Market Comment

The second quarter began with a correction at the global stock markets. It was not until mid-April that the conviction prevailed that interest rates would be cut, first in Europe and then later in the year in the USA. This meant that the bull market story was intact again and the stock markets in the traditional markets reached new highs. The emerging markets were particularly convincing in this dynamic, benefiting from improved economic indicators in China. The highly valued technology sector was also able to impress again recently, not least thanks to very good company results.
The bond markets still reacted cautiously and yields on long-term investments remained at a high level until mid-April, particularly for US dollars. For the eurozone, the conviction that the European Central Bank would make its first interest rate cut in June had already prevailed.
Geopolitical tensions continue to have no short-term effect on the capital markets. Commodities developed independently of this, with the exception of oil products, which continued to rise in price.