10/28/2020 – In our strategy update as of September 30, 2020, we pointed out the disruptive factors that we believe will shape the fourth quarter on the capital markets. In addition to the U.S. presidential election and the negotiations between the European Union and the United Kingdom, we have defined the second wave of the pandemic that is rolling over Europe as the biggest disruptive factor. This wave has now swept over us faster than we had expected. The daily increase in case numbers in Europe and the USA leads to governments taking new measures almost daily. This increases the probability of possible (partial) lockdown measures. This inevitably leads to more uncertainty on the capital markets.