Kaiser Partner Privatbank - Monthly Market Monitor July 2020

Monthly Market Monitor

July 2020

Table of contents Satellite View Geopolitical heat map

In a Nutshell

06

Our view on the markets

Macro Radar

04

Taking the pulse of economic activity

Investment Theme in Focus

Asset Allocation Notes from the Investment Committee

07

The Back Page

Surfing on the technology wave

05

09

Asset classes & agenda

ESG Sustainability corner

11

10

Kaiser Partner Privatbank AG | Monthly Market Monitor - July 2020

3

In a Nutshell

Our view on the markets

COVID-19 continues to cause worries The coronavirus pandemic continues to keep humanity in suspense. The number of new infections and deaths has soared further in recent weeks in some emergingmarket countries and the USA. COVID-19 case counts have picked up in Europe as well of late in the wake of the gradual lifting of containment measures. The risk of a second contagion wave remains intact. But if a second wave occurs, it is unlikely to lead to renewed restrictions comparable to the ones imposed this spring because policymakers would probably conclude that the resulting socioeconomic harm would outweigh the public health benefits.

“Slow convalescence” with downside risks Our baseline scenario for economic activity continues to foresee a slow recuperation from the coronavirus shock.

After a brief sharp plunge in economic output, it envisages a muted but steady recovery in world economic activity that will take until 2022 to return to the pre-crisis level. A renewed outbreak of the virus in autumn would further dim the outlook and drive this year’s contraction in economic growth below the –5% mark.

Policymakers are giving everything they’ve got Governments and central banks look set to continue to do all they can to mitigate a grim economic scenario.

Money injections and economic stimulus packages

Chart of the month Democrats are extending their lead | Will Trump turn the tide?

Probability of presidential election victory, in % 65% 60% 55% 50% 45% 40%

Biden

Trump

Sources: predictit.org, Kaiser Partner Privatbank 4

Monthly Market Monitor - July 2020 | Kaiser Partner Privatbank AG

07/20

06/20

05/20

04/20

35%

should support a recovery, but some business sectors and many companies may nonetheless suffer lasting harm. Although the costs of the relief measures are not the focal point right now, they are not trivial. Government debt loads look destined to balloon, and it will become even more difficult in the future to return monetary policy to normal.

Overly optimistic financial markets?

Equity markets have risen by more than a third since bottoming in late March and appear to have decoupled from economic reality. At their current price levels, stocks are pricing in a rapid pickup in economic activity and only a temporary dip in corporate earnings.

The risk/reward tradeoff is mildly asymmetrical at the moment, in our opinion, with small potential for price gains outbalanced by greater potential for setbacks.

Continued elevated volatility We therefore recommend a neutral equity allocation and are favoring less cyclical sectors. Alongside Swiss heavyweights like Nestlé, Roche and Novartis, our preferred stock picks also include dominant technology companies in the USA and China. Volatility on the financial markets looks set to stay high in the second half of this year. Gold remains a solid portfolio component against this backdrop.

The US election campaign will hit the home stretch in the weeks ahead. The outcome of America’s 59th presidential election will likely point the way forward for US domestic policies and global (geo)politics. Various opinion surveys and online betting markets show Democrat Joe Biden leading President Donald Trump by a comfortable margin at the moment. He has extended his lead over the past several weeks. Trump’s poor presidential performance in the face of the coronavirus pandemic and the social unrest in dozens of US cities has taken its toll. But the lesson of the surprising outcome of the 2016 election is never to write off Donald Trump prematurely. The financial markets could perhaps actually get more out of a second Trump administration than they stand to gain from a “blue wave”, which would probably usher in higher taxes and tighter regulations.

Kaiser Partner Privatbank AG | Monthly Market Monitor - July 2020

5

Macro Radar

Taking the pulse of economic activity

The coronavirus recession looks destined to be severe but brief, but all (growth) forecasts today are subject to greater uncertainty than ever. A second contagion wave would further dim the outlook for economic activity.

