The European Central Bank has delivered interest-rate cuts at its recent consecutive meetings, but the Private Bank’s Chief Global Investment Officer, Christian Nolting, says that does not necessarily mean the bank will ultimately bring down rates massively from their current levels in this cycle. “They need to also watch inflation, which we still think is sticky”, Christian says.

For now, the main topic in markets is the ongoing U.S. earnings season, Christian says. “Favourite sectors, I think no surprise, are technology and communication services, followed by health care. And energy would be expected to be the weakest sector.”

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