Monthly Market Monitor
January 2021
Table of contents Satellite View Geopolitical heat map
In a Nutshell
Our view on the markets
07
04 Macro Radar
Theme in Focus Empty shells sell well
Taking the pulse of
Asset Allocation Notes from the Investment Committee
08
economic activity
The Back Page
10
06
Asset classes & agenda
ESG - Sustainability Corner Generation Sustainable
12
11
Kaiser Partner Privatbank AG | Monthly Market Monitor - January 2021
3
In a Nutshell
Our view on the markets
A marathon, not a sprint Patience and stamina are useful in 2021, not just with regard to the long-awaited economic upturn, but also in connection with the initiated vaccination marathon against the coronavirus, upon which an economic recovery depends. Despite the initial difficulties, our baseline scenario is cautiously optimistic concerning both challenges. World economic activity looks set to resume growing by around 6% this year. The growth engine is located in Asia, where China’s economic output is poised to surge by more than 8%. (Even) more economic stimulus We in the developed industrialized countries are also at the start of an economic upturn, but government (and monetary) support measures are still needed to speed it up. After hard-fought negotiations, the political parties in the USA reached an agreement on another USD 900 billion coronavirus relief package in December. And after winning the runoff elections in Georgia, the Democrats, with their mini-blue wave, are now likely to push through additional stimulus measures. Europe after Brexit Europe faces a tough year in 2021 even after the Brexit deal. The coronavirus crisis has exposed north-south and east-west rifts within the European Union that have required a lot of money to smooth over. But grow-
Chart of the month A year for the history books… | …also in terms of performance Annual return of S&P 500 index and average VIX reading VIX
35
2009 30
2020
25
-40%
-30%
-20%
-10%
20 0%
10%
20%
30%
40%
Rendite 15
10
5
Sources: Bloomberg, Kaiser Partner Privatbank 4
Monthly Market Monitor - January 2021 | Kaiser Partner Privatbank AG
ing mountains of debt could eventually cause the EU’s purported stability to unravel. The Bundestag elections in autumn could put Germany, the EU’s anchor of stability, to the test. Headed higher in the first half Record IPO volumes, massive share price run-ups in individual stocks and exuberant investor sentiment have sent a growing number of signs in recent months that an incipient bubble is forming on the equity markets. But it’s almost impossible to time a bubble. As long as the driving forces behind the rally – monetary policy accommodation in particular – remain intact, the (upward) trend is an investor’s friend. Green investing – also in 2021 The sustainability theme gained further relevance last year, due also in part to the coronavirus pandemic. Older and especially younger generations are becoming increasingly concerned about the impacts that their asset investments have on our environment and society. Kaiser Partner Privatbank has been committed to investing sustainably for more than a decade. We will continue to further broaden our sustainable investment offerings in 2021.
The year of the coronavirus has since gone down in history as a uniquely extraordinary year, also for investors. In February and March, prices plummeted on stock exchanges and sent equity markets into a bear market with record speed. Afterwards, though, equity markets rocketed back upward just as quickly, lifting stock indices in the USA to new record highs already by autumn. However, volatility stayed very high throughout that time and the VIX volatility barometer showed correspondingly high readings (daily average of 30). In the final analysis, the S&P 500 index ended 2020 up more than 16%. In retrospect, in the last 30 years, the only similarly profitable year amid such high volatility was 2009, but that was at the start of the ongoing bull market, which is now almost 12 years old. The rich valuations in most asset classes will continue to make investing a challenging undertaking in 2021.
Kaiser Partner Privatbank AG | Monthly Market Monitor - January 2021
5
Macro Radar
Taking the pulse of economic activity
The climb back out of the economic trough in the aftermath of the coronavirus crisis will be more a marathon than a sprint. But even though setbacks have to be reckoned with, the omens for 2021 are pointing to growth. Monetary and fiscal policy will continue to provide support, and government debt will continue to increase.
