- Global Investment Views - August 2019
Global Investment Views - August 2019
Friday 26 July 2019
Research / Market
Testing new records
Financial markets have been enjoying a record-breaking run of late. The tide that lifted all boats was the new wave of ultra accommodative monetary policy, at this stage announced but not yet delivered. The conviction that central banks (CBs) will step in again to avoid an excessive deterioration of the economic outlook, in the absence of any material sign of inflation, was the main driver of the recent rally. The overall narrative in the market is that the glass is half full. The economic cycle will be extended by CBs, interest rates will remain lower for longer and risk assets will remain well supported: credit and EM by the hunt for yield, and equities by the repositioning of investors that are late joining the party. This is all taking place against a backdrop where overall, valuations are less compelling than they were at the beginning of the year, although are not too stretched. All good then?
Asset Class Views Medium and long term expected returns
Our approach to expected returns forecasts is model driven.
A dovish ECB, a little relief for the banking sector
The European Central Bank (ECB) announced a new series of TLTROs starting in September 2019 and changed its forward guidance, with a commitment not to hike rates this year.
Global Investment Views - September 2019
CIO views: High conviction ideas from Amundi Global Investment Committee.