All these call for a rebalancing of the probabilities assigned to our scenarios. We are raising the probability of our upside case from 10% to 20% and lowering the probability of our downside scenario from 15% to 10%. We have lowered the probability of our central scenario, which assumes improving growth and a contained inflation trajectory, from 75% to 70%. In this scenario, equities outperform on the back of abundant liquidity and improving fundamentals, while higher US bond yields and slow vaccine rollout in the EU pose tangible risks.

You can now read the full whitepaper at the link below