The economic recovery is not in the fast lane The USA’s ISM manufacturing purchasing managers’ index climbed to 60.7 points in December, hitting the highest level recorded in the last decade. Manufacturing sentiment in Europe also remains buoyant. This means that the long-observable contrast with the services sector still exists. Since restrictions to contain the pandemic will probably stay in place until spring, the economic recovery looks set to only slowly gain momentum and will likely tend to resemble a rollercoaster ride. Even more stimulus The latest US labor market report also illustrates that COVID-19 continues to act as a brake on economic activity – a net total of 140,000 jobs were lost in December. This makes it all the more pleasing – at least from an economic perspective – that two Democrats
Inflation in sight? | Inflation expectations have risen significantly US 10-year breakeven inflation rate
won the Senate runoff elections in the US state of Georgia. The resulting stalemate in the US Senate gives Vice President-elect Kamala Harris the deciding vote. Wielding her tie-breaking power, she is likely to rubber-stamp another economic stimulus package during the course of this year, and the prospects for stepped-up public investments in infrastructure have also further improved. Will things now become more expensive? This year is unlikely to see a change in course on the part of central banks. With regard to tightening monetary policy, a tapering of bond buying in the USA toward the end of this year is as good as it will get, but even this scenario already seems premature from today’s perspective. The US Federal Reserve’s mission will probably remain focused on driving inflation toward the central bank’s 2% target. Market inflation expectations, in fact, have recently risen significantly. However, such an increase in inflation expectations is not unusual at the start of an economic recovery.
3.0%
First in, first out China was the first country to be hit by the novel coronavirus in 2020. COVID-19 dealt the Middle Kingdom its first contraction in economic output since the country started recording quarterly GDP growth in 1992. But China’s subsequent economic recovery was just as massive as the prior contraction and really did follow a V-shaped trajectory. China’s motto for this year now looks poised to be “returning to normal”, also with regard to government support measures because the economic growth engine has already resumed chugging at full speed: China’s economy looks set to expand by more than 8% this year.
2.5%
2.0%
1.5%
1.0%
0.5%
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
0
Sources: Bloomberg, Kaiser Partner Privatbank
Consensus estimates
Kaiser Partner Privatbank interest rates view 2020
2021
2022
GDP growth (in %)
3M
12M
Switzerland
-3.8
3.6
2.8
Switzerland
-0.75
→
→
Eurozone
-7.4
4.6
3.7
Eurozone
-0.50
→
→
UK
-11.3
5.3
4.5
UK
0.10
→
→
US
-3.5
3.9
3.1
US
0.25
→
→
2.0
8.2
5.5
China
2.95
→
→
China Inflation (in %) Switzerland
10-year yields (in %) -0.7
0.1
0.5
Switzerland
-0.50
→
→
0.3
0.9
1.2
Eurozone
-0.52
→
→
Eurozone UK
0.9
1.5
1.9
UK
0.27
→
→
US
1.2
2.0
2.1
US
1.05
→
→
China
2.6
1.6
2.3
China
3.13
→
→
Sources: Bloomberg, Kaiser Partner Privatbank 6
Last Key interest rates (in %)
Monthly Market Monitor - January 2021 | Kaiser Partner Privatbank AG
Sources: Kaiser Partner Privatbank
Satellite View Geopolitical heat map
Polarization in the USA Four years of Donald Trump have left indelible marks on the United States. The latest tactical stunt pulled by a group of Republican senators during the confirmation of Joe Biden as the new president and the storming of the Capitol by a mob of Trump supporters once again demonstrated that the USA is more divided than ever. The ravages of the pandemic are likely to further widen the country’s political and social rifts. The persistent state of agitation afflicting the world’s largest national economy is also not necessarily a good sign for the rest of the world. USA vs. China The view that China is a technological and economic rival and ultimately also a military threat is a consensus shared across party lines in the USA, so the cold war between the two great powers looks set to continue in the post-Trump era. Still-sitting President Trump just recently turned up the pressure again by
barring US citizens from investing in companies with ties to China’s armed forces, which prompted the New York Stock Exchange to delist shares of some Chinese corporations. Another executive order from Trump recently prohibited transactions with Chinese payment service providers like Alipay and WeChat Pay. Costly coronavirus remediation in Europe The Brexit dispute was resolved on Christmas Eve virtually at the last minute, giving us reason to take this topic off our heat map even though it is bound to generate further headlines and economic friction in the future. Europe nonetheless remains in our geopolitical spotlight. The coronavirus crisis has once again illuminated the north-south and east-west rifts within the European Union. It took a big expenditure of money to smooth over existing differences of opinion in the EU, but the growing mountains of debt are an enduring problem that looks destined to return to the agenda sooner or later.