V-shaped recovery for economic indicators…

An array of leading economic indicators, such as purchasing managers’ indices, rebounded considerably in June. In some countries, PMIs – a key barometer of economic activity – climbed back above the 50-point level that signifies economic expansion. Retail sales also registered robust jumps last month that broke records in some countries. Many of the data surprises, however, are attributable to methodological causes or anomalous comparison-base effects. ...but not for growth The growth outlook for this year therefore remains bleak. Although the coronavirus recession looks destined to be fast and steep, the same doesn’t go for the subsequent recovery. In our baseline scenario, we envisage a slow convalescence that will see economic out-

Improved business sentiment | Economic activity has turned the corner Heat map of purchasing managers’ indices 2017

2018

####### ####### May 20 Jun 20

2019

Global

42.4

47.8

USA

43.1

52.6

Eurozone

39.4

47.4

Germany

36.6

45.2

France

40.6

52.3

Italy

45.4

47.5

Spain

38.3

49.0

Switzerland

42.1

41.9

Japan

38.4

40.1

China (official)

50.6

50.9

China (Caixin)

50.7

51.2

2019

2020

Contraction

put in the industrialized nations presumably take until 2022 to recover to the pre-crisis level. The world economy looks set to contract by 3% to 5% this year. However, all forecasts today are subject to greater uncertainty than ever. There is a risk of even weaker growth figures in the event of a second worldwide coronavirus wave.

(Near-)unlimited relief packages The money spigots remain wide open in the face of the global recession. The European Central Bank (ECB) significantly increased its pandemic bond-buying program again in June and prolonged it until mid-2021. The US Federal Reserve, meanwhile, announced that it would leave its policy interest rate at its current record-low level until at least the end of 2022. Fiscal policy also remains in rescue mode for the time being. Another trillion-dollar stimulus program is currently being debated in the USA, and Europe looks set to roll out a EUR 750 billion recovery fund soon. Public debt is bound to skyrocket higher against this backdrop of fiscal policy activism.

No inflation pressure (for now) Given the ultra-expansive monetary and fiscal policies afoot and the increasingly evident trend toward deglobalization, a significant rise in inflation cannot be ruled out entirely. However, we currently ascribe a scenario in which inflation lastingly climbs to above the 2% mark by the middle of this decade a probability of “only” 20% to 30%. In the near term, deflationary tendencies clearly predominate in the wake of the coronavirus pandemic.

Expansion

Sources: Bloomberg, Kaiser Partner Privatbank

Consensus estimates

Kaiser Partner Privatbank interest rates view 2021

GDP growth (in %)

3M

12M

Switzerland

0.8

-5.6

4.0

Switzerland

-0.75

-0.75

-0.75

Eurozone

1.2

-8.0

5.4

Eurozone

-0.50

-0.50

-0.50

UK

1.3

-8.3

5.6

UK

0.10

0.10

0.10

US

2.3

-5.6

4.1

US

0.25

0.25

0.25

China

6.1

1.8

8.0

China

2.95

2.70

2.70

Inflation (in %)

10-year yields (in %)

Switzerland

0.4

-0.6

0.2

Switzerland

-0.41

→

→

Eurozone

1.2

0.4

1.1

Eurozone

-0.40

→

→

UK

1.8

0.9

1.5

UK

0.20

→

→

US

1.8

0.8

1.7

US

0.67

→

→

China

2.9

2.8

2.2

China

2.85

→

→

Sources: Bloomberg, Kaiser Partner Privatbank 6

Last Key interest rates (in %)

Monthly Market Monitor - July 2020 | Kaiser Partner Privatbank AG

Sources: Kaiser Partner Privatbank

Satellite View Geopolitical heat map

US presidential election race The race for the presidency of the world’s largest national economy enters the home stretch in the months ahead. Donald Trump’s abysmal performance during the recent crises has given the Democratic Party the upper hand at present. If it takes back the White House and secures a majority in Congress, a hike in taxes and tighter regulations for some industries would probably be a sure thing. This would signify a stiff headwind for equity markets.

US-China trade war The trade war between the United States and China is simmering at the moment on medium heat, but could flare up again at any time. The Chinese currently are far away from the ambitious import targets they agreed to in the “trade deal”. The trade tensions are

unlikely to ease for the time being, largely also due to the US election race. Growing animosity toward China has taken firm root in the USA in large sections of the populace and across party lines, also in large part in response to the Communist Party’s iron-fisted treatment of Hong Kong.

