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Market outlook January – Less interest rate, more credit

At the beginning of the New Year, we saw a good macroeconomic starting point for 2018. Global GDP growth, which strengthened in 2017, seems to be even better in 2018. This forms the foundation for a year of good earnings for the companies, and especially for the companies in the more cyclical sectors. Higher commodity prices through last year and the tax reform adopted by the US Congress before Christmas also provides a positive contribution to cyclical companies. 2017 was a very good year for equities and some of the expected improvements in global growth and earnings is already priced into the market. We maintain a neutral weight in equities, but continue have an “aggressive” tilt towards equity and the fixed income portfolio at regional and sector level.

» Read our market outlook for January

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