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 - January 2021
7
Asset Allocation
Notes from the Investment Committee
The year 2020 – the year of the coronavirus – ended on a conciliatory note for investors. Intact upward trend channels and plentiful central-bank liquidity continue to presage a positive performance as the new year gets under way. An active tactical allocation remains important, however, because the recently observable rotation in investor preferences may continue.
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: Will 2021 be the year of the great rotation? Scorecard • Despite the COVID-19 pandemic, 2020 wasn’t a bad + year at all for stockholders in the end. Driven by Macro monetary and fiscal stimulus and ultimately also by Monetary/fiscal policy positive news flow on the vaccine front, (US) stock Earnings markets rallied to new all-time highs in autumn. The Valuation MSCI World ex-USA index now has also just recently Trend surpassed its early-2018 high, ending an almost three- Sentiment year bear market. With the reliability of a Swiss watch, the majority of analysts are once again entering the new year with a bullish outlook. The consensus foreoutperform US stocks this year. However, we do not cast for the S&P 500 index, for example, envisages apexpect to see a veritable value-stock revival. Blue-chip proximately a 10% gain for 2021. growth stocks remain our favorites for the longer term. • From a fundamentals perspective, some things are indeed working in favor of the equities asset class Fixed income: US Treasurys above 1% in post-coronavirus year 2021. Corporate earnings, • One has long needed a magnifying glass to find yield for instance, have substantial potential to resurge in on the fixed-income markets. But recent weeks have line with economic activity, and there is also still a finally seen some movement in the interest-rate sustained monetary policy tailwind in place. Although market at least in the USA, where the yield on 10stocks are richly valued in absolute terms, the same year Treasury notes recently pierced the 1% sound goes for almost every other asset class, especially barrier against the backdrop of the victory by two bonds. Stocks remain much more attractive than Democratic senators in the runoff election in the US investment-grade fixed-income securities in particular. state of Georgia and the hopes of further fiscal stim• Within the equities asset class, we see further recovulus tied to their win. The recent jump in inflation ery and catch-up potential for cheaply valued stocks in expectations is another explanation for the yield cyclical sectors at the start of the new year despite the increase. Whether the chart breakout will lift yields recent rally. In contrast to the brief episode in spring at the long end of the curve significantly higher is ul2020, the rotation into value stocks looks set to last a timately likely to depend on the strength and speed while longer this time. Regions like Europe and Japan of the expected economic upturn this year. should also continue to benefit from this and could • However, (government) bonds in the USA are still 8
Monthly Market Monitor - January 2021 | Kaiser Partner Privatbank AG
nomic activity, robust demand in China and the weak far from attractive despite the mild uptick in yields. US dollar have been driving the rally. But despite the And they are even less attractive in Europe given the improved near-term prospects, broad investments in fact that yields on triple-A-rated sovereign debt secommodities are not sustainable in the longer term curities are still stuck in negative territory there. On from an investor and return perspective. both sides of the Atlantic, whoever wants to pocket more interest has to climb higher up the risk ladder. Bonds from less creditworthy companies in the US Currencies: US dollar weakness continues high-yield segment are still offering a premium of • EUR/USD: The EUR/USD exchange rate climbed higher at the turn of the year and recently already 4 percentage points over government bond yields surmounted the USD 1.23 level. Although the techat the moment. But bonds are largely unattractive nical chart picture for the euro remains very bullish, from more than just a yield perspective. Their funcjustifying the upturn on the fundamentals becomes tion as a stabilizer in investor portfolios is also inincreasingly more difficult with each cent by which creasingly in question. Since long-term bond yields the euro rises – the rally is mainly being driven by mohardly have any room left to move lower, the upside mentum. (Real) interest-rate differentials may soon potential for bond prices is constrained in the next turn back in favor of the US dollar, and large long postock-market downturn. Bonds will hardly be able to sitions on the futures market continue to hang over offset the share-price drawdowns in such an event. the euro like the sword of Damocles. The atmosphere for a continued euro rally is gradually thinning. Alternative assets: Commodity rally gaining breadth • With a gain of 25% in 2020, gold last year was not • GBP/USD: In the wake of the Christmas Eve Brexit deal, the British pound has recently climbed higher just a diversifying portfolio component, but