Brexit deadlock Opinions on how relations between the United Kingdom and the European Union are to be organized in the future continue to diverge widely on both sides of the English Channel. Time is pressing, though, because the year-end expiration of the Brexit transition period is nearing. Even if a last-minute accord is reached, it is likely to produce only a bare-minimum solution that afterwards probably won’t entirely dispel the uncertainties facing economic actors.

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 - July 2020

7

Asset Allocation

Notes from the Investment Committee

The risk-on rally on the financial markets has lost some steam in recent weeks. So, we think a pronounced stock-market consolidation accompanied by sustained high volatility is likelier going forward than an assault on previous highs. A high allocation to alternative assets and an overweight position in gold are appropriate in this environment.

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: Richly valued Scorecard • The upcoming reporting season for the second quar+ ter looks set to mark the low point for corporate Macro earnings, but it’s at least questionable whether inves- Monetary/fiscal policy tors will be concentrating exclusively on the (better) Earnings future from now on. There’s a far greater likelihood Valuation that some downside surprises may depress sentiment. Trend Given the contraction in earnings and the big share- Sentiment price gains since the March low, valuations today on the stock markets are very lofty in historical comparison and leave little leeway for higher prices.

Fixed income: Rangebound for longer • Central banks’ ultra-accommodative monetary poli- • Yields on long-term government bonds have been cies remain the one major stanchion bolstering stocks fluctuating in familiar ranges in recent weeks. The right now. Investor sentiment, however, could turn yield on 10-year US Treasury notes has settled into from a tailwind into a headwind because the pessian established trading range between 0.5% and mism still observable in April/May has long since van1%. A yield level of –0.15% appears to mark the upished. Investors in the meantime have reduced their per limit this year for benchmark 10-year German high cash allocations and have resumed betting on bunds. Given the periodic reassurances from central options markets on rising stock prices. All in all, our banks that they intend to keep their support proequities scorecard gives reason to expect a volatile grams in place for a very long time to come and will summer (without a typical summer doldrums phase). even expand them if needed, the motto for bond • The revival of value stocks in May turned out to yields is “lower for longer” for an indefinite period. be a one-month wonder, as we expected it would. • The medicine being administered by central banks Low-valued cyclical sectors recently have already has produced the desired effect also on riskier started to appreciably underperform growth segments of the fixed-income asset class. Credit stocks and defensive sectors again, and this trend spreads on high-yield bonds and southern Europelooks set to continue in the near future. The time an sovereign debt have already retightened signififor value investing has not arrived yet, in our view, cantly from their March highs. At the current spread unless the economic outlook significantly improves levels, though, the risks in these fixed-income segand bond yields sustainably increase. ments in view of the coronavirus recession and its 8

Monthly Market Monitor - July 2020 | Kaiser Partner Privatbank AG

opportunities even amid the current crisis. The real consequences (increasing corporate bankruptcies estate asset class remains attractive for the longer and mounting sovereign debt) exceed the potential term in our judgment, particularly in view of the ulrewards, in our opinion. We therefore recommend tralow interest-rate climate. underweighting riskier fixed-income segments.

• Microfinance remains one of the few bond-like asset segments in which we continue to see good longer- Currencies: The Swiss franc remains strong term opportunities. However, the pandemic poses • EUR/CHF: The Swiss franc faced considerable appreciation pressure through mid-May, forcing the Swiss Naa challenge for this asset class as well, particularly tional Bank (SNB) to intervene heavily as a result, but because the public health crisis is still hitting some the situation has eased somewhat since then. Howemerging economies harder than the industrialized ever, the eu(ro)phoria that briefly catapulted the euro countries. The microfinance asset class registered a above the 1.09 mark against the franc has already vannegative performance in March and April. That has ished. The fundamentals have recently regained the left a mild year-to-date gain so far, but an increase upper hand, and they portend a franc that continues in loan defaults and restrained lending indicate that to tend toward strengthening mainly on the back of a 2020 looks destined be a down year on the bottom massive current-account surplus that is insufficiently line. However, the long-term case for investments in counterpoised by capital outflows. microfinance remains intact.

