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Q2 2022 A late cycle with a greater focus on inflation

Monday 09 May 2022

The shift to an inflationary late cycle has been confirmed with greater conviction and a focus on higher inflation (and rates). Economic momentum is still decelerating at a global level but with tentative signs of stabilisation.

This translates into a cautious equity stance with a significant tilt to asset classes that are resilient to inflationary regimes with decent growth. Due to short-term uncertainties on the European economy arising from the war in Ukraine, equities are tilted more towards global value, quality factors and inflation-resilient sectors, with linkers offering a hedge. Base metals are the favourite commodities.

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(Week 1st April - 5th April)In this edition of Amundi's Weekly Market Directions: Rotations at play in equity markets In a strong start to the year, equity markets showed signs of rotation in favour of Europe and Japan. European equities may benefit from their valuation appeal, while Japan from the domestic investor demand. During the week, tensions in the Middle East pushed oil to the highest level since October.             Download the Weekly Market Directions (EN)

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