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.
For further information, we are at your disposal in personal conversations.
