Keep it turning, faster

Since the start of the year, several of the key convictions we highlighted in our outlook have been playing out, and some trends have clearly accelerated. Markets have remained well supported, with significant rotations at country, sector and stock levels.

We are moving into a more complex market equilibrium in which policy, geopolitics and capital allocation matter as much as the economic cycle.

In a fast-changing world, it is a good time to reassess our main convictions:

A transition with better momentum in the US and Europe, not a downturn. In the US, labour markets, which are showing mixed signals, consumption, wealth effects, and the AI-led capex boom are key factors that will drive economic activity.

Diversification* in an era of controlled disorder is crucial to achieve sustainable returns across asset classes.

Think global inequities, beyond the tech race amid a more fragmented and selective global market environment.

Fiscal and monetary policies will drive investment opportunities.

Europe and emerging markets offer long-term potential.

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* Diversification does not guarantee a profit or protect against a loss.

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 13 March 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 13 March 2026

Doc ID: 5255059