Geopolitical instability is back in focus for markets after Israel’s attack on Iran. "Those kind of market events, it's good to review your portfolio", says Christian Nolting, the Private Bank’s Global Chief Investment Officer. And when it comes to hedging strategies, "The best of course is diversification", Christian says. "You need to have robust portfolios which can take these market movements."

The Federal Reserve is due to deliver an updated policy statement, and softer inflation data along with weaker labour-market figures have given the central bank a bit more room to manoeuvre, Christian says. Still, he adds that the Private Bank stands by its higher-for-longer outlook on rates. "I would even expect inflation to move slightly higher in Q3 in the U.S."

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