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LGT Navigator: Investors fear long phase of uncertainty

July 3, 2018

Continued concerns about the impact of an escalating trade dispute with the USA and contagion effects on emerging markets weigh on capital markets. This after US President Trump's latest threat to impose import duties of 20% on European cars and car parts. For its part, the EU warned the USA against massive retaliation measures.

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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