May 2018 – A combination of several events occurring at the same time can surprise markets. Most recently, fresh US sanctions against Iran (which drove up the oil price), the latest European economic data (unexpectedly weak) and higher US inflation gave a surprisingly big boost to the dollar, as US interest rates are rising more than those of other regions. Given rising US inflation, diversification through different focus modules – including commodities – makes sense.

June 2018 - Italy finally has a new government. But the new coalition's policy plans put it on a path to confrontation with the EU, as Italy feels it has been left in the lurch. The realization of these electoral promises could trigger a massive increase in Italy's budget deficit, as well as turbulence in the eurozone. European equities now come with higher risks attached.

May 2018 – The trade dispute between the US and China should not be underestimated. However, a bit like the approach adopted by Ronald Reagan against Japan in the 1980s, the negotiation tactics adopted by President Trump could lead to a compromise that brings relief to the markets. The positions adopted by both sides, US and China, are understandable. Ultimately, what is at stake here is nothing less than global dominance in the area of geopolitically crucial technologies.