To manage our portfolio risk, we have closed our overweight in emerging market equities relative to Swiss stocks, and add an underweight in the Australian dollar relative to the US dollar.

Mixed bag for banks but supportive signals for the economy.

Posted by: Paul Donovan

Chinese equities sold off on Thursday (Hang Seng index –2.0%, CSI 300 –1.9%) and the yuan depreciated past 6.80 versus the US dollar amid continued fears that US President Donald Trump plans to levy higher tariffs on imports of Chinese goods.

According to an old saying, there’s nothing certain but death and taxes.

Throughout 2019, in anticipation of a potential increase in volatility, we have been balancing our pro-risk positions with countercyclical hedges.

If President Trump is trying to etch-a-sketch his name onto the S&P 500 chart, investors are not going to be able to trade around it.

Commerzbank grew in terms of both customers and assets in the first quarter of 2019 and slightly increased its underlying revenues in the customer segments.

Posted by: Paul Donovan

The survey, which polled more than 3,600 wealthy investors and entrepreneurs in 17 countries, points to a rebound in bullish sentiment in the first three months of 2019 as markets recovered from the late-2018 slump.