also quite and has dismantled part of the Brexit risk premium. a profitable one. Gold appears to have lost some alAlthough further gains are possible against the US lure lately in the face of vaccine elation, economic dollar in the near term, sterling’s longstanding unoptimism and mildly rising real interest rates. Howdervaluation is unlikely to disappear so quickly in the ever, the longer-term drivers of the bull market in gold face of the UK’s uncertain economic outlook, weak remain intact, in our view. Those drivers include susgrowth and spiraling debt. tained monetary policy accommodation from central banks and the prevailing dearth of decent investment • EUR/CHF: The Swiss franc looks destined to stay a strong currency in 2021 because its strength during alternatives, which have led to low opportunity costs the year of the coronavirus stemmed from more for holding gold and correspondingly high investor than just weak world economic activity or nervousdemand for the yellow metal. Moreover, demand for ness on the financial markets. As recent weeks have gold jewelry in the emerging economies of Asia could shown, the franc isn’t a currency that only has legs rebound in 2021. when markets are in risk-off mode. Switzerland’s • The prices of many other commodities have also risen large current-account surplus and relatively small significantly in recent months, somewhat under the government debt load make the Swiss franc an atradar of the general public. For instance, prices for tractive currency in both good and bad times, and agricultural commodities like soybeans and indusSwitzerland’s interest-rate differentials versus other trial metals like copper have registered gains of more countries are too small to induce capital outflows. than 50% since summer. The rapid recovery in eco-
Chart in the Spotlight Breakout? | Commodities pull out of their downward trend Bloomberg Commodity Index 350
300
250
200
150
Sources: Bloomberg, Kaiser Partner Privatbank
2020
2019
2018
2017
2016
2015
2014
2013
2012
100
Investments in commodities were a bitter disappointment for investors during the last decade. Between 2011 and 2020, the commodities complex delivered a positive annual performance in only four out of ten years – its annualized performance for the last decade amounted to –5.8% p.a., making commodities the only money-losing asset class during that period. And the commodities complex (together with real estate assets) also finished dead last in the final performance rankings for 2020. But the omens now look better as 2021 gets under way. The Bloomberg Commodity Index recently broke upward out of its long-term downtrend channel. Moreover, rising inflation expectations and lofty valuations in practically every asset class amid a persistent climate of abundant liquidity are fundamental reasons why commodities are looking at better prospects in post-coronavirus year 2021. Kaiser Partner Privatbank AG | Monthly Market Monitor - January 2021
9
Theme in Focus Empty shells sell well
Special purpose acquisition companies (SPACs) are currently in vogue on Wall Street. These blank-check funds enable companies to go public quickly without the hassle or restrictions of a traditional IPO, and they are usually a lucrative business for their founders. Investors, on the other hand, buy a pig in a poke and sometimes get left holding nothing.
Four letters: SPAC The year 2020 was a nerve-wracking one for many people, including players in the area of corporate mergers and acquisitions (M&A). In the beginning, the pandemic made the notion of corporate takeovers seem like a vision from long lost times for a few months. But then an unprecedented spree of M&A activity burst into motion even though the public health crisis continued to rage ceaselessly. Amid the twists and turns of 2020, the single biggest thing on M&A advisors’ minds in the age of the coronavirus can be summed up in four letters: SPAC. This acronym stands for “special purpose acquisition company.” SPACs were the undisputed stars of the M&A industry in 2020. Once dismissed as a shady Wall Street relic, SPACs have since become one of the hottest trends in the finance industry. The numbers speak for themselves: 248 SPACs were founded last year, according to SPAC Insider, marking a fourfold increase compared to the prior year. The average size of a SPAC amounted to USD 335 million, almost ten times larger than in 2009. But what exactly are SPACs, and what makes them so attractive? Basically, SPACs are publicly traded corporate shells that are founded for the sole purpose of merging with a privately held company to give the takeover target a ready-made stock-exchange listing. Those who invest money in a SPAC shell usually do not know what company their money will ultimately flow to – they literally buy a proverbial pig in a poke, which is why SPACs are sometimes also called blank-check funds. The appeal of SPACs, however, is manifestly evident for the founders of these takeover vehicles, who
80
280
60
210
40
140
20
70
0
0 2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Sources: SPAC Insider, Kaiser Partner Privatbank 10
Monthly Market Monitor - January 2021 | Kaiser Partner Privatbank AG
2020
Number of SPAC IPOs
SPAC IPO volume, in billions of US dollars
