A new dawn for Europe?

Set against an environment of inflation pressures and pandemic recovery, Europe can offer investors attractive investment opportunities.

Global economies are emerging from lockdown whilst also coming under increasing inflation pressure due to renewed consumer demand and supply. Against this backdrop, earnings outlook for Europe remains robust and the region provides attractive income generation ideas, particularly in green bonds.

Whilst rising Covid-19 case numbers are attracting attention in some countries, they should not lead to widespread new lockdowns due to the strong vaccination rollout. Economic growth is sound and is expected to peak in 2021, but hold steady in 2022, led by reviving consumer demand (fuelled by pent-up savings) and government support schemes. Global supply issues, reopening of economies and surging energy prices are combining to produce an uptick in inflation, affirming our view that not all components of inflation will be ‘temporary’.

The environment trend is at the heart of all post-pandemic stimulus packages in developed countries, but particularly in Europe, where a strong momentum in ESG investing in 2021 is also visible. The implementation of the Next Generation EU plan will accelerate the energy transition and further the transformation to a greener and more resilient Europe.


Key investment themes to look out for




  • Continuing economic growth and Next Gen EU implementation should support equities
  • Sustainable investing and rotation towards value/quality stocks as a way to play European recovery
  • Dividend income will support overall returns in times of high inflation

Fixed Income

Fixed Income


  • Go beyond traditional benchmarks to stay flexible and minimise duration risk; explore the full credit continuum with emphasis on selection and fundamentals.
  • Use ESG to broaden the investment horizon and complement search for income

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