2024 Midyear Market Outlook

Marco Pirondini, Amundi US Chief Investment Officer,  and Jonathan Duensing, Head of Fixed Income and Portfolio Manager at Amundi US, provide their outlook for the second half of 2024.
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Momentum for Quality Accelerates

We believe investors should seek to continue to add resilience to portfolios by incorporating high-quality assets that can help diversify away from the top of the market.
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Bonds take center stage

For most of the last year, savers have been earning a reasonable return in cash. But how long can these compelling cash rates last?
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Amundi US Ranked #7 (10-year), #4 (5-year), and #24 (1-year) for overall performance

by Barron's list of Best Fund Families calendar year 2023.  Out of 46 (10-year), 47 (5-year), and 49 (1-year) fund families.  Based on asset-weighted total return.  For more information about the Barron's list, including methodology, visit our dedicated webpage.
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Dynamic Markets, Agile Thinking

Market shifts suggest an agile approach with emphasis on value, quality and growth across asset classes.

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Latest Research and Insights

IT-Capturing the Momentum
06/03/2024 Investment Talks

Capturing the Momentum of a Narrowing Earnings Gap

Since early 2023, a handful of the market's top stocks, including the Magnificent Seven, have surged in earnings and valuation, and have dominated returns. Underneath the surface of today's concentrated, crowded market, sharp earnings recoveries may soon play out and structural changes may occur in many industries, creating new winning and losing stocks. Separating the potential winners from the rest of the market will be key to portfolio success over the next year, and beyond. With so much uncertainty and variability across industries and companies, we believe active management is essential to capturing the momentum of a changing market.  

June 2024 GIV
06/03/2024 Global Investment Views, Equity, Fixed income

Explore the broadening of the rally with Europe

In developed markets, we move to neutral from positive on Japan and we see scope for rebalancing in favor of the UK, European small caps and the US. While the US is displaying strong earnings, we believe Europe should benefit from the moderately resilient economic environment and rate cuts. In government bonds, we are positive on the US and core Europe, along with Italy. In credit, valuations in Euro investment grade appear attractive. We also look for selective opportunities across emerging markets and see oil as providing protection from geopolitical risks.

May 2024 Cross Asset
05/16/2024 Cross Asset

Short-term resilience, but no reacceleration likely in the mid term

We have markedly revised up our forecast for US growth, in particular for H1 2024. We continue to expect GDP growth to decelerate below its potential pace over the next few quarters, before recovering in 2025. Regarding inflation, although the downward trend in core consumer price index inflation has recently stalled, we think that the disinflationary process will continue, albeit along a bumpy road with stickier dynamics. The Fed will still be in a position to pivot towards rate cuts and we expect 75 bps of cuts in 2024 (vs 40 bps by markets) as: (1) monetary policy remains restrictive and will become more restrictive as inflation declines; (2) growth will slow down; and (3) recent inflation data have not altered our year-end projections.

Products and Investment Ideas

Dynamic Markets Agile Thinking

We anticipate fundamental market shifts in 2024 resulting from global dynamics and geopolitical events, and continue our agile emphasis on value, quality and growth across asset classes.

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Global Opportunities Shift

Look beyond near horizons to pockets of resilience and change in a transitioning economy.

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Bonds Take Center Stage

Rate cuts in 2024 may be the catalyst for reducing portfolio risk by moving allocations to longer-term, higher-quality bonds.

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Momentum for Quality Accelerates

Consider shifting equity holdings away from concentration risk by infusing quality across cyclicals, defensives and industries primed for the next-stage economy.

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Consider Low- or Uncorrelated Allocations

Market volatility is an expected undercurrent in 2024, and alternatives to traditional assets may offset the potential downside.

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Responsible Investing

At Amundi US, responsible investing is part of our heritage.

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