Bestsellers | SPACs are selling like hotcakes Number and size of SPAC IPOs in the USA
are also called sponsors, and for the sellers of privately held companies: sponsors generally receive a 20% equity stake at very little cost, called the “promote,” which turns into a big stake in the target company after a merger. The sellers, in turn, can directly go public quickly without the hassle or restrictions that the significantly longer (and more circuitous) traditional IPO route entails, a benefit that attracts venture capitalists in particular. The dazzling list of SPAC sponsors has grown longer and longer in recent years, ranging from legendary entrepreneur Richard Branson to Paul Ryan, the former speaker of the US House of Representatives. Hedge fund mogul Bill Ackman even raised a record USD 4 billion in July, enough to let him reportedly approach Airbnb about a merger. What could possibly go wrong? As the new year gets under way, the question arises as to whether the SPAC world will stay as rosy as it has been of late. Warning signs pointing out the potential risks for investors have already been flashing in recent months. For instance, some of the acquisition target companies in SPAC deals, such as electric-truck maker Nikola Corp., have stumbled badly since going public. Even if there haven’t been any scandals, many blankcheck companies have underperformed the S&P 500 index since going public. Persistent weak returns could curb investor appetite for SPACs in 2021. Moreover, SPACs could end up becoming a victim of their own popularity. More than 200 blank-check funds sitting on a combined total of USD 70 billion are searching for takeover targets. This implies potential purchasing power of approximately USD 350 billion since additional capital from outside investors typically enables a SPAC to merge with a company five times larger than itself. SPACs usually have only two years’ time to find a takeover target. If they fail to find one during that period, they are contractually obligated to return the money to investors. This puts them under time pressure, which could lead to them crowding each other out of deals or could result in mergers born of urgency instead of prudence. Last but not least, one of the main reasons for the soaring popularity of SPACs – the disappointing performance of “normal” IPOs – may fade going forward. The enormous run-up in the valuations of companies like Airbnb and DoorDash in their recent IPOs may prompt some companies to return to more traditional ways of going public, leaving SPACs with billions of dollars but fewer targets worth buying.
ESG- Sustainability Corner Generation Sustainable
The great inheritance Within the next ten years, individuals with a net worth of USD 5 million or more will bequeath a combined total of around USD 15 trillion to the next generation, according to the Family Wealth Transfer Report. That’s an enormous sum equal to the annual gross domestic product of China, the world’s second-largest national economy. The approximately 550,000 beneficiaries of this transfer of wealth stand to inherit an average of USD 28.2 million per person. The generation that will inherit this wealth already has one main objective in sight today: according to the Morgan Stanley Sustainable Signals Report, 95% of investors aged 25 to 39 are interested in investing sustainably and invest twice as often as the general population does in companies that pursue positive social or environmental impact goals, and this trend is growing. In the research spotlight Younger generations prefer or plan to invest sustainably and responsibly. This finding alone isn’t news. Countless studies have been corroborating this interest in sustainable investing for years. But the reasons why this younger demographic group has committed itself to investing sustainably has been given far too little attention. Often derided as being self-centered, the Millennials generation actually nonetheless appears to possess a certain amount of altruism. But just who exactly are the Millennials? Anyone born between 1981 and 1996 is considered a Millennial. Members of this generation are known for being globally and digitally networked and for striving to achieve an ideal work-life balance and seeking out new experiences. Millennials are more diverse and more educated, but also poorer than people in their age group were decades ago. Consumer behavior among Millennials particularly differs significantly from older generations’ consumption patterns: Millennials have their own values system, they engage in social cooperation and seek meaning in the way they utilize their assets.
Preserving wealth essentially continues to be important also to the younger demographic group, but Millennials also give a lot of thought to the impact that their wealth has on our world, society and environment. Moreover, 85% of the Millennials surveyed by the Morgan Stanley Sustainable Signals Report believe that their investment decisions can bring about positive change in ESG topic areas such as climate change or eliminating poverty. Millennials’ evident interest in investing responsibly appears to be a lasting one that transcends the current discourse on global warming and plastic waste proliferation.
