In spite of these cross-currents, ABN AMRO recommends staying the course and navigating traditional cyclical risks, which have replaced the previous systemic uncertainty.
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Didier Duret, Chief Investment Officer of ABN AMRO Private Banking, says: "Opportunities in equities are increasing and shrinking in fixed income. Despite the recent rise in equity markets, we believe an enormous gap exists between the apparent bullish consensus on equities and effective low positioning in equity markets. Our confidence is underpinned by the growing market resilience to bad news and we also see a positive correlation between rising stock markets and the US dollar." Therefore, a reliable route to return for investors this quarter is a well-timed departure from the expensive safe-haven of fixed income assets – which could see higher yields (and thus a capital loss) – into a new world of equities. Selected with care and precision, equities can position investors to gain from broader economic improvements expected later this year.
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