• EUR/USD: The euro, in contrast, is on a somewhat sounder footing against the US dollar, at least from Alternative assets: Gold is glittering a technical-analysis perspective. The euro has nev• Rally, consolidation, surge to new highs – the uper fallen back to its early-2017 low, not even at the ward trend in the price of gold has been following March/April apex of the coronavirus crisis. On the upthis pattern since summer 2018. Gold also broke side, meanwhile, the euro is preparing to retest the upward out of its latest consolidation at the end of downtrend in place since early 2018 at the 1.14–1.15 June and is now taking aim at the technical resislevel. A breakout above that level would clear an uptance at the USD 1,800-per-ounce mark on its price ward path for the euro. But until that signal is tripped, chart. Central-bank monetary policy accommodathe euro will remain trapped in the trading range seen tion remains the backbone of the gold bull market in the first half of this year. because it promises low opportunity costs for a long time to come for holding the yellow metal. An el- • GBP/USD: “Rangebound” is also the name of the most probable trend for the British pound in the evated allocation to gold continues to make sense weeks ahead. The March low, which was caused by in a portfolio context. a panic selloff, could mark a long-term nadir or turn• Swiss real estate funds held up relatively well coming point for sterling and is unlikely to move back pared to real estate stocks and real estate investwithin reach anytime soon. However, despite the ment vehicles in other regions during the corocurrency’s cheap valuation, a sustained rise from navirus crash. Funds with elevated exposure to the current level isn’t expected either – weak ecocommercial properties underperformed, some of nomic activity, the Bank of England’s accommodathem by a wide margin. Residential real estate has tive monetary policy and uncertainty about further once again proven to be a somewhat stronger asBrexit negotiations argue against it. set category. The Swiss real estate market presents

Chart in the Spotlight Bears in the majority | Investors are uneasy Percentage of bulls and bears among US private investors (4-week moving average) 60%

50%

40%

30%

20%

Bulls

2020

2019

2018

2017

2016

2015

10%

The coronavirus crash left lasting singe marks on private investors in the USA. Despite the strong advances on the equity markets since late March, the majority of them expect stock prices to fall over the next six months. This is unusual because investor sentiment normally brightens as stock prices rise.

From a behavioral finance perspective, the elevated pessimism is actually a good thing – whoever is bearish is not yet excessively invested and is thus a potential buyer of stocks. We nonetheless wouldn’t overrate the above statistic in the present case because an array of other sentiment indicators such as the ratio of call to put options on the futures market and the reduced cash holdings of fund managers reflect staunch bullishness.

Bears

Sources: American Association of Individual Investors, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - July 2020

9

Investment Theme in Focus Surfing on the technology wave

Technology companies pervade everyday life and dominate the equity markets. The coronavirus crisis has given megatrends like digital transformation and cloud computing a further boost. The tech sector promises a continuation of robust growth and interesting investment opportunities in the years ahead.

The FANMAG companies have become an essential part of everyday life Online shopping on Amazon, navigating using Google Maps and meeting friends on Facebook – all of these activities in recent years have become as routine as brushing your teeth. The internet giants accompany us in daily life without us even noticing. But Facebook, Amazon, Netflix, Microsoft, Apple and Google (through its parent company Alphabet), which are collectively known under the acronym FANMAG, are definitely conspicuous on the stock market. After years of inexorable share-price gains, the market capitalizations of the FANMAGs have become so enormous that they together now make up more than 20% of the market cap of S&P 500 index.

Everything from home during the pandemic The FANMAG stocks are a reflection of the unstoppable digital transformation trend, which has gotten a further boost from the coronavirus crisis. Practically overnight, working from home and videoconferencing became a new custom, to cite a couple of examples. The public health crisis looks destined to act as a lasting accelerant for some technological megatrends such as digitalization and cloud computing because even if our daily lives soon gradually return to normal, corporations and consumers will probably (want to) retain at least some of the new “customs”. For companies, this makes plenty

A mammoth market… | … with further growth potential Internet usage comparison: USA vs. China

Sources: South China Morning Post, Kaiser Partner Privatbank 10

Monthly Market Monitor - July 2020 | Kaiser Partner Privatbank AG

of sense also from a business economics perspective because switching to digital channels can save office space and travel expenses, and can reduce other types of operating costs.

