“The international central banks of the main economic areas will not rise their prime-rates in the next few months and we have not seen deflation or a rising inflation. The upcoming company report-season should support the equity market. On the other hand, there are risks of seasonal uncertainties and short-term profit taking. We overweight the equity-position. As the fixed income has reached a level of 3,1 per cent for the 10-year German government bonds, the risk of a countermovement rises. Therefore, we redeemed E5000 of the UniEuroRenta and drop duration clearly below the neutral level.”