Asset allocation outlook

In June, investors were confronted with the conflicting impact of an improved outlook and a sharp increase in the number of new coronavirus cases around the world. Optimism prevailed in the end; the MSCI Global Equity Index gained 2.5% and spreads on investment grade and high yield credits and emerging market debt tightened. Yields on long and short-term government bonds barely moved. The optimism was mainly felt in the first week of June.