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LGT Navigator: Investors put concerns aside, for now

July 9, 2018

Asian stock markets have started the new trading week on a friendly tone following strong leads from overseas. This despite the fact that the trade conflict reached a new escalation level on Friday with the punitive tariffs imposed by the US and China. China even spoke of "the greatest trade war in economic history". However, the continuing uncertainty and the uncompromising attitude, at least in the short term, could quickly cause sentiment to change again. For the time being, however, investors seem to be focus again on fundamental data and the upcoming corporate reporting season, starting this week.

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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