Editorial

Equity markets have experienced an unexpected upturn since the beginning of the year. Investors are relieved that Europeans are taking their destiny into their own hands as well as to see the ECB act with more determination by injecting liquidity into the market. The strength of US data has also made a contribution. Nevertheless, in the Eurozone, risks cannot yet been ruled out. Although we are increasing European equity holdings, we prefer emerging markets and the United States, which offer more favorable macroeconomic prospects.