We believed there was a move from a bearish to a more neutral feelings in the markets but in a negative environment…
Even if stocks rallied a little bit from the bottom there is no clear direction and we are remaining quite cautious.
As of today, we did not take any particular postion before the ECB meeting and we are approching it very carefully.
There is a clear consensus priced in that something should be done by the ECB but Mr. Draghi has the habit not to be very clear in his announcements. A lot of experts believe also that he might continue to promise further actions without practical measures.
Waiting for more visibility, we are considering if they are opportunities in the commodity sector (e.g. mining, oil & gas…) and we will see how to exploit these. Maybe a good way to proceed might be to play it through some good high yield picking. Also, this rebond in commodities can be materialised into a higher inflation and as such we are looking for some inflation protection securities.
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