Economic growth slowed markedly in the first quarter of 2019. Riskier asset classes such as equities nevertheless recorded strong performances because central banks made an equally pronounced change in monetary policy from „tightening“ to „unchanged stance / easing“. 

At the same time, the improvement in economic indicators in China has dispelled fears of a possible recession. The leading indicators point to a relatively stable economic trend this year.

Since the beginning of the year, spreads have narrowed significantly for high-yielding bonds and investment grade bonds. As a result, these asset classes have been performing very well year-to-date.