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De-escalation in the Middle East – More than temporary relief?
Edmund Shing, Global Chief Investment Officer, BNP Paribas Wealth Management and Stephan Kemper, Chief Investment Strategist, BNP Paribas Wealth Management
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Key Messages

1. A sigh of relief: the markets are reacting with a clear risk-on move as the worst-case scenario has been avoided.

2. Many uncertainties remain: despite the immediate positive signals, a highly differentiated view is warranted, as the operational realities of the de-escalation rest on a fragile foundation as the US and Iran are divided on some key points.

3. We confirm our key market calls: lower risk of rate hikes should support longer dated European Core Government Bonds and Gold. We remain Neutral on equities but do not recommend to fade the rally.

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