Market Compass December 2021

In Short

Edited by the Macro &amp; Market Research Team. The team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues. <br>The team translates macro and quant views into investment ideas that feed into the investment process.
Market Outlook


  • The strong risk rally may appear reckless amid resurgent Covid-19 cases, persistent risks of a hard Brexit and a (likely) split new US government taking office in January.
  • Yet markets are right in pricing recent vaccine news as a game-changer for the pandemic while central banks remain committed to extended stimulus.
  • We thus slightly extend our pro-risk tilt, favouring Credit and (more prudently) Equities.
  • A weakening US dollar favours exposure to Emerging Markets (EMs). Cash and Core Government Bonds remain unattractive.


Read our full Annual Outlook 2022 publication released by the Research Team

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