
3 years
Cash Cash CHF
-0.1%
-0.7%
-2.0%
Cash EUR
0.0%
-0.5%
-1.2%
Cash USD
0.0%
0.2%
4.8%
Sovereign bonds
0.0%
-2.1%
8.2%
Corporate bonds
1.5%
8.2%
17.5% 10.4%
Fixed Income
Microfinance
0.3%
2.6%
Inflation-linked bonds
0.8%
4.0%
17.7%
High-yield bonds
1.0%
16.8%
20.5%
Emerging-market bonds
2.4%
16.0%
17.2%
Insurance-linked bonds
0.3%
6.2%
12.0%
Convertible bonds Equities
2.9%
52.7%
59.4%
Global
4.0%
41.9%
48.3%
Switzerland
0.9%
16.2%
32.5%
Europe
2.2%
38.1%
18.4%
UK
4.0%
20.8%
1.8%
US
5.4%
47.8%
67.3%
Emerging markets
2.4%
45.7%
15.7%
Commodities
8.3%
48.4%
0.9%
Gold
3.6%
4.9%
34.5%
Real estate Switzerland
1.0%
13.2%
30.0%
Hedge funds
1.8%
14.9%
12.6%
Alternative assets
Currencies EUR/USD
2.5%
9.7%
-0.5%
EUR/CHF
-0.8%
3.8%
-8.3%
GBP/USD
0.3%
9.8%
0.4%
On our Agenda May 6: Parliamentary elections in Scotland Scots went to the polls last week, and the Scottish National Party (SNP) fulfilled its role as the electorate’s favorite and won by far the most votes. Nevertheless, a new independence referendum is unlikely to happen any time soon. May 20: World Bee Day World Bee Day on May 20, the birthday of apiculture pioneer Anton Janša, was instituted only a short time ago in 2018, but its message is all the more important: bees pollinate almost threequarters of the plants that in turn are the source 90% of the world’s food production. June 3: World Bicycle Day World Bicycle Day is likewise celebrating its third anniversary. Bicycling boomed last year, largely as a result of the coronavirus pandemic. As a sustainable means of transportation, bicycles make a positive contribution to reducing our CO2 footprint, especially when they’re ridden without a battery.
12
Monthly Market Monitor - May 2021 | Kaiser Partner Privatbank AG
Kaiser Partner Privatbank AG | Monthly Market Monitor - May 2021
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 - May 2021 | 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
DE210312
kaiserpartner.bank