Sound fundamentals The technology sector’s stock-market performance has already shaken off the coronavirus crisis. The Nasdaq index reascended to a new all-time high already in early June, marking a resumption of the tech rally that has been underway for more than 11 years now.

A look at the fundamentals shows the tech rally resting on a solid foundation. The share-price upswing over the past decade has been constantly underpinned by robust revenue growth, high profit margins and accordingly buoyant corporate earnings. Many business models in the technology sector these days are largely crisis-resistant and immune to economic cycles. That’s the reason why despite the meteoric share-price gains in some instances, tech stock valuations today are not necessarily (overly) expensive. The technology sector’s above-average growth and high profitability portend further upside potential in the years ahead.

China’s answer to Silicon Valley Whoever wishes to invest internationally these days cannot avoid investing in China. The Middle Kingdom in recent years has brought forth internet giants like Baidu, Alibaba and Tencent, which enjoy a huge homefield advantage and in the meantime have also made a name for themselves in the Western world. The Chinese internet market, with its more than 800 million web users, is roughly three times larger than its US counterpart, and the Chinese have a much greater affinity for all things digital than Americans do. For example, over 40% of Chinese consumers (583 million) use their smartphones today to make payments, compared to only around one in five in the USA (62 million). Western companies can also take a page from the Chinese in the area of innovative spirit. WeChat and Alipay, for example, have developed into “super apps” that can be used to do anything imaginable – from shopping and booking flights to making money transactions – in a single portal. New business models can quickly be added to these apps, giving each one access to a pool of more than a billion users worldwide. This model has proven so successful that now even Facebook is copying it. The mobile internet is thus an area where the West can learn something from China.

ESG

Sustainability corner

After the crisis is before the (sustainable) recovery buildings and related energy savings for consumers. They The EU Sustainable Energy Week (EUSEW), the largest also addressed new investment possibilities and ways of European conference on renewable energy and efficient financing “green recovery” measures, as well as so-called energy use in Europe, took place in late June with lots of “sectoral integration” including industrial energy use and literal positive energy. Public policymakers, lobbyists and energy-system flexibility. The fourth major topic was gencitizens convened – virtually for the first time – to set cli- eral strategy and the commitment of local authorities, mate and energy targets for the EU Energy Union. industry and energy communities to a just transition to new energy sources.

The EUSEW has been a fixture on the European Commission’s event calendar since 2006. Its centerpiece is In any case, a majority of the citizenry of the EU member a three-day conference, accompanied by an array of as- states supports these proposals, according to the findings sociated events aimed at promoting safe, clean, efficient of a Eurobarometer focus survey conducted in autumn energy stretching over a two-month period. This year’s 2019. A retreat from fossil fuels and access to safe, clean, 15th edition of the EU Sustainable Energy Week was dedi- affordable energy are issues that clearly resonate with cated to arguably one of the most pressing topics right the public. The same goes for prioritizing renewable ennow under the slogan “Beyond the crisis: clean energy for ergy, investments in research and technology, and a fungreen recovery and growth.” damental reduction in energy consumption.

The younger generation in particular was invited to contribute ideas. On June 22, the first-ever European Youth Energy Day, 18- to 30-year-olds from all countries throughout Europe exchanged views on how to make Europe the world’s first climate-neutral continent. The European Green Deal seeks to achieve this ambitious goal by the year 2050.

Cutting energy use is already an aspiration for the Energy Union, which aims to slash it by 32.5% by 2030. Alongside gains in energy efficiency, the share of energy derived from renewable sources is to be raised. A 10-percentagepoint increase to 19% has already been registered over the last 15 years; the 20% target by end-2020 has yet to be reached.

The European Green Deal is also intended to form the foundation of the economic recovery after the coronavirus pandemic. The security measures feverishly being worked on by the European Commission are to be harmonized with the European Green Deal to enable a sustainable response to the unprecedented situation of the past several months and its financial impacts on EU member states.

There is no shortage of ambitious goals for the years and decades ahead in the EU member states. In the area of sustainable energy at least, the European Union is expeditiously trying to step up cooperation between its members and to expand its global leadership role.

