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‘If the markets think that it is now business as usual, then this is a wrong assessment’“But that’s not necessarily the outcome – conversely, it could also be the wake-up call that leads to a more unified EU in which the politicians and people come to their senses, rejecting populist movements. Instead they may decide to run Europe on the merits of good arguments and what would happen following an exit – none of the pro-Leave parties in the UK have any idea what to do now. So this could lead to a stronger, more unified Europe. This is not the end of the road yet.”
‘ We’re still overweight in high yield credits’“For government bonds, we do not buy into quick rallies from a tactical perspective. Why would we want to buy a 10-year government bond that earns minus 11 basis points? Bonds serve a purpose in that they are risk-free, but reward-wise there is no upside.”