The GIV document elaborates on the latest views, convictions and outlook of our Global CIOs, different Investment Platforms and Macro-Strategy teams.

We are witnessing significant divergences in the economic outlook (we have revised down the EU and Chinese economic outlooks vs. the more resilient US economy) and in market performances.

The first month of the Russia-Ukraine war has driven volatility up across the board, though with some recent signs of stabilisation in equity markets.

The geopolitical escalation at month’s end marks a further rise in volatility. Credit spreads (IG, HY and Euro peripherals) continued to widen while equity markets corrected further.

January has seen strong gyrations in markets, with nominal and real yields rising sharply, driving a strong shift from growth to value in equities.

The GIV document elaborates on the latest views, convictions and outlook of our Global CIOs, different Investment Platforms and Macro-Strategy teams.

The objective of this article is to explore the impact of ESG Improvers on the corporate bond market.

We expect a further slowing of growth in Eurozone public debt in 2022, mirroring the 2021 trend vs. 2020 which saw a peak in net issuance, while EU bond supply is likely to remain close to the 2021 level.

Eurozone and US sovereign bond markets have partially reversed the decline recorded over the summer.