Investment Strategy: Adjustments within stock and bond portfolios

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We have been saying for a while now that 2018 is no rerun of 2017. While economic growth continues, it is lower. Europe now lags, not leads, the US. And rising (geo)political tensions – including populist parties in Italy, discontent in Germany and the implications of a possible trade war – have dented enthusiasm, particularly in Europe.

European and US markets are trading sideways, although volatility is higher in Europe, while emerging markets (and currencies) are under significant pressure. But it is not all bad news. Some negative factors are already disappearing in the rear-view mirror. The soft patch seen in European growth and confidence indicators, for example, looks to be bottoming out.
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