ABN AMRO: ‘No recession in sight’
Despite setbacks, scholarships note green figures. The Stoxx 600 takes light profit, the S&P 500 is fractionally higher. Investors are waiting for the Fed interest rate decision tonight, but also act in an extremely positive sentiment, with opportunities and dangers, says Ralph Wessels, head of investment strategy of ABN AMRO.
,, Both in the US and Europe it is sentiment Himmelhoch Jauchend. Unprecedented positive, optimism and high ratings that simultaneously float on extremely many liquidity. I don’t think that liquidity will stop quickly. “
Because it is foreseeable that the Federal Reserve will reach an interest rate reduction in September. “The expectation of this will immediately ensure even more liquidity, with even higher valuations.”
The idea is that the import tariffs of the US will not bite European companies, but that calls Wessels ‘nonsense’. ,, Look at the setbacks just at Puma and Stellantis who export to the US. Companies feel the effect. “
At the same time, investors quickly buy up the slightly drained and collapsed shares, he sees. ,, Investors are still fully involved in the positive momentum, in all high appreciation. We do not see a recession approaching and start from trend -based growth for both the US and the eurozone. But in the longer term I cannot imagine that returns will remain high, “he says.
,, If you see that races have risen almost vertically since the soil in April, and certainly US shares have been historically highly valued, then there will be times when those races and valuations will also correct a little longer. But that point can also take just two years, “said Wessels of ABN Amro, which is neutral in shares.