We have remained true to our strategy

In July, the financial markets again had to contend with various challenges, with galloping inflation worldwide continuing to be the market-dominating issue. After initial hesitation, the European Central Bank has now also switched from reaction to agitation and raised its key interest rate -- for the first time in eleven years -- by half a percentage point. After many market participants had criticized the ECB’s passivity in the past, this step has been received with goodwill on the markets. At the same time, a positive start to the reporting season for the first half of 2022 has brought calm and increased confidence to the market. We have remained true to our strategy: we maintain our hedges while being positioned to take advantage of opportunities.