Market Compass November 2021

In Short

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

Highlights:

  • The global recovery is set to continue, supporting corporate earnings and risk sentiment.
  • Yet mounting uncertainties over the energy crunch and central banks’ response to a stickier inflation are making us more prudent. 
  • Despite incoming tapering and higher expected inflation, plunging real yields are a support for risk assets.
  • We scale back our overweight in Equities and HY Credit, in favour IG Credit and Cash - both already OW. We keep a prudent short duration stance, anticipating only a gradual further rise in yields.

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