25.03.2019: The markets started very positive in the New Year. However these last weeks they had some more problems. Still, investors do not have too many reasons to complain: Both equity and fixed income are showing good results.
Is the global economy really gaining momentum – as some big banks say -, after the PMI has been falling gradually during the past 12 months? What about the geopolitical problems (China, Brexit, Italy, commercial war)?
We have to face reality and, at the moment, it does not look too good. We do not like the current combination of falling economic data an persistentyl high debt ratios.