Commodities upgraded to a small overweight

As already known, in the first week of 2012 we took more risk in our tactical asset allocation by upgrading equities (see Marketexpress of 9 January 2012) and commodities to small overweight positions. In this Marketexpress we describe in rough outline our views on commodities within a global context. The reasons why we decided to take somewhat more risk are largely determined by somewhat positive changes in the situation in the Eurozone as well as in the global cycle.