06/30/2021 – Almost all stock indices realized new highs in June; that applies to the S&P 500, the Nasdaq, the DAX and the SMI. It was the best 1st semester in 20 years. While the European markets clearly lagged the technology-heavy US markets last year, the situation was different this year. European stocks were able to start from a lower base as well as valuation and could show strong earnings momentum. Among others, the Swiss market was convincing in the 2nd quarter; the SMI took the 12,000-point mark in June. China was among the laggards, due to deleveraging and a restrictive fiscal policy and a deliberate credit shortage. Also from a sectorial approach, performance differences were considerable. The winner in the first half of the year was clearly the energy sector, followed by financials, while non-cyclical consumption and utilities were the laggards. Where did the almost boundless optimism come from?
Read more in the Strategy Update from the second quarter 2021.
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