In dialogue with Amanda Kayne, Julius Baer's Chief Investment Office, Yves Bonzon, warns investors not to become too obsessed with the outcome of the European elections since the greater source of uncertainty comes from the European Central Bank. Once the French elections are behind us there could be a good case for the European Central Bank to start normalizing interest rates back to positive. Rate hikes in the EU are not already priced in so a move of this kind would benefit banks, the euro and cyclical value stocks.