A heretofore unparalleled intergenerational transfer of wealth is poised to take place between now and 2030, marking a sea change that numerous studies say will first and foremost be sustainable.
But there is no one-size-fits-all solution because Millennials ultimately would like to personally tailor their investments as much as possible and decide for themselves whether the focus is to be placed on climate protection, religious values or gender aspects. Ascertaining the exact subsequent effects of their investments is likewise very important to today’s 25- to 39-year-olds: 91% of them would like to be able to track their impact return. However, three out of four Millennials generally fear the perceived potential complexity of integrating sustainable investments in their portfolios. The latest analytical and ESG reporting capabilities and simple investment solutions actually make it easy to engage in sustainable investing, for any age group. Our experts will be happy to walk you through specific options regarding customized investment strategies and impact reporting on request.
Giving wealth meaning Against the backdrop of global and digital interconnectedness, Millennials thus are better educated than previous generations, but their assets are less equitably distributed, and Millennials are generally less wealthy than their parents were when they were the same age. Kaiser Partner Privatbank AG | Monthly Market Monitor - January 2021
11
The Back Page Asset classes & agenda
Performance as of 31 December 2020 Asset class
year-to-date
Cash
1 month
1 year
3 years
0
Cash CHF
-0.6%
-0.1%
-0.6%
-2.0%
Cash EUR
-0.4%
0.0%
-0.4%
-1.2%
0.0%
0.6%
5.5%
Cash USD
0.6%
Fixed Income
0
Sovereign bonds
0.0%
4.9%
11.1%
10.3%
1.2%
10.3%
18.7%
0.1%
1.6%
10.3%
9.8%
0.8%
9.8%
19.1%
1.7%
4.7%
18.2%
4.9%
Corporate bonds Microfinance
1.6%
Inflation-linked bonds High-yield bonds
4.7%
Emerging markets bonds
5.8%
1.9%
5.8%
16.4%
Insurance-linked bonds
5.8%
0.5%
5.8%
13.6%
6.3%
38.8%
56.3%
3.5%
13.5%
33.8%
2.4%
1.9%
21.8%
2.0%
-1.0%
8.4%
3.0%
-13.2%
-7.9%
4.1%
20.7%
50.0%
7.2%
15.8%
11.5% -11.5%
Convertible bonds Equities
38.8% 0
Global
13.5%
Switzerland
1.9%
Europe
-1.0%
UK
-13.2%
USA
20.7%
Emerging markets
15.8%
Alternative assets Commodities
0 -3.5%
Gold
25.1%
Real estate Switzerland
10.8%
Hedge funds
6.8%
Currencies
8.9% -0.4%
GBP/USD
-3.5% 25.1%
45.7%
6.1%
10.8%
26.6%
2.4%
6.8%
8.2%
0
EUR/USD EUR/CHF
5.0% 6.8%
3.1%
2.4%
8.9%
1.8%
-0.3%
-0.4%
-7.6%
2.6%
3.1%
1.2%
On our Agenda January 20: Inauguration of new US president Joe Biden will officially become the 46th president. He will be 78 years and 61 days old on Inauguration Day, making him by far the oldest US president in history, surpassing the record set by Donald Trump (70 years and 220 days). The outgoing president has announced that he will not attend the inauguration. January 20: Crypto Finance Conference, St. Moritz Bitcoin’s recent boom in value has the cryptocurrency back on everyone’s lips these days. So, it’s fitting that blockchain and crypto experts, decision makers and investors will be convening in Graubünden (and virtually) to discuss the latest trends, regulatory changes and new business opportunities. January 25 to 29: World Economic Forum (WEF) The WEF conference was the last major international event to be physically attended in the year of the coronavirus before the first lockdown. This year the gathering of the rich and powerful will be shrunken down to an online event at first before WEF’s deferred annual meeting is hosted in Singapore in May.
12
Monthly Market Monitor - January 2021 | Kaiser Partner Privatbank AG
Kaiser Partner Privatbank AG | Monthly Market Monitor - January 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 - January 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
DE210113
kaiserpartner.bank