Asset Allocation Outlook January
In the wake of the spectacular upturn on the equity markets in November, the positive sentiment continued into December as well. Equities even managed to climb a few percent higher, with the plus of 7.2% in emerging markets standing out in particular. Spreads tightened further on credits and government bonds issued by Southern European countries and emerging markets. Looking back at 2020, gold heads the rankings at a price gain of 25%.