The “green recovery” is to be shaped by corresponding green investments by the EU. In the energy sector, for example, building renovations stand in the foreground for the purpose of accelerating decarbonization throughout Europe. Other projects are to be aimed at promoting the development of renewable forms of energy as alternative energy sources, as well as the development of innovative, cleaner energy technologies. The stated aim of this focus is not just to reduce greenhouse gas emissions, but also to create more jobs.

The speeches and discussions during the 2020 EUSEW accordingly concentrated on four areas. One of them was the renovation wave, including energy efficiency in Kaiser Partner Privatbank AG | Monthly Market Monitor - July 2020

11

The Back Page Asset classes & agenda

Performance as of 30 June 2020 Asset class

year-to-date

Cash

1 month

1 year

3 years

0

Cash CHF

-0.3%

0.0%

-0.7%

-2.1%

Cash EUR

-0.2%

0.0%

-0.4%

-1.1%

0.0%

1.6%

6.1%

0.2%

4.9%

11.2%

2.1%

5.7%

14.6%

0.1%

2.4%

10.2% 19.1%

Cash USD

0.5%

Fixed Income

0

Sovereign bonds

4.2%

Corporate bonds

2.6%

Microfinance

0.3%

Inflation-linked bonds

6.5%

High-yield bonds

-5.12

Emerging markets bonds

-2.6%

Insurance-linked bonds

1.8%

Convertible bonds Equities

5.0%

-5.3%

Switzerland

-3.99%

Europe

-12.4% -17.7%

USA

-2.5%

Emerging markets

-10.7%

Alternative assets Commodities

9.0%

3.5%

1.0%

11.4%

0.5%

5.6%

7.8%

5.0%

10.6%

25.4%

2.4%

3.3%

22.2%

1.6%

2.9%

21.3%

4.9%

-5.5%

-0.4%

1.5%

-15.3%

-6.8%

2.2%

7.8%

34.5%

7.0%

-5.7%

-1.6% -21.3%

0 -19.7%

Gold

17.4%

Real estate Switerzland

-1.6%

Hedge funds

-1.2%

Currencies

2.3%

-18.4%

2.9%

26.3%

43.4%

0.3%

5.1%

11.8%

1.6%

3.0%

3.4% -1.7%

0

EUR/USD

0.2%

CHF/USD

-2.0%

GBP/USD

8.0% -1.3%

0

Global

UK

1.1% -0.2%

-6.5%

4.6%

0.1%

-1.3%

-2.9%

-1.1%

2.6%

-0.2%

-4.8%

On our Agenda July 17 & 18: Extraordinary EU summit The heads of government of the EU member states will convene in Brussels to deliberate on the economic community’s next multiyear budget and the post-pandemic reconstruction plan. A (final) compromise on the planned EUR 750 billion recovery fund is still pending.

July 29: FOMC meeting US Federal Reserve Chairman Jerome Powell is likely to brace investors for a continued tough economic climate in the second half of 2020. However, a further cut in the federal funds rate (into negative territory) is not in the cards, though more Fed buying of securities is (if necessary).

July 30: KOF economic barometer This key indicator of economic activity in Switzerland will likely have recovered further in July. But even if the trend in economic activity is pointed upward, Switzerland (and Liechtenstein), like other countries, won’t be spared a recession this year.

12

Monthly Market Monitor - July 2020 | Kaiser Partner Privatbank AG

Kaiser Partner Privatbank AG | Monthly Market Monitor - July 2020

13

This document constitutes neither a financial analysis nor an advertisement. It is intended solely for informational purposes. None of the information contained herein constitutes a solicitation or recommendation by Kaiser Partner Privatbank AG to purchase or sell a financial instrument or to take any other actions regarding any financial instruments. Furthermore, the information contained herein does not constitute investment advice. Any references in this document to past performance are no guarantee of a positive future performance. Kaiser Partner Privatbank AG assumes no liability for the completeness, correctness or currentness of the information contained herein or for any losses or damages arising from any actions taken on the basis of the information in this document. All contents of this document are protected by intellectual property law, particularly by copyright law. The reprinting or reproduction of all or any parts of this document in any way or form for public or commercial purposes is expressly prohibited unless prior written consent has been explicitly granted by Kaiser Partner Privatbank AG. 14

Monthly Market Monitor - July 2020 | Kaiser Partner Privatbank AG

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